Nomad Foods issues results for the three, six and nine month periods ended September 30, 2015.
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Revenue for the three months ended September 30, 2015 was €315.5 million resulting in a €6.3 million profit after tax. For the three months ended September 30, 2014, revenue was nil, resulting in a loss after tax of €0.3 million.
Revenue for the six months ended September 30, 2015 was €418.3 million resulting in a loss after tax of €390.3 million, primarily resulting from non-cash charges related to the Founder Preferred Shares Annual Dividend Amount of €349 million and costs of €29.4 million relating to the acquisition of the Iglo Group.
For the six months ended September 30, 2014, revenue was nil resulting in a loss after tax of €23.1 million, primarily due to non-cash charges related to the Founder Preferred Shares Annual Dividend Amount.
ro Forma As Adjusted revenue for three months ended September 30, 2015 decreased by €29.1 million, or 8.4%, to €315.5 million from €344.6 million for the three months ended September 30, 2014. Allowing for currency impacts and the exit from Romania, Slovakia & Turkey, like-for-like revenue declined by 11.2%.
Pro Forma As Adjusted gross profit for the three months ended September 30, 2015 decreased by €20.7 million, or 16.8%, to €102.6 million from €123.3 million for the three months ended September 30, 2014.
Pro Forma As Adjusted gross margin also fell, decreasing by 3.3 percentage points to 32.5% from 35.8%. The decrease in Pro Forma As Adjusted gross margin is driven by an increased promotional investment coupled with the impact of lower volume recoveries.
Pro Forma As Adjusted EBITDA for the three months ended September 30, 2015 decreased €10 million, or 13.6%, to €63.6 million from €73.6 million for the three months ended September 30, 2014.
Pro Forma As Adjusted EBITDA margin decreased by 1.2 percentage points due to the reduction in gross margin discussed above, offset by focussed cost management.
Pro Forma As Adjusted EPS is €0.18 for the three months to September 30, 2015 as compared to €0.23 for three months ended September 30, 2014. ■