Oxford MailUnipart ‘continues to grow’ despite £6.1m pre-tax loss (From Oxford Mail)

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Unipart ‘continues to grow’ despite £6.1m pre-tax loss

Oxford Mail: Frank Nigriello Frank Nigriello

BOSSES at logistics, manufacturing and consultancy business Unipart say the firm is growing despite slipping into the red.

Annual accounts for the company, based at Garsington Road, Cowley, show it made a pre-tax loss of £6.1m for the year ended December 31, compared with a profit of £15.8m in 2012.

But corporate affairs director Frank Nigriello said the figures came as a result of “exceptional items” including charges related to the company’s decision to exit parts of its leisure and marine division.

He added: “They don’t affect the commercial position of the group. We are continuing to grow strongly and develop the business positively.”

Mr Nigriello pointed to the fact group turnover had increased to £1.04bn over the year, compared with £978.2m for the previous 12 months.

The business, which employs 967 workers in Cowley, saw its pension deficit increase to £278.5m compared with £203.6m in 2012.

Mr Nigriello said: “Our assets did well but our liabilities grew more than our assets and measures are being taken.

“It is a national issue everybody is facing.

“People are living longer and the markets have not been strong.”

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Comments (1)

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10:22am Fri 20 Jun 14

xenarthra says...

We're losing loads of money. But, hey, we're growing, so that's alright then.
We're losing loads of money. But, hey, we're growing, so that's alright then. xenarthra
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