Chilled prepared food group Uniq has announced continued strong growth in its food-to-go operation, with overall group revenue up 6.8% for the year ended 31 December 2010.
Increased sandwich business with Marks & Spencer – its share rose to more than 65% – helped the division to a 51% profit increase to £11m, with sales up 13% to £157m.
Overall the firm posted operating profit before significant items of £4.1m, compared to a loss of £1.9m in 2009. Sales were up nearly 7% to £312m.
Chief executive Geoff Eaton said the firm serves both large and growing markets. By investment in understanding more about its consumers and innovating to create a regular pipeline of new products, it can benefit from this growth.
The firm was recently restructured to negate the effects of its significant pension deficit. In February this year an agreement was reached with the trustee of the Uniq Pension Scheme, which released Uniq from its obligations to the defined benefit section of the Pension Scheme in exchange for a 90.2% equity stake in the company, with current shareholders retaining a 9.8% stake in the company.
Eaton said the restructure coupled with the positive outcome of its Desserts business review, means the firm is now well-placed to develop to its full potential.