Tate & Lyle profit drops 30%, backs guidance
Tate & Lyle PLC (TATE.LN) on Thursday reported a 30% fall in pretax profit for the first half of fiscal 2019, in line with expectations, and backed its full-year guidance.
The ingredients and food-and-drink solutions company made a pretax profit of 113 million pounds ($148.4 million) for the half-year ended Sept. 30, compared with GBP161 million a year earlier, on sales that fell 1.1% to GBP1.38 billion.
Stripping out exceptional and other one-off items Tate & Lyle made an adjusted pretax profit of GBP166 million, the same as a year earlier.
The company said it continues to expect earnings-per-share growth on a constant currency basis to be in a mid-single-digit range, though toward the lower end given energy and transportation cost inflation in North America and a strong year of commodities performance in fiscal 2018.
The board has increased the first-half dividend to 8.6 pence a share from 8.4 pence for the first half of fiscal 2018.
Write to Ian Walker at [email protected]; @IanWalk40289749
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