Feltham / UK. (nom) Nomad Foods Limited (Goodfella’s Pizza, Iglo, Findus and other brands) reported financial results for the three and six month periods ended June 30, 2022. Key operating highlights and financial performance for the second quarter 2022, when compared to the second quarter 2021, include:
- Reported revenue increased 17.0 percent to EUR 697 million
- Organic revenue decline of 3.2 percent
- Reported Profit for the period of EUR 75 million
- Adjusted Ebitda increased 2.9 percent to EUR 127 million
- Adjusted EPS remained unchanged at EUR 0.40
Management Comments
Stéfan Descheemaeker, Nomad Foods’ Chief Executive Officer, stated, «I am pleased with our second quarter performance, which saw our overall revenue base rise by 17 percent and our market share remain steady in a dynamic pricing environment. We are adjusting our business well to inflationary pressures and believe that supply chains are normalizing. However, in light of the continuing war in Ukraine, its collateral risks and European consumer sentiment, we are taking a more conservative posture to full year earnings. We are revising our Adjusted EPS expectation for the year to a range of EUR 1.65 to EUR 1.71 for 2022. Despite our cautious outlook for the year, we believe our business is stronger today than at any other time in our history and we are confident we remain on track to deliver our EUR 2.30 Adjusted EPS target for 2025.»
Noam Gottesman, Nomad Foods’ Co-Chairman and Founder, commented, «Nomad Foods showed extraordinary resilience this quarter, and we continue to recognize compelling near-term and long-term opportunities ahead of us enabled by strong underlying cash flow, our brands and our people. We are focused on execution and have maintained share in a highly competitive market while staying focused on investments in the business, especially the supply chain improvements necessary to navigate this historically difficult environment. Long term, we will remain focused on a disciplined capital allocation strategy to enhance the success of our operating results for shareholders. We remain well-positioned for 2022 and for growth beyond this year.»
Second Quarter of 2022 results compared to the Second Quarter of 2021
First Six Months of 2022 results compared to the First Six Months of 2021
2022 Guidance
The Company is updating Adjusted EPS guidance to a range of EUR 1.65 to EUR 1.71 from the previous range of EUR 1.71 to EUR 1.75 for 2022, representing high-single digit Adjusted EPS growth. This guidance assumes high-single digit revenue growth, low-single digit organic revenue growth, and the inclusion of Fortenova’s frozen food business for the full-year.