Nomad Foods Limited reported financial results for the three month period ended March 31, 2023.
Key operating highlights and financial performance for the first quarter 2023, when compared to the first quarter 2022, include reported revenue that increased 5.8% to EUR775m, an organic revenue growth of 8.0%, a reported Profit for the period of EUR41m, adjusted EBITDA increased by 11.3% to EUR146m, and adjusted EPS increased 7.0% to EUR0.46.
“Nomad Foods got off to an exciting start in 2023 as our revenue momentum from the second half of last year continued through the beginning of this year. During the quarter, we grew organic sales 8.0%, Adjusted EBITDA 11.3%, and Adjusted EPS 7.0% year-over-year. Our strong overall performance benefited from double-digit pricing realization, disciplined supply chain management, and the roll-out of the new commercial and supply chain strategies that we announced in February. As a result of this strong performance, we are raising the bottom end of our expected Adjusted EPS range to EUR1.52 from EUR1.50. Our new guidance stands at EUR1.52 to EUR1.55, based on the expectation of mid-single-digit revenue growth and Adjusted Free Cash Flow conversion in the range of 90% to 95%, which are both unchanged from our original guidance”, said Stéfan Descheemaeker, Nomad Foods’ chief executive officer.
Nomad Foods is Europe’s leading frozen food company. The company’s portfolio of iconic brands, which includes Birds Eye, Findus, iglo, Ledo and Frikom, have been a part of consumers’ meals for generations, standing for great tasting food that is convenient, high quality and nutritious. Nomad Foods is headquartered in the United Kingdom.
Find out more at: https://www.nomadfoods.com/