UK sugar and sweetener group Tate & Lyle has said it expects its first-half profit to be in line with expectations.
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The company said it expects profit for its first half to 30 September to be lower than the year-ago period, although it expects a stronger second half compared to a year earlier. The first half last year benefited from strong trading and unusual interest income, the company said.
Based upon the results for the five months to August 2003, Tate & Lyle said profit before tax and exceptional items had been in line with internal expectations that the company set at the beginning of the financial year.
“Our major business units have all traded at or around plan levels,” the company said.
Results from the company’s citric acid production line have improved following the acceleration of the closure of its Mexican plant in July 2003 and a small increase in spot selling prices. Trading in the last three months has been at the break-even level, Tate & Lyle said.
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By GlobalDataThe company also anticipates a “modest” charge to profit resulting from a small deficit in its UK pension fund.
Tate & Lyle said dry weather in Europe had resulted in both wheat and maize price increases in Europe, but it intends to counter the effect of this with selling price increases in the second half.
