Nomad Foods Limited reported financial results for the three and six month period ended June 30, 2024.
When comparing the second quarter of 2024 results to the second quarter of 2023, revenue increased 1.1% to EUR753, while the organic revenue growth of 0.5% was driven by favorable volume 1.6%, a marked improvement from a decline of 2.2% in 1Q24. This was offset by price/mix decline of 1.1%.
Gross profit increased 10.8% to EUR233m, while gross margin increased 270 basis points to 30.9% due to a positive product mix performance as the company invested in its core most profitable must win battles, leveraged revenue growth management capabilities and Supply Chain productivity.
Adjusted Profit for the period increased 5% to EUR72m, and as a result, adjusted EPS increased by EUR0.04 to EUR0.44. Reported EPS increased EUR0.15 to EUR0.43.
“I am pleased to report strong 2Q results that demonstrate the growing momentum behind our business. Volume inflected to growth behind accelerating gains in our must-win-battles and the successful build-out of our growth platforms,” stated Stéfan Descheemaeker, Nomad Foods’ Chief Executive Officer. “Growth from these high margin products combined with our productivity initiatives to drive healthy gross margin expansion which provided the funding to meaningfully increase our A&P spend. Our investments are bearing fruit for both us and our retail partners – we see accelerating momentum ahead as our investment posture remains robust, our innovation efforts build and the distribution expansion behind our growth platforms scales.”
Find out more at: http://www.nomadfoods.com/