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.”
Our top stories:
8:30am Monday 29th June 2015
HEADTEACHERS in Oxford have claimed a free lunches policy has caused them huge issues as the first year of the policy draws to a close.
6:34pm Monday 29th June 2015
A TANG of petrol and the roar of engines is filling the air in Cassington tonight.
6:03pm Monday 29th June 2015
A TEENAGER who was the "life and soul" of his family was given a heartfelt farewell from hundreds of grieving loved ones today.
1:56pm Monday 29th June 2015
POLICE believe a fire service training vehicle was set alight deliberately.
12:16pm Monday 29th June 2015
A TRANSPORT plane is due to be sent from RAF Brize Norton to Tunisia today to help evacuate British tourists wounded in a terror attack.
11:40am Monday 29th June 2015
PROPOSALS for a £12.5m package of transport improvements in Headington could see new cycle lanes, pedestrian crossings and bus lanes.