Nomad Foods, owner of frozen food brands Birds Eye, Iglo and Findus, has reported “an outstanding year” during which it reported full-year organic revenue growth of 3.9%.
Pre-tax profit jumped 122% from €76m to €168.5m on revenue up 1.5% from €1.9bn to €2bn in the 12 months to the end of December.
Adjusted EBITDA increased 1% to €328m. Foreign exchange currency translation adversely affected adjusted EBITDA by €9m.
Fourth quarter pre-tax profit soared 663% from €4m to €30.5m on revenue up 5% from €485.2m to €508.2m. Adjusted EBITDA increased 31% to €82m.
Stéfan Descheemaeker, Nomad Foods’ CE0 said: “2017 was an outstanding year for our company. We reported full year organic revenue growth of 3.9% and expanded gross margins by 100 basis points.”
The results, which exceeded its expectations at the start of the year, were a testament to the power of its “iconic” brands, a proven strategy and “relentless” execution.
“We enter 2018 in a position of strength. Goodfella’s Pizza, once closed, will provide a complementary source of growth to our base business and illustrate the power of our value creation model.”
Noam Gottesman, Nomad Foods’ co-chairman and founder, sad the results further validated the strategy the business had been executing against for the past two years.
“The combination of base business momentum, strong cash flow generation and accretive capital deployment positions us to drive continued shareholder value in 2018.”
The company gave guidance for 2018, inclusive of the expected partial year contribution from Goodfella’s Pizza which it expected to close during the second quarter of 2018.
Full year 2018 adjusted EBITDA was expected to be about €350-€360m. Full year guidance assumes organic revenue growth at a low-single digits percentage rate.
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