Unigate confirms profits warning

05 May 1999

Unigate confirms profits warning

UNIGATE is taking a poor view of its growth prospects for the coming year with a prediction that conditions for UK food manufacturers will be difficult.

Areas of current concern included Malton Foods, the pig-processing operation, and some aspects of the St Ivel business.

John Worby, finance director, said Malton Foods had performed more strongly in the second half.

But from early April its margins had come under pressure from UK pig prices that were higher than those in continental Europe.

Unigate reported a virtually unchanged pre-tax profit of £67.5 million for the first six months of the year, on turnover down slightly at £1.12bn (£1.18bn).

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