UK: Uniq bank deal boosts shares; Q4 sales down
Shares in Uniq, the UK-based convenience food group, jumped this morning (9 January) after it said it had secured a refinancing deal.
The struggling company, which in October issued a profit warning after customers had started trading down amid the economic downturn, said it had won a fresh credit facility with lenders Lloyds TSB.
The GBP60m (US$91.1m) credit facility, which will mature at the end of 2010, replaces a GBP40m deal that was due to expire in March that year.
Chief executive Geoff Eaton said: "These are undoubtedly extraordinary economic times. The renewal and improvement of our banking facilities will enable us to take the tough decisions and implement the actions necessary to complete the recovery and restructuring we started in 2006."
Uniq shares climbed 46.2% on the news reaching 19p at 09:38 this morning.
Nevertheless, Uniq said its expectations for the year were unchanged. In October, Uniq said it expected to make a loss for the second half of 2008.
Sales during the fourth quarter fell 3.8% due to a slump in UK sales.
UK sales fell 9.6% during the fourth quarter, having been up 1% during the first nine months of 2008. Desserts and fish volumes missed expectations over Christmas, Uniq said.
The company's sales in northern Europe inched up 1.9% thanks to growth in Poland and from sandwich sales in the Netherlands.
In France, sales dipped 1.1%, although Uniq insisted the performance was a "significant improvement" after a "very slow" third quarter.
Seven & I Holdings today (2 July) posted double-digit declines in first-quarter revenue and profit as the downturn dented consumer spending at the Japanese retailer's supermarket business....
Lawson today (2 June) reported a drop in first-quarter net profit, despite posting gains in revenue and operating profit....
French poultry group LDC has hailed a "successful start to the year" with first-quarter sales up 0.6%....
UK-based food group Uniq has indicated that it intends to use the proceeds from its disposal of Marie, its French prepared meals business, to pay down debt, address its pension deficit and reinvest in...
French poultry group LDC has indicated that its acquisition of Marie from Uniq is expected to provide it with a foundation to expand its branded business in the French chilled and frozen prepared food...
French poultry group LDC has entered into exclusive talks to acquire Marie, the French chilled and frozen prepared food business of Uniq....
At a time of economic uncertainty - when our pages can sometimes make for gloomy reading - the confectionery sector was given cause for optimism last week...
The Kroger Co's president and COO Don McGeorge's is to retire. The company said yesterday (25 June) that it had elected W. Rodney McMullen to replace him....
- Interview: Sir Kensington's on sale to Unilever
- Analysis: Post discusses rationale for Weetabix
- Interview: "Disruptive" snack brand Hippeas
- Who will buy Danone's Stonyfield business?
- Column: Why snacking is the new meal
- Unilever buys US condiments maker Sir Kensington's
- Tyson shops Sara Lee bakery, Kettle and Van's
- Dairy dampens Danone in Q1
- Icelandic to sell Saucy Fish Co. owner Seachill
- Nestle organic growth slows but beats expectations