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Tate & Lyle (TATE)

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Tate & Lyle keeps sweet for FY as interims fall

08 Nov 18

LONDON (ShareCast) - (Sharecast News) - Food ingredients maker Tate & Lyle said first half pre-tax profits fell 30% to 113m on lower sales, although it maintained full year guidance.
Sales fell 1% to 1.38bn while adjusted profit at constant currencies was flat at 166m.

The company said it continues to expect earnings-per-share growth on a constant currency basis to be in a mid-single-digit range, towards the lower end given energy and transportation cost inflation in North America and a strong year of commodities performance in fiscal 2018.

The company said higher cost inflation from materials and transport in North America and lower profits from commodities had impacted results

Chief executive Nick Hampton said the food & beverage solutions businesses performed well "with strong volume growth in North America, Asia Pacific and Latin America".

"In primary products, sweeteners and starches delivered solid underlying performance," he added.

The dividend to was lifted to 8.6p from 8.4p a year earlier.

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Market Data

Currency UK Pounds
Price 705.60p
Change Today -24.00p
52 Week High 801.40p
52 Week Low 663.80p
Volume 2,469,864
Shares Issued 468.38m
Market Cap 3,304.89m


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