Sour report from sugar giant

10 November 2000

Sour report from sugar giant

By FWi staff

SUGAR giant Tate & Lyle has reported a near halving of interim profits and says the second half is unlikely to be any better, reports The Independent .

This is the third profits warning of the year from the worlds biggest sugar manufacturer.

Pre-tax profits, before exceptionals, slumped to 68 million for the six months to 30 September, from 127m.

Poor market conditions in the USA, higher fuel costs, the strength of Sterling and falling UK demand for soft drink sweeteners have hit the company.

Analysts reduced full-year forecasts from about 150m to 130m.

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