Nomad Foods Sees 1.5% Revenue Growth In 'Outstanding Year'
Frozen food manufacturer Nomad Foods has reported that revenue increased by 1.5% to €1.95 billion in full-year 2017, boosted by 4.7% growth in the fourth quarter.
Organic revenue growth was 3.9% compared to the previous year, and adjusted EBITDA increased by 1% to €328 million.
Stéfan Descheemaeker, CEO of Nomad Foods, said that 2017 was "an outstanding year" for the company, which produces brands such as Birds Eye, Iglo and Findus.
"These results, which exceeded the expectations we set at the start of the year, are a testament to the power of our iconic brands, a proven strategy and relentless execution," he added. "We enter 2018 in a position of strength."
Nomad Foods says that it anticipates full-year 2018 adjusted EBITDA to increase to €350-€360 million, which will include its acquisition of Goodfella's.
The frozen food giant announced plans to buy the Goodfella's Pizza brand from 2 Sisters Food Group earlier this year, for a price of approximately €225 million.
The acquisition will also include the San Marco brand, and two manufacturing facilities in Naas and Longford in Ireland, which Nomad Foods says will provide a foundation for future expansion into the frozen pizza segment.
"Goodfella's Pizza, once closed, will provide a complementary source of growth to our base business and illustrate the power of our value creation model,” said Descheemaeker.
Nomad said today that it expects this deal to close during the second quarter of 2018.
© 2018 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.