Nomad Foods Expects Organic Revenue Growth Of 2.1% In FY 2019
Nomad Foods has forecast a 2.1% growth in organic revenue in its financial year 2019, according to a preliminary commentary released by the company.
The adjusted EBITDA for the period will amount to approximately €432 million, exceeding the high end of prior guidance, the Birds Eye parent said.
The company also projected a 1.7% growth in organic revenue and an adjusted EBITDA of €116 million in the fourth quarter ended 31 December 2019.
Chief executive officer of Nomad Foods, Stéfan Descheemaeker, said, "Fourth quarter and full-year 2019 Adjusted EBITDA are expected to exceed our prior guidance, marking our third consecutive year of profitable organic revenue growth."
The frozen food company foresees organic revenue growth in the low-single-digit range for 2020.
It expects to deliver "another year of growth" by exploring strategic opportunities such as the expansion of its plant-protein brand, Green Cuisine, across continental Europe.
Descheemaeker explained, "Backed by the power of our European infrastructure and its unique market positioning, Green Cuisine will fulfill consumers’ growing appetite for frozen meat-free food products that are not only better for the planet, but also better for them.
"We expect Green Cuisine to be highly complementary to our existing frozen fish and vegetable businesses and to generate at least €100 million in revenue by 2022."
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.