Nomad Foods Limited today reported a 10% revenue increase to €538 million in its second quarter.
The Goodfellas pizza owner posted a €46 million profit for the period, according to its financial results for the three month period, ended June 30, 2019.
“We delivered strong second quarter results, which represent our tenth consecutive quarter of organic revenue growth," Stéfan Descheemaeker, Nomad Foods’ chief executive officer, stated.
Key operating and financial highlights for the second quarter 2019, when compared to the second quarter 2018, include organic revenue growth of 3.5% was comprised of 4.0% growth in price and a 0.5% decline in volume/mix.
Acquisitions
On the 24 April, Nomad Foods confirmed that it has completed its latest acquisition of Green Isle Foods Ltd - the manufactor and distributer of Goodfella's Pizza from a subsidiary of Boparan Holdings Ltd.
The deal was believed to be worth in the region of €225 million.
Revenue growth benefited 7.0% from acquisitions during the period, the company said.
"Performance continues to be fueled by investments that we have been making in our brands, people and capabilities, combined with an unwavering commitment to superior execution," Descheemaeker added.
The groups portfolio also includes frozen food brands such as Bird's Eye, Iglo and Findus.
"Our core portfolio continues to outperform the frozen food category," he highlighted.
2019 Guidance
According to a statement the group is reiterating its 2019 guidance of approximately €420 to €430 million.
"We are developing a pipeline of adjacent new product lines such as our plant protein sub-brand, Green Cuisine, which will complement the core and help enable the delivery of our growth algorithm for years to come,” said Descheemaeker.
It also adjusted its earnings before interest, taxes, depreciation, and amortization (EBITDA) forecast and approximately €1.18 to €1.22 earnings per share (EPS).
Noam Gottesman, Nomad Foods’ co-chairman and founder added: "In sum, we remain excited by our prospects and are eager to drive continued shareholder value."
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.
