Nomad Foods Limited reported its financial results for the three-month period ended March 31, 2021. Reported revenue increased 3.6% to EUR707m, while the reported profit for the period was EUR49m. Adjusted EBITDA stood at EUR138m and the earning per share was set at EUR0,47.
“This year is off to a strong start with first-quarter revenue and adjusted EPS marking a record level of quarterly performance. We achieved healthy organic revenue growth notwithstanding year-ago comparisons which reflected elevated growth resulting from pantry loading at the onset of the pandemic. This was complemented by 180 basis points of Adjusted EBITDA margin expansion driven by strong gross margins and expense discipline. The combination of strong base business performance, the inclusion of Findus Switzerland, and accretion from share repurchases in 2020 led to Adjusted EPS growth of 42% in Q1. These results have us on pace to deliver another stellar year for Nomad Foods,” commented Stéfan Descheemaeker, Nomad Foods’ CEO.
As per the results, the company has reiterated its 2021 guidance. Revenue and adjusted EBITDA are expected to grow approximately 3-5% and adjusted EPS is expected to be approximately EUR1.50 to EUR1.55, representing 11-15% growth. Full-year guidance assumes organic revenue growth of approximately 1-2% but does not yet include the pending acquisition of Fortenova’s Frozen Food Business Group, which is expected to close during the third quarter of 2021.