30 March 2000
Tate & Lyle profits down

TATE & LYLE has announced that profits in the past six months were “somewhat below” the 93 million before tax in the comparable period last year.

The group will now consider its options over its US sugar business, warning that it will not continue investing in a business where it is losing money.

Analysts cut profit forecasts to about 200m before tax for the 12 months to 25 March.

US sugar prices have fallen nearly 20% in the past 12 months, due to large harvests of both beet and cane, says Tate & Lyle.