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Nomad Foods Sees 'Strong Finish' To Financial Year 2020 

Nomad Foods expects a "strong finish" to its financial year 2020 with all key fourth-quarter financial metrics exceeding prior guidance, chief executive Stéfan Descheemaeker has said.

The company has indicated an organic revenue growth of approximately 9.5% for the fourth quarter in a preliminary report for the three- and twelve-month periods ended 31 December 2020.

Adjusted EBITDA for the fourth quarter will amount to approximately €119 million, while adjusted EPS is to see a 19% year-on-year growth to €0.38 per share, the frozen foods giant added.

Full-Year Performance

For the full year 2020, the company expects organic revenue growth of approximately 8.7%.

Adjusted EBITDA is likely to amount to around €467 million, exceeding its prior guidance of €465 million.

The company foresees an adjusted EPS of approximately €1.35 per share, up 10% year-on-year, exceeding its prior guidance of €1.34 per share.

The Birds Eye parent will publish its full results for the fourth quarter and full-year 2020 on 25 February 2021.

Outlook 

The company's initial guidance for 2021 indicates an organic revenue growth of approximately 1-2%, with revenue and adjusted EBITDA growth ranging between 3-5%.

The 2021 guidance does not reflect potential accretion that may result from the company's exclusive negotiations to acquire Fortenova Group's frozen food portfolio, Nomad Foods added.

CEO Stéfan Descheemaeker commented, "We enter the new year with strong momentum and expect 2021 to mark our fifth consecutive year of organic growth, a feat that only a distinguished group of food companies has achieved. 

"Notwithstanding our history, the growth prospects of our company remain exciting with multiple avenues for continued value creation."

© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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