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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.

Year-To-Date Performance

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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