News Published on 6 Nov, 2009
Tate & Lyle announces £112m pre-tax profits
Filed by Shaun Weston
Tate & Lyle has announced pre-tax profits of £112m in its H1 2009 results.
Financial performance
- Net debt reduced by 20% since 31 March 2009 to £987m (11% before exchange translation).
- Free cash flow of £258m.
- Adjusted operating profit down 1% at £148m (16% in constant currency).
- Adjusted operating profit from core value-added food ingredients.
- Adjusted diluted earnings per share down 4% at 18.3p (14% in constant currency).
Javed Ahmed, chief executive, said: “Tate & Lyle performed slightly ahead of our expectations in the first half of the year, before the impact of exchange translation, despite challenging conditions in a number of our markets. We’re encouraged by the good progress made in reducing net debt, reflecting our focus on reducing costs, optimising working capital and reducing capital expenditure.”
The British sugar refiner announced a half-year dividend of 6.8 pence.
Source: Tate & Lyle