Birds Eye proprietor Nomad Meals has delivered “robust” gross sales development within the third quarter after elevating its costs by greater than 10% to offset hovering enter prices.
Revenues jumped 26.7% to €760m (£668.4m) within the interval due to the inclusion of gross sales from the European frozen meals enterprise Fortenova, acquired by the group final yr.
The highest line elevated 7.2% on an natural foundation regardless of a 3.4% decline in volumes because it hiked costs by 10.6%.
Worth will increase additionally contributed to a 110 foundation level enhance in gross margins to 29.1%, offseeting larger uncooked materials prices throughout the enterprise.
Adjusted EBITDA rose 35.3% to €153m (£131.9m), with adjusted income up 42.6% to €90m (£79.2m).
“Nomad Meals reported one other quarter of robust outcomes boosted by our nice manufacturers, environment friendly provide chain and world-class individuals,” mentioned co-chairman and founder Noam Gottesman.
“Nomad has confirmed once more to be a resilient enterprise as disciplined procurement and provide chain administration supplied high-quality merchandise with improved service ranges and robust margins.”
Nomad, which owns Birds Eye, Aunt Bessie’s and Goodfella’s within the UK, in addition to Findus, Iglo and different manufacturers in Europe, additionally introduced a refinancing of its debt services.
Gottesman added the debt refinancing represented “one other essential step in extending our debt profile and controlling prices in a unstable macro setting”.
“Though we see challenges, we additionally see nice areas of alternative, and we’ll proceed to take a position to seize these alternatives.
“We are going to preserve our give attention to accelerating sustainable development whereas compounding the worth of our outcomes for shareholders. We count on to maintain this momentum into 2023 and past.”
