Interim Management Statement

Uniq, the European convenience food group today publishes its Interim Management Statement for the period 1 January 2009 to 29 March 2009+.

Trading Update

Across the Group, sales for the first 3 months of 2009 were 4.9%* down on the same period in 2008, reflecting a slow down in our markets on the Continent and the later timing of Easter. Operating losses are slightly lower than the Board’s expectations and similar to prior year.

UK sales were flat year on year with growth in desserts and salads being offset by a slight decline in Food to Go. This performance is slightly ahead of our expectations, as we had planned for a continuation of the slowdown experienced in the second half of 2008. The project to complete the closure of Paignton and transfer of business into Minsterley remains on track and will be complete by September 2009.  We have made further investments in our Food to Go facility at Northampton in order to manage extra business that we have recently won with M&S.

In Northern Europe, sales were down 6.8% as a result of the Easter effect and our determination to improve margins in tough markets. In Germany, sales have fallen by 10.7% in the quarter, but we have now stabilised the level of loss. In the Netherlands, while salad sales were down by 9.2% we have reduced the level of loss. In Poland, sales growth continued albeit at a lower level of 4.2% and in Netherlands sandwiches, we maintained double digit growth at 11.9%. Overall Northern Europe sales are slightly behind our expectation but this has been more than offset by better margins.

The market in France has continued to be highly competitive. As a result, sales were down 7.6% on the first 3 months of last year with the chilled sector being most adversely affected. We are successfully managing the pressure coming from changes to the law in France governing the relationship between retailers and their suppliers, through cost control and the continued development of new products.

Strategy Update

As announced in our preliminary statement in March, we have commenced the processes to sell or find joint venture partners for all our businesses on the Continent. We are running two separate processes; one for our French business and one for our Northern European businesses. Both are proceeding in line with our plans.

Financial Position

The Group’s net debt at the end of the first quarter was £26.7m and favourable to our expectations.  We continue to operate well within our £60m facility agreed with Lloyds in February 2009. 

For further information:

Uniq plc       +44 (0)1753 276011      

Geoff Eaton, Chief Executive

Martin Beer, Finance Director

The Hogarth Partnership      

+44 (0)20 7357 9477

Julian Walker

James Longfield

⁺ The period to 29 March being the nearest practicable accounting period to the date of this statement.

* Where changes are given on prior year they are for the comparable period last year on a constant currency basis and exclude the sales in both years of the Pinneys business that was sold in March 2009.  The increase in Group sales including currency movement was 5.8%.