Tate & Lyle's first half reported profits dissolve

Softer market conditions in Europe and an increase in fixed costs put a dent in half year profits at sweeteners firm Tate & Lyle.

Softer market conditions in Europe and an increase in fixed costs put a dent in half year profits at sweeteners firm Tate & Lyle.

Reported profit before tax in the six months to September 30th tumbled to £172m from £241m the year before, a 28% fall on a constant currency (CC) basis. Adjusted profit before tax, however, which strips out one-off items, rose 2% on a CC basis to £179m from £177m at the halfway point of the previous year.

Sales rose 7% on a CC basis to £1,631m fro £1,540m.

"Tate & Lyle made progress in the first six months against the backdrop of a strong first half last year, softer market conditions in Europe and the step change in fixed costs associated with the restart of our SPLENDA Sucralose facility in McIntosh, Alabama and business transformation initiatives," said Javed Ahmed, Chief Executive of Tate & Lyle.

"Despite facing a number of headwinds this year, I am pleased that the business continues to perform solidly," he declared.

The interim dividend has been lifted to 7.4p from 7.1p last year.

JH

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
6 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Share tips of the week – 3 February 2023
Investments

Share tips of the week – 3 February 2023

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages
3 Feb 2023
The best one-year fixed savings accounts - February 2023
Savings

The best one-year fixed savings accounts - February 2023

Earn almost 5% on one-year fixed savings accounts.
6 Feb 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
6 Feb 2023