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Birds Eye owner Nomad Foods reports strong revenue growth aided by price increases

Birds Eye owner Nomad Foods reports strong revenue growth aided by price increases

Nomad Foods, Europe’s leading frozen food company which owns Birds Eye, Aunt Bessie’s and Goodfella’s brands in the UK, has reported a 17 per cent annual increase in its revenue to €697 million (£590m) in the second quarter of the 2022 fiscal.

The company has, however, seen organic revenue declining of 3.2 per cent, comprised of a 5.7 per cent decline in volume/mix, partially offset by a 2.5 per cent increase in price.


Adjusted gross margin decreased 260 basis points to 28.2 per cent, driven by higher raw material costs, offset with higher pricing, and the inclusion of the Fortenova's frozen food business acquisition. As a result, adjusted profit decreased 1.7 per cent to €70 million, while adjusted EPS remained unchanged at €0.40.

Stéfan Descheemaeker, chief executive, said the company’s market share remain steady in a dynamic pricing environment.

“We are adjusting our business well to inflationary pressures and believe that supply chains are normalizing. However, in light of the continuing war in Ukraine, its collateral risks and European consumer sentiment, we are taking a more conservative posture to full year earnings,” Descheemaeker said.

The UK-based company has revised adjusted EPS expectation for the year to a range of €1.65 to €1.71 from the previous range of €1.71 to €1.75 for 2022, representing high-single digit Adjusted EPS growth. This guidance assumes high-single digit revenue growth, low-single digit organic revenue growth, and the inclusion of Fortenova's frozen food business for the full-year.

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Called FedPlus, the scheme offers a range of discounts on a host of goods and activities, from everyday purchases to luxury products.

Through FedPlus, Fed members will have access to a range of fantastic money-saving benefits covering a wide variety of areas – from health and well-being to home and car essentials, and from food and drink to fashion and tech, entertainment, travel and experiences.

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Members can access the scheme through thefedonline.com website. It went live yesterday (October 31).

FedPlus is managed and run for the Fed by Parliament Hill Limited, which has been providing benefit management solutions for membership organisations for the past 20 years. Top name companies offering discounts include Virgin Experience Days, Nuffield Health, Hotpoint, Halfords, Boots, Curry’s and EE.

Tom Sparke, joint managing director and client services director at Parliament Hill, said: “We are looking forward to working with the Fed to assist them in the fantastic support that it provides for its members.

“The Fed has a strong commitment to supporting its members, which aligns with the Parliament Hill ethos of placing the needs of our clients’ members at the heart of what we do.”