News

Tate & Lyle beats expectations thanks to corn prices

Shaun Weston4 Nov 2010

Tate & Lyle has revealed its statement of half-year results for the six months to 30 september 2010.

Highlights

Adjusted operating profit up 18% at £170m (13% in constant currency).
Adjusted operating profit from Speciality Food Ingredients up 32% (27% in constant currency).
Adjusted operating profit from Bulk Ingredients up 13% (8% in constant currency).
Adjusted diluted earnings per share up 31% at 23.5p (21% in constant currency).
Net debt reduced by £274m (34%) since 31 March 2010 to £540m (31% before exchange translation).
Sold EU Sugar Refining operations for £212m. Sale of remaining Sugars assets progressing to plan.
Launched programme to implement common global IS/IT platform and global support services.
Announced opening of new Commercial and Food Innovation Centre in Chicago.

Source: Tate & Lyle