Frozen food manufacturer Nomad Foods has released its quarterly financial results, which shows that reported revenue decreased by 2.9% to €531 million in the first quarter.
Gross profit experienced also experienced a decline, falling by 7% to €156 million, driven by an increase in gross margins and promotional activity.
However, adjusting for foreign exchange currency translation and an extra trading day in the same period last year, the company reports that organic revenue grew by 1.1%.
Nomad Foods remain positive about this performance, describing it as a 'strong start' to 2017.
"This is a marked improvement from recent quarters and particularly encouraging given the later timing of Easter this year versus last," said Stéfan Descheemaeker, CEO of Nomad Foods.
Noam Gottesman, the company's co-chairman and founder added that he is "optimistic" about the prospects for the rest of the year.
"We look forward to capitalizing on our forward momentum with respect to both continued organic growth, as well as strategic opportunities," he said.
Nomad Foods has raised its 2017 adjusted EBITDA outlook to between €315 and €325 million, versus the prior expectation of the lower end of that range, which assumes that organic revenue will continue to grow at a low-single digit percentage rate.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.