Uniq scraps final dividend as rising food prices bite

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Uniq, which supplies the big supermarkets with chilled deserts, salads and sandwiches, has been hit hard by the global markets.

Wheat, in particular, has soared on shortages due to a range of factors including the protracted drought in Australia that has pushed world stockpiles near to a 26-year low.

Fears over a poor harvest in the US today sent wheat prices jumping again - up 2% to $10.35 a bushel.

The price has more than doubled in the past year. For Uniq, declining consumer confidence is also a concern, as shoppers watch their wallets.

"Clearly there are pressures on the business that means management would prefer to conserve cash," a spokesman for Uniq said.

But he added: "Longer-term the company's on track but it will just be harder in the near term."

Revenues at the group were up 2.9% to £736.1 million in 2007, with the UK and France returning to profitability.

Overall, the company's loss narrowed by £7.3 million to £3.6 million.

Uniq recently won "strategic partner" status at Marks & Spencer in the "food-to-go" sector following a review of all supply contracts by the High Street retailer.

Under the deal, Uniq will not have to re-pitch for contracts each year while M&S will co-invest in new products.

"That will introduce a level of stability in the business and is a reflection of the progress we have made in re establishing high quality relationships with customers," the spokesman said.

M&S represents more than 27% of group sales.