After searching i can't believe there's no thread on this one.

Anyhow what about a bounce for tomorrow after some sort of analysts meeting?

Regards

Stan.

Smile its tate & lyle,afternoon stan.

Hiya Dave, in for that bounce tomorrow, hopefully.

Bounced 5.75p so far, any more to come do ya think?

Afternoon stan , seems there`s a few on the bounce today , as for tate and lyle , who knows.What is the latest divi they payed out.

Divi come and gone i think but next results are Nov 4th or 5th had a good run in last few months( look at their chart), but may still have legs for results.

Regards

Stan.

This is a new and unexpected, (here!) high for TATE.

The cyclic is that they fall in the winter. and spring.

What is driviing this is their sucess with artificial sweeteners.

Be aware that the fall last year was because of profit warnings.

IMHO if you are in profit and well in, then hold, if you have just bought in,

do your own research!!!!

I have held recently and made profit, I currently do not hold but would buy in

again if the price is right!

Thanks for that Sea very interesting, I took the profit in the end yesterday and news has just come out as follows;

Tate & Lyle PLC


22 October 2004 - Tate & Lyle PLC

Holding(s) in Company

Tate & Lyle PLC was informed on 21 October 2004 that as at 14 October 2004
Barclays PLC and its subsidiaries were holding 19,672,960 ordinary shares in
Tate & Lyle PLC in which they have a material interest which is a notifiable
interest under Section 199 of the Companies Act 1985 being 4.07 per cent. of the
nominal value of the relevant share capital.


Barclays PLC had previously reported holding 14,548,350 ordinary shares in Tate
& Lyle PLC as at 4 October 2004 in which they had a material interest which was
then 3.01 per cent of the nominal value of the relevant share capital.

Probably had something to do with the rise yesterday.

As you say worth keeping an eye on in the future.

Down 16.5p at the moment on Ex. divi day paying 5.75p. Looks like some profit taking but not sure yet....or maybe It's Barclays been In and out for that divi.

Oh surely not.

Bit the bullet In the end at 474p.

I really can't believe the fall was anything more then profit taking In the main.

There Is also talk of TATE getting Into the FT100 at the next reshuffle.

Seems on track at the moment +6.

Hope there's more to come though.

Wish you well with it stan goodluck,looking to enter cpg around 2.30ish,,just a bit steep yet.

Thanks Dave, had a look at CPG but lost Interest when i had a look at their chart.

All the best though.

See what you mean about the chart,but i like a challenge.
Done well with ,lmc this week.

+9 now with these and tempted to take the profit later but with TATE probably going to get promoted tomorrow to the FTE 100 I'm tempted to hold on for more.

What do you think boy and gals

Question?

When they announce that a share (TATE probably) Is promoted to the FT 100 does that share usually rise on the news or Is the expected news (which It Is) usually already In the price?

I realise the answer can be either way, but just Interested In peoples experience of such dilemma's

I must make a decision to hold or sell by about 4pm this afternoon.

Thanks All.

Blimey, down 7p. not supposed to do that.

Finished down 7.75p and promoted to the FT100.

Lets see the price promoted now!

COMPAGNIE INDUSTRIELLE PLACES 48.35 TATE & LYLE SHARES AT 450P/SHR

Thank's Compagnie.....you've just provided me with a buying opportunity!

Tate & Lyle PLC


Holding(s) in Company

Tate & Lyle PLC was informed on 10 December 2004 that as at 7 December 2004
Barclays PLC, through various legal entities listed below, has a notifiable
interest for the purposes of Part VI of the Companies Act 1985 in 49,565,091
ordinary shares in Tate & Lyle PLC, being 10.21 per cent. of the nominal value
of the relevant share capital.

Barclays PLC had previously reported holding 30,468,126 ordinary shares in Tate
& Lyle PLC as at 17 November 2004 in which they had a material interest which
was then 6.30 per cent of the nominal value of the relevant share capital.

-------------------------------------------------------------------

Barclays been shopping as well.

