View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
April 2, 2008

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.

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.

Related Companies

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Food