UK: UK profits cheer Uniq but pension costs weigh
- UK operations swing to profit
- Pension costs weigh; insist agreement in place
- Q1 sales up 4.2%
Uniq pointed to Q1 sales growth in 2010
UK food group Uniq today (15 April) hailed the development of a profitable domestic business in 2009 but saw its losses grow on rising pension costs.
Uniq, which makes own-label desserts, sandwiches and prepared salads for UK retailers, said its underlying UK business booked an operating profit of GBP4.4m (US$6.8m) - against an operating loss of GBP1.3m.
Revenue from continuing operations, after a year in which Uniq decided to offload its European businesses, was flat at GBP287.2m.
However, Uniq's said its pre-tax losses grew from GBP100,000 to GBP18.5m after the company incurred GBP11.3m in pension costs.
Uniq said it had agreed a deal with pension trustees that remains subject to regulatory clearance.
Chief executive Geoff Eaton said: "The Q1 operating results are significantly better than last year and slightly ahead of the board's expectations." First-quarter sales rose 4.2%
Eaton added: "Subject to the resolution of our pensions funding, this positions the group well to continue to build a UK business that has the quality and flexibility to grow profitably in the dynamic markets in which we operate."
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