Tate & Lyle predicts in-line FY results UPDATE

AFX

(Adds analyst forecasts, share price, background)

LONDON (AFX) - Tate & Lyle PLC, the UK sugar refiner and food ingredients producer, expects to deliver full-year profit in line with expectations after trading continued to go 'well' over the past 11 weeks.

'Trading since the announcement of our interim results on Nov 4 has

continued to go well and the outlook for the year to March 31 has not

altered,' Tate & Lyle said in a statement.

Financial analysts expect the company to deliver full-year profit before tax, exceptional items and goodwill amortisation, of around 238 mln stg, up from 228 mln the year before.

With 2005 sales contract negotiations largely completed, the group expects to at least maintain margins on sweetening products within its North American division in local currency terms, despite higher energy costs.

Margins on food ingredients and other products are expected to have risen.

But Tate warned that the 2005 pricing round had been 'competitive' within Europe.

'After higher energy costs we expect total sweetener and starch net margins to be slightly below those achieved in calendar 2004,' Tate said.

The company went on to report that demand for its Sucralose sweetening product remained strong adding that its expansion projects are on track.

Leading food and drinks manufacturers such as Coca Cola and Pepsi, the world's two biggest soft drinks makers, last year launched Sucralose-based diet versions of their soft drinks -- Coca Cola C2 and Pepsi Edge.

Demand for the product has been further boosted by the Atkins diet craze sweeping the United States, with the sweetener now used in products ranging from low-fat ice cream to popcorn.

Tate shares closed Monday at 457 pence, valuing the company at around 2.2 bln stg.

rob.branch@afxnews.com

rhb/slm/

Can't see much to be frighten of In there can you?

Got rid and took a loss on Friday.

Then we get this

http://www2.coca-cola.com/presscenter/nr_20050207_americas_dietcoke_with_splenda.html

Up over 7% today!

Oh well win some lose some.

Tate & Lyle PLC


29 September 2005 - Tate & Lyle PLC

Trading Update

In line with its regular practice, Tate & Lyle issues the following trading
update prior to meeting with stockbrokers' analysts and entering a closed period
in respect of the interim results to 30 September 2005. The interim results will
be announced on 3 November 2005.

Trading since the update issued on 28 July 2005, prior to the Annual General
Meeting, has continued to be in line with our internal expectations. Over the
five months to 31 August 2005, profit before tax and amortisation has met our
budgetary expectations and is modestly above the corresponding period of the
prior year, despite higher interest charges as we invest for growth.

SPLENDA Sucralose has continued to enjoy strong demand across all major food,
beverage and pharmaceutical categories. Similar to 2005, demand from existing
customers is expected to outpace production through the year to March 2006. The
expansion projects to increase sucralose production capacity in Alabama, USA and
Singapore are on schedule and the related capital expenditure is in line with
budget.

We are aware that a no-calorie sweetener tabletop product containing sucralose
and called 'Altern' has been available in one or two stores in the USA. We have
determined that the sucralose contained in the product was manufactured in our
facility in McIntosh, Alabama. This product has now been withdrawn from sale.

Food & Industrial Ingredients Americas has again demonstrated good growth in
value added food ingredients. Industrial ingredients have performed as planned
in difficult market conditions. Ethanol has benefited from increased margins in
recent months. Commodity sweetener volumes have exceeded our expectations whilst
margins have been stable. The citric acid product line has contributed increased
profitability. Increased costs, in particular energy and transport, have
partially eroded margin gains in this division. As expected, small start up
losses have been incurred on both AquastaTM astaxanthin and the Bio-PDO (Bio-3G)
joint ventures.

Food & Industrial Ingredients Europe has achieved higher sales volumes with good
growth in food ingredients. This benefit has been partially offset by lower
sweetener selling prices and margins following the 2005 calendar year pricing
round, and higher costs, particularly energy and transport. These cost increases
will affect second half performance and will need to be recovered in the 2006
calendar year pricing round.

