UK: Weak dollar sours Tate & Lyle
Tate & Lyle said today (2 April) that trading has continued in line with expectations but warned the weak US dollar would hit full-year profits.
The UK-based sugar and sweetener group reiterated earlier guidance that underlying second-half profits will be "broadly similar" to the company's first half performance.
It forecast that second-half pre-tax profits will reach around GBP117m (US$231m).
However, the company said a weaker dollar against the pound would eat into full-year profits. Tate & Lyle said that currency conversion would reduce profits in the year to 31 March by around GBP11m.
Under its share buyback programme, Tate & Lyle has acquired 33.6m shares, or 6.9% of outstanding shares, for a cash consideration of GB159m.
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