Nomad Foods has reported a revenue increase of 21% to €615 million, according financial results for the three and twelve-month periods ended December 31, 2018.
The Goodfellas maker showed an organic revenue growth of 4.2% and a reported profit for the period of €41 million.
“We delivered a solid end to 2018, with fourth quarter and full year results exceeding our prior guidance," said Stéfan Descheemaeker, Nomad Foods’ chief executive officer.
"Performance during both periods reflected broad based geographic growth, continued leadership within our core categories and strong customer acceptance of our new product offerings."
Integration Progress
Descheemaeker said that the group was pleased with its progress integrating Aunt Bessie’s and Goodfella’s which have outperformed their plans since being acquired in the middle of 2018.
"Finally, we generated significant cash flow during the fourth quarter and the year which will further enable our growth ambitions for 2019 and beyond.” He added.
Compared to 2017, last year the groups adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 15% to €376 million and its adjusted profit after tax increased 19% to €209 million.
Looking Ahead
Noam Gottesman, Nomad Foods’ co-chairman and founder, commented: “Our 2018 financial results mark another year of organic growth for Nomad Foods which demonstrates the sustainability of our growth model, the power of our brands, and the quality and determination of our people."
"We have an exciting set of plans for 2019, and we look forward to building shareholder value through sustainable growth, cash flow generation and accretive capital deployment.”
© 2019 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.
