LONDON -(Dow Jones)- European chilled convenience food group Uniq PLC (UNIQ.LN) Thursday said sales falls slowed in its third quarter and it has started to trade profitably.
In a trading update, Uniq said third-quarter sales were down 0.7% on the year, which marks an improvement from the 1.7% decline in sales in the first half.
It said the improved sales trend has benefited from 4.7% growth in sales of its Food To Go products, as extra sandwich business recently secured with Marks and Spencer PLC (MKS.LN) came into production.
Dessert sales fell 5.8% in the quarter due to increased competition, but Uniq said it is planning significant investment in its desserts business to improve its competitive position.
The firm said it has so far traded profitably in the third quarter, reversing first-half losses. It said the improved performance was due to benefits from the restructuring of its desserts business.
Uniq's net debt totaled GBP53.8 million as at Sept. 25, but since then it has received proceeds from the sale of its French business, which it last week sold for EUR71.3 million.
The company said it remains on track to become a largely U.K.-focused business by the year end.
Company Web site: www.uniqplc.com
-By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; hannah.benjamin@dowjones.com