Uniq's price rises after profit return

Sandwiches and chilled desserts maker Uniq today pushed up the price that potential bidders might have to pay it by announcing a return to operating profits.

Uniq managed to clear a £400 million pension-fund deficit earlier this year by giving the fund a 90% stake in the company.

The fund has now appointed boutique investment bank Spayne Lindsay to look at how it can realise some or all of that stake.

Shares in Uniq rose by 2.13p to 76.75p on today's figures, valuing it at £90 million.

While Uniq swung from operating losses of £1.9 million to profits of £4.1 million, the costs of the pension fund clean-up meant its pre-tax losses were little changed at £11.5 million. Revenues rose 7% to £312 million.

Potential bidders include Greencore which recently pulled out of the bid battle for Northern Foods and several private equity firms which already own food businesses.