Profitability in our EU sugar refining business has been substantially reduced
with oversupply in the market coupled with the expected higher cost of export
licenses. Energy costs were also higher. This profit reduction has partially
been offset by a good performance in sugar trading. A fire in our Portuguese
refinery resulted in a loss of raw sugar stock which resulted in a small loss in
our re-insurance operation. In Canada, performance has been as expected, but
below the level of the comparative period.

Overall, our expectations for the full financial year to March 2006 remain
unchanged. Looking further forward, if prevailing energy prices persist through
our financial year 2007 it would increase our costs by around 40 million. We
aim to recover this through product pricing.

There has not been any new information or clarification on the proposals for
reform of the EU sugar regime which were tabled by the European Commission on 22
June 2005. Our efforts to achieve an equitable solution for our businesses
continue. We expect the Commission to announce final proposals for the EU Sugar
Regime towards the end of November 2005.

Is anybody else following these? This may well start heading up towards the interims on 3rd Nov and even higher if the results are good.

http://www.latimes.com/business/printedition/la-ft-splenda10oct10,1,3593285.story?coll=la-headlines-pe-business

Broker Roundup: Numis recommends Tate after analyst visit
Published: 09:43 Monday 17 October 2005
By: Phil Cozens, Stockmarket Correspondent

Numis has a buy rating and 552p price target for Tate and Lyle after analyst visit to the US.

is this worth buying now? big spike down for a big boy

sp fell as far as 378 this morning and has now rallied to 401, but this a thumping loss ...... the chart is meaningless, but looking back a long way, there is arguably support at about 360, but there should have been much better support at 440, but sp didn't even blink on the way down and through.

my gut feeling is that as a trade there may well be scope, but as an investment, there has to be better to choose.

SV,

In a rising market I would be looking at these as a recovery play but in this "iffy" market I will pass.

Sentiment towards the dollar is not likely to improve short term but TATE is one to put on the watch list, hopefully to bottom fish. Good quality brand name and management,s continued concentration on higher margin products will be noticed by longer term investors.

Long term I wouldn't disagree GC but short term the market is very unforgiving at the moment, hence the punishing drop. Another reason for the drop is the price hike in raw materials worldwide.

tate have now had 3 profit warnings and there is no obvious good news in the immediate future ..... not a good investment, even if there is a quick bounce as some short postions are closed.

Any chance of two quid again?

If yes, there I will be again.

I will be shorting Tate & Lyle from Monday. Currently 402p closed on Friday. This has much more downside. Short it now.

You may be right short term but be careful you are not caught out by an oportunistic bid. Sharehoders funds 1billion market cap 2billion dividend safe as reserves more than adequate.

bid by whom?

richard have a look in your email box

Cynic how about ABF for starters?

janet .... have read and will reply tomorrow

I would not be surprised if they fall again tomorrow.

Bit out of contact with TATE over the last year and did not realise this was their 3rd warning.

"A boardroom shake-up is likely to be demanded this week by lead investors in the embattled sugar group, Tate & Lyle, following the company's third profits warning in a year, says the Sunday Independent."

..In view of that you could well be right Mitzy.

Keep on shorting TATE and you'll be in profit

hyleo may well be right, and the current spike might be the time to jump in if you are so inclined .... however, even at today's depressed price (down another 16), NRK may still be the safer short

You're lucky you could even see a price - what website are you using??

I think Tate & Lyle could still fall further, from reading various reports, but isn't there also some maxim to 'SELL on the 1st profits warning and BUY on the 3rd'?

IG ...... always live prices .... buy on 3rd profit warning? .... you must surely be joking!!

I'm not about to buy T&L - made some money on the stock a while back and have kept away since. Many thanks for the info re IG!

Broken the 500p barrier back to 600p next .

