07 May 1998
Tate & Lyle turns in £76.5m for half-year
ANALYSTS have slashed forecast profits for Tate & Lyle after the sugar and starch group yesterday warned of a “substantially” lower full-year result.
The group yesterday released its half-year pre-tax profits of £76.5m compared with £30.4m for the same period last year, or £113.6m before an exceptional charge of £83.2m.
Problems in the first half included disease in Tates US sugar beet harvest and a £10m loss in Greece when a trader failed to deliver grain which had been paid for. The strength of Sterling has also affected profits.
The company issued a profits warning at its AGM in February which led analysts to cut their full year forecasts to £230m compared with £241.3m in 1997, for the year ending in September. Forecasts for this year were cut further yesterday to £170m-£175m – the lowest level in a decade.
- Financial Times 07/05/98 page 22
- The Times 07/05/98 page 32
- The Independent 07/05/98 page 26 (The Investment Column)
- The Scotsman 07/05/98 page 25
- The Daily Telegraph 07/05/98 page 34