New seafood product development boosts Nomad’s Q3 performance
European frozen food group Nomad Foods has reported revenues of EUR 540 million (USD 595.8 million) for the third quarter of this year, an increase of 1.8 percent year-on-year.
The Feltham, London, England-headquartered company, with a brand portfolio that includes Birds Eye, Findus, and Iglo, said that its organic revenue growth of 2.5 percent comprised a 4 percent growth in price and a 1.5 percent decline in volume.
Its adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) for the last quarter increased 14 percent year-on-year to EUR 96 million (USD 105.9 million), while its adjusted profit after tax climbed 9 percent to EUR 49 million (USD 54.1 million).
Nomad Foods CEO Stéfan Descheemaeker said the business achieved strong growth during the third quarter and made progress against its long-term strategic objectives.
“Organic revenue growth of 2.5 percent was driven by continued momentum in our core portfolio and the contribution from new product initiatives in fish, vegetables, and plant protein. Most of our countries grew organically during the quarter, including the U.K., Italy, Germany, and France,” he said. “Overall, we are pleased with our performance and remain on pace to achieve our plans for the year.”
Noam Gottesman, co-chairman and founder of Nomad Foods, added that the company’s balance sheet makes it “well-positioned” to enhance long-term shareholder value through organic growth and accretive mergers and acquisitions.
“We have been evaluating a handful of acquisition opportunities in recent months and look forward to providing updates in due course," Gottesman said.
Image courtesy of Nomad Foods