Nomad Foods reported financial results for the three month period ended March 31, 2020. As compared to Q1 2019, revenue increased 10.5% to €683 million.
Organic revenue growth of 7.7% was comprised of 1.4% growth in price and a 6.3% increase in volume/mix.
Gross profit increased 4% to €199 million. Gross margin declined 180 basis points to 29.1% as pricing, promotional efficiencies and mix were more than offset by cost of goods inflation.
Adjusted operating expenses increased 14% to €97 million reflecting double-digit growth in both Advertising & Promotion and Indirect expenses as a result of phasing.
Adjusted EBITDA decreased 2% to €120 million due to the aforementioned factors. Adjusted Profit after tax decreased 5% to €68 million, reflecting Adjusted EBITDA decline and higher finance costs.
Nomad Foods is a frozen foods company. The portfolio of iconic brands, which includes Birds Eye, Findus, Iglo, Aunt Bessie’s and Goodfella’s, have been a part of consumers’ meals for generations. Nomad Foods is headquartered in the United Kingdom.