Nomad Foods Limited reported financial results for the three month period ended March 31, 2024.
When compared to the first quarter 2023, reported revenue increased 1.1% to EUR784m, organic revenue grew by 0.3%, and adjusted EBITDA decreased 16.4% to EUR122m.
“I am pleased with the solid start to the year as our first quarter’s results demonstrated tangible progress on our key growth initiatives. Our volume and market share trends improved sequentially as targeted investments and exceptional execution at retail is driving accelerated growth in our core must-win-battles. Looking ahead, I am excited about our building momentum as our growth flywheel starts to spin faster, fueled by our outstanding progress on productivity initiatives and a more favorable costs environment,” stated Stéfan Descheemaeker, Nomad Foods’ chief executive officer.
“As a result, we are maintaining our full year guidance to deliver revenue growth of 3%-4%, Adjusted EBITDA growth of 4%-6%, and Adjusted EPS of EUR1.75-EUR1.80.”
First Quarter of 2024 results compared to the First Quarter of 2023 saw revenue increase 1.1% and gross profit decrease 5.9% to EUR211m. Gross margin decreased 200 basis points to 26.9% as anticipated impact from balance sheet inventory revaluation due to lower inflation more than offset positive contribution from favorable mix and higher productivity.
Adjusted operating expenses increased 11.5% to EUR112m due to the planned increase in A&P investments, ongoing investments in building capabilities, and inflationary headwinds.
Find out more at: http://www.nomadfoods.com/