European frozen foods giant Nomad Foods, parent of Iglo, Birds Eye and Findus brands, is into its third consecutive year of growth, and the top exec says it plans on leveraging that expansion into more M&A in the future.
"We are pleased with our second quarter results, a combination of organic growth and demonstrating a sustainable model at work. Mergers and acquisitions will also play an important role in due time," CEO Stefan Descheemaeker said during the company's earnings presentation.
The leader in branded frozen seafood reported 10 percent growth year-on-year in earnings before interest, tax, depreciation and amortization (EBITDA) for the second quarter of 2019, totaling €98 million.
Revenues mirrored the increase at 10.2 percent growth to €538 million. Operating profit made a strong increase of 24 percent at €74.1 million.
Earlier this year, Nomad raised nearly $350 million through public offering and execs revealed the company had €750 million ($842 million) in cash, intended for future mergers and acquisitions.
"We are well positioned to complement strong organic growth with accretive acquisitions," said Noam Gottesman, Nomad Foods’ co-chairman and founder.
The company also noted that it has new product lines in the pipeline.
Germany, Netherlands, and Austria were some of the strongest markets in the second quarter, all exhibiting organic growth above 10 percent. The UK market displayed a modest growth of 5 percent.
