Nomad Foods Reports 6.7% Revenue Growth In Third Quarter
Nomad Foods has reported a 6.7% year-on-year growth in revenue to €576 million, its latest financial results showed.
UK-based frozen foods company said that the increase was 'driven by the performance of its branded retail business'.
Organic revenue for the period grew by 5.4%, while reported profit amounted to €56 million.
Adjusted EBITDA increased 13% year-on-year to €109 million, while adjusted EPS increased 20% to €0.30.
“Our business continues to perform well throughout the challenges of the COVID-19 pandemic as consumers recognise the value of frozen food and our brands in particular," said Noam Gottesman, co-chairman and founder of Nomad Foods.
“Our financial results, including strong revenue and adjusted EPS growth, strengthen our foundation for next year and years to come,” he added.
The company, which owns brands including Birds Eye and Goodfella’s, saw its year-to-date revenue increase by 9.6%, to €1.86 billion, compared to the first nine months of 2019.
Organic revenue grew by 8.4% year-on-year and comprised of 6.7% growth in volume/mix and a 1.7% increase in price.
The adjusted EBITDA increased by 10% to €347 million, while adjusted EPS increased 8% to €0.98.
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