Nomad Foods posted results for the three month period ended March 31, 2016. Revenue decreased by €23.7 million, or 4.2%, to €547.1 million from Pro Forma As Adjusted revenue of €570.8 million for the three months ended March 31, 2015.
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Adjusting for currency impacts, the exit from Russia, an additional trading day in Q1 2016 due to the leap year and the business acquisition of La Cocinera in Spain, the like for like decline was 6.1% - a 0.9% improvement on the rate of decline in the fourth quarter.
As has been the case in the past few quarters, the decline in sales was driven by Nomad’s three largest markets, namely the UK, Italy & Germany, although each of these markets again showed reduced rates of decline year-on-year compared to the prior quarter.
As Adjusted Gross profit for the three months ended March 31, 2016 declined by €11.2 million, or 6.3%, to €167.5 million from Pro Forma As Adjusted Gross profit of €178.7 million for the three months ended March 31, 2015. The decrease is primarily driven by lower sales volumes.
As Adjusted Gross profit for the three months ended March 31, 2016 declined by €11.2 million, or 6.3%, to €167.5 million from Pro Forma As Adjusted Gross profit of €178.7 million for the three months ended March 31, 2015. The decrease is primarily driven by lower sales volumes.
As adjusted Gross margin for the three months ended March 31, 2016 declined by 0.7% to 30.6% from the Pro Forma As Adjusted Gross margin of 31.3% for the three months ended March 31, 2015. This was driven by a slightly adverse product mix and the dilutive effect of the La Cocinera acquisition.
As Adjusted EBITDA for the three months ended March 31, 2016 decreased €6.0 million, or 5.7%, to €99.6 million from Pro Forma As Adjusted EBITDA of €105.6 million for the three months ended March 31, 2015.
Adjusted revenue for the three months ended March 31, 2016 fell 0.3% year-on-year to 18.2%. As Adjusted profit for the three months ended March 31, 2016 decreased €5.4 million, or 9.3%, to €52.8 million from Pro Forma As Adjusted profit of €58.2 million for the three months ended March 31, 2015.
As Adjusted basic and diluted EPS is €0.29 for the three months ended March 31, 2016 as compared to Pro Forma As Adjusted basic and diluted EPS of €0.32 for the three months ended March 31, 2015, a decrease of 3 Euro cents year on year, or 9.4%, due to the decrease in As Adjusted profit. ■