Frozen food manufacturer Nomad Foods has announced that reported revenue increase by 0.5% to €458 million in the second quarter of 2017, while organic revenue increased 3.5%.
The company, which includes brands such as Birds Eye, Iglo and Findus, reported profit for the period of €19 million, and adjusted EBITDA of €79 million (+2%).
"Second quarter results were strong with 3.5% organic growth and 90 basis points of gross margin expansion," said Stéfan Descheemaeker, CEO of Nomad Foods. "We continue to deliver against our strategic agenda with a clear focus on growing profitable market share within our core categories."
Ongoing Improvement
Based on this growth, the company is raising the low end of its 2017 adjusted EBITDA guidance to approximately €320 to €325 million.
"Our strategy continues to deliver strong results," said Noam Gottesman, Nomad Foods' co-chairman and founder. "The ongoing improvement in our fundamentals and robust cash flow generation place us in an attractive position."
"We repurchased 5% of our outstanding shares through an accretive transaction during the second quarter and remain committed to generating shareholder value through consolidation within European frozen, as well as our broader ambitions.”
Board Changes
Nomad Foods also announced that it has appointed Mohamed Elsarky to replace Brian Welch on its board of directors. Elsarky was previously CEO of Godiva chocolates from 2014 to 2017, and also held positions at United Biscuits Group and the Kellogg Company.
"We are delighted to have Mohamed join our board of directors,” said Gottesman. “We look forward to benefiting from his valuable perspective and breadth of expertise within global packaged foods.”
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
