British sugar and sweeteners group Tate & Lyle on Thursday reported a jump in half-year profits with underlying pre-tax profit for the six months to 30 September rising to £126 million (€195.5 million) from €99.9m million last year.
In an statement this week, Tate and Lyle's chairman Sir David Lees said that full year results "will revert to a traditional seasonaltrading pattern with a significant weighting of profits towards thefirst half."
He stressed that prices of sweeteners in the US will play a significant role in the improvement of group profits for the second half of the year in comparison to the same period last year.
Amylum, the European cereal sweetener and starch business of Tate & Lyle, reported higher profits thanks to a modest improvement in both starch and sweetenervolumes and a better product mix which offset the price decline anticipatedearlier in the year by the company.
Wheat and maize raw material prices were lowerand by-product revenues increased. Lower overheads and better energyefficiency and a reduction in overall energy costs also contributed tothe improved earnings.
Amylum's Eastern European operations performedparticularly well with strong demand and a more stable businessenvironment, reported Tate & Lyle.
Tate & Lyle has reshaped its business, reined in debt and returned to profitably after four profit warnings between March 2000 and February 2001.