Tough going for Tate and Lyle

12 May 1999

Tough going for Tate and Lyle

TATE and Lyle, the worlds largest starch and sweeteners business, reported tough trading conditions in its commodity sugar businesses at the half-way mark.

Group sales fell by £108 million, including a £57m currency hit, to £2.1bn. Underlying pre-tax profits rose 10% to £96m, including £5m from asset sales.

Larry Pillard, chief executive, said Tate would make UK job cuts as part of a programme to save £15m annually within two years.

The groups European Amylum operation, which makes starches from potato and wheat, delivered flat profits despite a £300m investment.

Amylums difficulties could be exacerbated by a poor potato harvest.

• The Times 12/05/02/99 page 25, page 26 (Tempus)
• The Independent 12/05/02/99 page 20
• Financial Times 12/05/99 page 28
• The Guardian 12/05/99 page 20 (In Brief)
• The Daily Telegraph 12/05/99 page 30