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Tate & Lyle sweetens the bottom line.

SUGAR and starch group Tate & Lyle yesterday showed how the sale of a number of under-performing businesses had helped spice up interim results.

Underlying pre-tax profits in the six months to September 30 almost doubled to pounds 126m because of the absence of the US sugar businesses, which contributed losses of pounds 19m in the previous year.

Trading benefited from better performances by the cereal sweetener business Staley and European starch company Amylum.

The company added it was confident about its outlook for the whole year but reiterated forecasts that results would be weighted towards the first half.

Much will also depend on the level of price increases expected to have a positive impact on second-half profits.

The surge in profits came despite a fall in sales, down to pounds 1.63bn from pounds 1.75bn a year earlier.

Shareholders will receive an unchanged dividend of 5.5p a share.

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SWEET SUCCESS: Tate & Lyle has nearly doubled its half-year profits
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Title Annotation:Business
Publication:Western Mail (Cardiff, Wales)
Date:Nov 8, 2002
Words:162
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