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Tate & Lyle profits turn sour
Tate & Lyle is pinning its hopes on an upturn
Profits at the world's biggest sugar company Tate & Lyle have nearly halved for the year to March at �113m.
Chairman David Lees said that despite continuing tough market conditions, higher prices in its European and North American cereal sweetener and starch markets would improve the group's performance.
The company blamed the fall on a �45m increase in energy costs and tough market conditions for its United States sugar operation, which is now up for sale.
The sugar giant has already sold its US-based Western Sugar Company unit to the Rocky Mountain Sugar Growers Co-operative for $96m.
 Tate & Lyle is trying to appeal to a younger market |
He said in a statement: "Together with the planned disposal of our US sugar businesses, this leads us to view the current year with greater confidence."
Tate & Lyle shares were up 10 pence in early trade on Thursday, at 269p, but still well below peaks of around 330 pence set in June 2000.
Shares in the company, which has a current market value of around �1.2bn, have outperformed the FTSE All Share Food Producers Index by 4% since early January.
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