Recovery Continues at Restructured Uniq
Uniq, the UK convenience food group, has continued the improvement in its financial performance by reporting an operating profit before significant items of £4.1m in 2010 compared to a loss of £1.9m in 2009. Turnover rose by 6.8% to £312m in 2010.
Although the figures are a vindication of the board’s strategy of transforming Uniq into a high quality UK focused private label business in the food to go and desserts sectors, it became increasingly clear during 2010 that the speed and scale of the repositioning could not meet the growing demands of the group’s pension liabilities. On February 9th 2011, the company reached agreement with the Trustee of the Uniq Pension Scheme on the terms of a restructuring of the company. This released the company from its obligations to the Pension Scheme in exchange for a 90.2% equity stake.
The food to go business increases sales by 13% to £157m and profits by 51% to £11m. Uniq’s desserts sales rose by 1.5% to £155m and losses were reduced by 6.9% to £2.7m. Uniq has now conducted a comprehensive review of its desserts business and formulated profit improvement plans
”This is a strong set of results and a credit to our management and employees who have focused so successfully on service and innovation in difficult circumstances. Having delivered the pension solution and with a positive outcome from the Desserts review, we are now well placed to develop the full potential of this business,” says Geoff Eaton, chief executive of Uniq.
