Tate & Lyle second half profits in line with first half
02-04-2008
Tate & Lyle said second half profit would be broadly in line with its first half profit of £117 million.
But for the year as a whole, pre-tax profit will be hit by a £11 million reduction due to a weak dollar.
The company generates more than a third of its profits in the US.
In the trading statement, the sugar group said net debt of £1.04 billion at the end of February was in line with its internal forecast made at the time of the interim results announcement.
Following approval from shareholders at the AGM in July 2007 to purchase up to ten per cent of the issued share capital at that time, Tate & Lyle said it had acquired by the close of business on March 31st 2008 33.6 million shares (6.9 per cent of the issued share capital at the time of the AGM) for £159 million.
Tate & Lyle will announce its preliminary results on May 22nd 2008.
Shares in the sugar and sweetener producer dropped 1.2 per cent to £5.32 in morning trading.
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