Uniq issues profit warning as Stannard leaves - Brief Article

Eurofood, Sept 27, 2001

UK convenience food group Uniq issued its second profit warning and announced that chief executive Terry Stannard was stepping down. The reaction on the market was a 20% decline in the value of its shares.

Uniq said disappointing sales at St Ivel and its business in France were major factors behind the group's poor performance. Uniq, formerly known as Unigate, did not give a revised year-end forecast, however, industry experts anticipate year-end profits could be as much as 20% down on original forecasts.

St Ivel was said to struggle due to lack of profitability in its yoghurt business, a unit which some analysts believe Uniq would be better ditching.

Nigel Stapleton, currently chairman, will take on the role of executive chairman while Uniq searches for a new chief executive.