Nomad Foods’ financial results for the three month period ending March 31, 2020 were highlighted by a 10.5% growth of its revenues, when compared to the previous quarter. This translated into an organic revenue growth of 7.7%, to EUR683m. The reported profit for the period was EUR47m, and the adjusted EBITDA reached EUR120m.
“First quarter revenues and earnings were significantly ahead of our expectations due to the unprecedented level of consumer demand for frozen food driven by the COVID-19 pandemic,” Stéfan Descheemaeker, Nomad Foods’ CEO, stated. “This change in consumer behavior, which began in early March, has continued into the second quarter with in-home consumption the most meaningful driver. Our organization has collectively risen to the challenge by ensuring the continuous supply of our products and brands throughout this crisis while prioritizing the health and safety of our employees.”
Sir Martin E. Franklin, Nomad Foods’ Co-Chairman and Founder, added, “Nomad Foods has distinguished itself as a leader in the packaged foods sector with 13 consecutive quarters of organic revenue growth. Further, as a frozen food pure play, our company is uniquely positioned to service the extraordinary demand for food at home throughout this crisis. Noam and I are proud of the team’s effort and execution, especially these past few months, and are confident that we will emerge from this pandemic with an even stronger commercial foundation.”