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Nomad Foods Sees 'Strong Finish' To Financial Year 2020 

By Dayeeta Das
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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.

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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.

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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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