Nomad Foods – Showcasing Why a Growth Mindset Is Important

Breakthrough Result:

Nomad and Breakthrough have successfully worked together to deliver on the outcomes set out at the beginning of our partnership in 2016, with Nomad seeing significant return on their Breakthrough investment.

IMMEDIATE FINANCIAL RETURN

• Since Breakthrough partnered with Nomad in October 2016, Nomad turned into profitability after incurring losses for the previous four years
• Nomad increased their earning in the last four years from 2016 to 2020 by 519% averaging 130% annually
• Both Revenue and Operating income have increased for the last five consecutive years by the end of 2021
• As of March 2021, Nomad enjoyed a 17 quarters of growth by March 2020

• Breakthrough completed 25 Programmes with Nomad
• Since we first partnered with Nomad on the 3rd of October 2016, their stock value has increased by 115%, from $12.01 and to now $25.88 by the end of 2021

PORTFOLIO DIVERSIFICATION

• Acquisition of Green Isle Foods Ltd. (‘Goodfella’s Pizza’) was completed in Q2 2018.
• With this, Nomad demonstrates the commitment they are making to expand their share of the frozen food category in Western Europe.
• Goodfellas Pizza will provide Nomad with deep knowledge and expertise to thrive in the new attractive frozen pizza category.

MARKETING INNOVATION

• Core products and Nomad’s brand image has been innovated to bring it up-to-date with contemporary food trends.
• The innovation of Birds Eye’s Inspirations fish range has seen their well-loved core frozen fish products evolve to meet consumer health-eating and environmental standards.
• Birdseye and Igloo’s mascot, The Captain, has also had a facelift. The company revealed the newly appointed Captain in January 2018 to reflect a contemporary consumer image. This €8 million advertising campaign promotes Nomad as a brand that understands its consumers and has evolved with them.

As a result of Breakthrough embedding a growth mindset across the organisation, Nomad are delivering on their commitment to bringing innovation and R&D across the organisation. Their focus on innovating Core products and renovating a well-loved brand image has meant they have built on existing consumer loyalty for the brand to reach new consumers.

As we complete our journey with Nomad in 2022, they have exceeded their growth ambition and fully transformed as an organisation.

“2017 was an outstanding year for our Company. We reported full year organic revenue of 3.9% and expanded gross margins by 100 basis points. These results, which exceeded the expectations we set at the start of the year, are a testament to the power of our iconic brands, a proven strategy and relentless execution. We enter 2018 in a position of strength. Goodfella’s Pizza, once closed, will provide a complementary source of growth to out base business and illustrate the power of our value creation model.” Stefan Descheemaeker, Nomad Foods’ Chief Executive Officer.

“Breakthrough has come at a prefect time for us as an organisation. As we launch our way and our vision, Breakthrough is a real opportunity for us to have one language across the organisation. It will elevate our organisation, lead our organisation, inspire our organisation to create a new Nomad Foods.” Brian Murray, Nomad Foods, Group HR Director.