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