Hi Mitzy - I saw this little snippet in The Times on Monday 11Feb:

"Tate & Lyle senior executives have met representatives from Harbinger Capital, the activist American hedge fun that has recently built a 10 per cent stake in the sugar producer." [apparently originally appeared in the Sunday Telegraph]

From the chart, though, I'm not sure how much further it will go in the short term - unless a bid is in the air

Could be a bid Toya but meantime the chart says 550p.

Not sure how you arrive at 550p Mitzy. Looks to me as though it is exactly touching the 200dma and above the 150 and 50dmas. Apart from that I would guess 540p as the next resistance level, having previously been a long-term support. Guess it may bounce back off the 200dma, but if it breaks through then it could well recover.

I'll keep an eye on this again and post any snippets I come across.

Profits on target Toya no problems here.

Time to re-visit this one and I hope everybody sold at 580p in March...back to 300p in 2009.

Good bet is PURE as an alternative.

Back in today.

Fantastic head and shoulders chart

Trading statement not too bad no negatives neutral I'd say.

Sweet :-)

Tate & Lyle upgraded to outperform from neutral at Credit Suisse, target price rising to 550p from 300p

TATE been dropping fast to 415p now.

Tate & Lyle shares drop over doubts on sweetener prices


Tate & Lyle shares suffered their biggest drop since May after analysts at Credit Suisse said sweetener prices have probably fallen by more than 15pc, and cut their profit forecasts.

The analysts also cut their rating on the shares from outperform to neutral.

"With demand for starch products - sweeteners, paper starches, food starches, etc. - remaining weak, the US starch industry has been scrambling to fill 2010 annual sweetener contracts," the analysts said. "We are surprised to see the extent to which the industry's "disciplined pricing" has collapsed. But it has, we believe, and industry profits will be sharply down accordingly."

Tate & Lyle declined to comment on sweetener pricing and said it usually updates the market once the process is almost complete. This is likely to be towards the end of this month.

Credit Suisse cut its pre-tax profit forecasts for the year to March 2011 by 20m to 240m.

The shares dropped more than 6pc on Thursday, falling 28.8 to 418.7p.

Prices for the high-fructose corn syrup used as a sweetener in soft drinks are being affected by the fall in demand for other products extracted from corn, such as starch used in cardboard packaging, the analysts said.

Some drinks brands such as Snapple and Gatorade are also switching to sugar, because of health concerns about corn syrups.

Tate's raw materials costs won't be any lower, the analysts said, also eroding profits.

And followers of these? ex divi 23rd @16.10.

Another good rise today!

Disposal

TATE & LYLE TAKES MAJOR STEP TO FOCUS BUSINESS THROUGH SALE OF EU SUGAR OPERATIONS

Tate & Lyle PLC (Tate & Lyle) announces today it has signed an agreement for the sale of its EU Sugar Refining operations (EUS) to American Sugar Refining, Inc. The consideration is 211 million payable in cash, subject to closing adjustments for net cash and working capital, with the proceeds used to reduce Tate & Lyles net debt1.

On 27 May 2010, Tate & Lyle announced its clear intentions to focus, fix and grow its business. Todays announcement is fully consistent with those intentions and will result in a more focused, less volatile business, and a solid platform to deliver sustainable long-term growth in Speciality Food Ingredients, supported by cash generated from Bulk Ingredients.

Takeover rumour mill.

Interim Management Statement.

Trading Statement.

Trading Update


Tate & Lyle issues the following trading update for the six months ending 30 September 2011 ahead of the announcement of the Half Year Results on Thursday 3 November 2011.


Javed Ahmed, Chief Executive, said: "The encouraging start to the financial year has continued during the second quarter with solid demand within a number of our markets in both Speciality Food Ingredients and Bulk Ingredients, assisted by strong co-product returns."


OPERATING PERFORMANCE - CONTINUING OPERATIONS *


In Speciality Food Ingredients, corn-based speciality sweetener and starch volumes grew in line with the market. Sucralose volume growth was particularly strong with increased demand to support new customer product launches albeit, as expected, at lower average selling prices. Sucralose volumes are expected to revert to more normal levels during the second half. In our Food Systems business, volumes were lower than our expectations due to tough trading conditions in Russia.


