Nomad Foods, the world's largest branded frozen fish supplier, reported a 11.3 percent increase in first-quarter earnings, citing success in passing on higher costs, the company's supply chain management and commercial strategies.

Nomad reported adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of €146 million ($160 million) for the quarter, while revenue rose 5.8 percent year-on-year to €775 million ($848 million).

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The parent of the Birds Eye, Iglo and Findus brands said it managed to maintain revenue momentum from the second half of last year into the opening three months of 2023.

"Our strong overall performance benefited from double-digit pricing realization, disciplined supply chain management, and the roll-out of the new commercial and supply chain strategies that we announced in February," Nomad Foods CEO Stefan Descheemaeker said.

Nomad, which processes fish products primarily in its Bremerhaven, Germany, location, uses significant volumes of Atlantic cod and Alaska pollock for its product lines. A significant volume of those species is sourced from Russia via re-processing in China.

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Though Nomad continues to use that fish in its products, it has committed to "significantly reduce" the volume of its Russian-origin fish following the invasion of Ukraine ordered by Russian President Vladimir Putin in February 2022.

In February, Nomad reported some softening in raw material prices.

At that point the company said it had locked in around half of its raw material needs for 2023 on contracts, but is watching the market closely and won't be looking necessarily to raise the threshold above 50 percent with prices falling.

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