reminder12 Nov 2009 18:05
trading profitably :-
http://online.wsj.com/article/BT-CO-20091015-702867.html
drop could have been caused by lower than expected sale figure of the assets today but the market is taking it the wrong way. these disposed assets were bleeding away UNIQ profits! this will translate into better profit. the northern europe assets were the worst performing in UNIQ's profile. that, combined with restructuring charges and factory closures in its UK operations, caused Uniq’s indebtedness to increase from a comfortable net cash position, to net debt of 27 mln GBP, equivalent to x2,0 EBITDA, in one year to end Q1 2009. investors should be thankful UNIQ managed to sell off these northern europe assets instead of having to merge(which is against my preference) because the difficulty in managing these assets will continue.
the sooner the MM is able to rid the short term traders away, albeit tree shaking, the better for us long termers.
with extra business from M&S(which has reported improved food sale 4 quarters in a row) and the Cooperative Group, i am confident UNIQ will recover.