Nomad Foods posted the trading update for the three, nine and twelve month periods ended December 31, 2015.
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Revenue for the three months ended December 31, 2015 was €475.9 million, resulting in a €53 million profit after tax, which includes exceptional costs of €20.3 million.
For the three months ended December 31, 2014, revenue was €nil, resulting in a profit after tax of €0.1 million.
Revenue for the nine months ended December 31, 2015 was €894.2 million resulting in a loss after tax of €337.3 million, resulting from non-cash charges related to the Founder Preferred Shares Annual Dividend Amount and warrant redemption amount of €348.6 million and exceptional costs of €58.1 million.
For the twelve months ended March 31, 2015, revenue was €nil resulting in a loss after tax of €167.5 million, due to €166.2 million non-cash charges related to the Founder Preferred Shares Annual Dividend Amount and warrant redemption amount.
Pro Forma As Adjusted EBITDA for the three months ended December 31, 2015 decreased €18.6 million, or 17.2%, to €89.6 million from €108.2 million for the three months ended December 31, 2014.
Pro Forma As Adjusted EBITDA margin decreased by 2.9% to 16.9% due to the reduction in gross margin discussed above, offset by lower indirect costs, primarily due to lower bonus pay-out levels aligned to business performance.
Advertising and promotion expenditure, as a percent of revenue for the three months ended December 31, 2015 improved 100 basis points year-over-year to 4.7%.
Pro Forma As Adjusted profit for the three months ended December 31, 2015 decreased €14.8 million, or 24.9%, to €44.7 million from €59.5 million for the three months ended December 31, 2014.
This is due to the reduction in As Adjusted EBITDA margin, offset by a €6.9 million quarter on quarter decrease in Pro Forma As Adjusted taxes, driven by a combination of lower profitability and an improved mix of taxable profits across the group.
Pro Forma As Adjusted EPS is €0.25 for the three months ended December 31, 2015 as compared to €0.33 for the three months ended December 31, 2014, a decrease of 24.2%. ■
Under an intense surge of arctic air, Friday morning will begin with the coldest temperatures so far this season across much of the central and eastern U.S. with blustery conditions and a piercing wind chill.