Nomad Foods Limited reported financial results for the three and six month periods ended June 30, 2022. Key operating highlights and financial performance for the second quarter 2022, when compared to the second quarter 2021, include reported revenue increased 17.0% to EUR697m; organic revenue decline of 3.2%; reported profit for the period of EUR75m; and adjusted EBITDA increased 2.9% to EUR127m.
According to a press release, first six months of 2022 results compared to the First six months of 2021 show that revenue increased 9.7% to EUR1,43bn. Organic revenue decline of 3.9% was comprised of a 5.9% decline in volume/mix partially offset by a 2.0% increase in price. Adjusted gross profit increased 0.7% to EUR402m. Adjusted gross margin decreased 250 basis points to 28.1%, driven by higher raw material costs and offset with higher pricing, and the inclusion of the Fortenova’s frozen food business acquisition whose gross margins are above that of the base business.
Adjusted operating expenses increased 8.6% to EUR187m, driven by the inclusion of the Fortenova’s frozen food business acquisition.
“I am pleased with our second quarter performance, which saw our overall revenue base rise by 17% and our market share remain steady in a dynamic pricing environment. We are adjusting our business well to inflationary pressures and believe that supply chains are normalizing,” said Stéfan Descheemaeker, Nomad Foods’ chief executive officer.