Nomad Foods released its financial results for Q4 2020 and for the whole year, showing growth in both revenue and gross profit.
Revenue increased 8.2% to EUR2.51bn, while organic revenue growth of 8.7% was driven by a 7.2% growth in volume/mix and a 1.5% growth in price. Gross profit increased 9% to EUR763m, and gross margin increased 30 basis points to 30.3% due to mix, pricing and promotional efficiencies which offset cost of goods inflation, according to a company statement.
Adjusted operating expenses increased 9% to EUR363m reflecting growth in both advertising and promotion expense of 5% to EUR125m and indirect expense growth of 11% to EUR238m.
Adjusted earnings per share (EPS) increased 10% to EUR1.35 and Reported EPS increased 46% to EUR1.14.
“2020 was an unprecedented year for Nomad Foods. I am proud of our collective response to the COVID-19 pandemic, especially our commitment to servicing our customers while prioritizing the health and safety of our employees. The business delivered another year of strong financial performance, establishing a new foundation which we will build on during 2021 by delivering another year of growth across all key metrics. This includes our expectation to grow organically in 2021 which will be complemented by accretion from the Findus Switzerland acquisition and a significant reduction in our share count compared with last year as a result of our active buyback activity since March 2020,” Stéfan Descheemaeker, Nomad Foods’ CEO said.