Unigate profits hit
20 November 1998
Unigate profits hit
A DRAMATIC drop in pigmeat sales has hit Unigates profits.
The slump at subsidiary Malton Foods, the countrys biggest pigmeat processor, cut operating profit in the Fresh Foods division to £27.3m, down 13.9%.
A glut of pork in Europe, falling exports, notably to Asia and Russia, and the strong £ were blamed.
But profits in Unigates dairy businesses rose 6.7% to £20.8m, helped by lower milk prices. Overall, the companys pre-tax profits remained almost unchanged at £67.5m on a slightly reduced turnover of £1.12bn in the six months to Sept 30.
This result marks the end of five years of growth. *
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