Convenience food group Uniq said in a trading update today (15 January) that while UK sales increased during the last three-months of 2006, margins were poorer than anticipated – news that sent the company’s shares down more than 4% at time of press.
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The European food group said that in order to boost UK sales it had spent more than initially anticipated, putting a dent in margins. Meanwhile, French sales were down 7.7% and Northern European sales were marginally up 0.9%.
The company said that it was encouraged by the UK results, with chief executive Geoff Eaton stating that Uniq was firmly focused on a long-term recovery. Lower UK margins were acceptable if it meant that Uniq’s service and products were of a higher quality, the company suggested.
“Our trading performance continues to reflect the different stages of recovery and the considerable change management in progress in each of our three divisions. The UK is leading the way with good momentum in sales, quality and service. However, there is still a considerable amount of work to do to deliver our long-term financial goals,” Eaton said.
Shares in the company had tumbled 4.02% to GBP2.1475 (US$4.2184).
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By GlobalData
