Nomad Foods Limited provided updates on fourth quarter 2020 business performance, tracking ahead of management’s prior expectations with organic revenue growth now projected to increase in the high-single-digit percent range. According to a press release, organic revenue growth increased 10% through the first two months of the fourth quarter and is expected to remain above historical levels during the month of December. Management now expects to achieve a 2020 adjusted EBITDA of approximately EUR465m.
Nomad Foods has returned over USD655m of capital to shareholders year-to-date. The company’s share count was approximately 176 million as of December 6, 2020, representing a 14% reduction versus the start of the year.
“Our latest expectations have us on pace to achieve a 16th consecutive quarter of organic revenue growth and compounded annual adjusted EPS growth of 12% since 2016. These preliminary results reinforce the focus and commitment of our entire organization to perform at a high level amidst a global pandemic,” Stéfan Descheemaeker, Nomad Foods’ chief executive officer said.