European frozen food business Nomad Foods – the parent company of brands Birds Eye, Iglo, and Findus – reported revenues of EUR 459 million (USD 543.3 million) for the third quarter of this year, representing an increase of 4.4 percent year-on-year. Its profit after tax for the three-month period increased two percent to EUR 42 million (USD 49.7 million), reflecting interest rate savings and lower depreciation and amortization.
Q3 2017 represented the third consecutive quarter of organic revenue growth and market share expansion, Nomad CEO Stefan Descheemaeker said.
“We experienced strong growth in the third quarter with revenue, gross margin and adjusted EBITDA exceeding our expectations. Results, including 5.9 percent organic revenue growth, reflect favorable category performance coupled with market share gains,” he said.
Noam Gottesman, co-chairman and founder of Nomad, said the results reflected another quarter of solid execution and further validation of the company’s growth strategy.
“Our momentum is underpinned by a strong balance sheet and a portfolio of iconic, market-leading brands," Gottesman said. "As a result, we continue to be encouraged by our growth prospects within European frozen and beyond."
For the first nine months of this year, Nomad’s revenue increased 0.4 percent to more than EUR 1.4 billion (USD 1.7 billion) with a 3.3 percent growth in organic revenue. Its profit after tax was down one percent year-on-year to EUR 130 million (USD 153.9 million).
Based on the year-to-date performance, Nomad has raised its 2017 EBITDA outlook to a range of approximately EUR 325 million (USD 384.7 million) to EUR 327 million (USD 387.1 million), up from its previous expectation of EUR 320 million (USD 378.8 million) to EUR 325 million.
Nomad produces, markets, and distributes its brands in 17 countries.