Within Bulk Ingredients, US corn sweeteners benefited from good domestic demand and a continuing firm market for corn sugar in Mexico. In Europe the anticipated squeeze in sweetener margins from higher corn prices has been partially offset by higher volumes. Industrial starch volumes in both the Americas and Europe are broadly in line with the prior year although we have improved margins in Europe against a market backdrop of higher demand for corn starches. We expect citric acid sales to be somewhat lower in the first half than the prior year as a result of a more competitive environment, particularly in Latin America.

Half Yearly Report.

Ex-divi on 30th Nov '11 (7.1p)

Sweeteners manufacturer Tate & Lyle became the biggest faller among Footsie constituents after reporting a mixed performance in the third quarter, with subdued volume growth in several divisions. The firm, nevertheless, said it remains on track for a "good performance" in the full-year. JP Morgan and Jefferies have both reiterated their underperform ratings on the company´s shares

..Tate & Lyle faces $40m proft hit on ethanol tax

By Harry Wallop | Telegraph – 14 minutes ago



Tate & Lyle could suffer a hit of as much as a $40m (£25.2m) to its annual profits from the removal of US tax breaks given to ethanol manufacturers.

The company, which no longer makes sugar, makes 100m gallons of ethanol a year which is mixed with petrol to make it more environmentally-friendly in America.

However, generous tax breaks equating to 45c a gallon, were scrapped by the US Government at the end of last year. Tate's main rival Archer Daniels announced earlier this week it would mothball one of its main ethanol plants as a result.

Martin Deboo, an analyst at Investec (Frankfurt: A0J32R - news) , said: "This is certainly a negative for Tate."

Tate & Lyle has indicated that it should be able to reduce its production of ethanol and switch its resources to more profitable areas. It also pointed out it was a very small part of its overall business.

But the company also used a third-quarter trading update to warn investors that very strong growth in its sucralose business from the first half, which ran at 17pc, would slow dramatically in the second half of the year.

Sucralose is used both for Splenda, a branded sweetener, and sold to fizzy drinks and medicine manufacturers. Lucrative contracts which boosted first half volumes were not repeated in the second half.

Tate & Lyle , however, said it was on track to hit full-year profit targets thanks to successfully passing on the full cost of rising corn prices in its US corn sweetener business, its biggest division. Margins should increase here.

The shares fell 22.5 to 672.5p

Trading Statement

Tate & Lyle PLC

STATEMENT ON ENTERING CLOSE PERIOD

In line with our usual practice, Tate & Lyle PLC issues the following update for the year ending 31 March 2012 ahead of the announcement of the full year results on 31 May 2012.

The Group has delivered a solid performance during the final quarter in line with our expectations, which consolidates a good performance for the full financial year.

FULL YEAR OPERATING PERFORMANCE CONTINUING OPERATIONS

In Speciality Food Ingredients, we have achieved good sales value growth with volume growth across all major product categories. As previously announced, profits are going to be weighted towards the first half as a result of SPLENDA® Sucralose volume growth reverting to more normal levels and the costs associated with restarting our McIntosh facility in the second half.

Within Bulk Ingredients, sweetener volumes have remained strong with isoglucose margins improving in Europe during the second half on the back of higher sugar prices. During the year we have also benefited from firmer industrial starch margins in Europe despite market conditions having started to soften recently against the backdrop of a more challenging macro-economic environment.

After an exceptionally strong first half, income from co-products has reverted to more normal levels during the second half.

RESTART OF MCINTOSH FACILITY

We are pleased to announce that production at our SPLENDA® Sucralose facility in McIntosh, Alabama has recently restarted ahead of schedule and that the first customer orders have started to be fulfilled from this facility.

BALANCE SHEET

As discussed in the half year results and again in the Interim Management Statement in February, working capital demands on the business have been increased by our decision to keep our US corn silos full in response to the anticipated tight supply situation running up to the next harvest. As a result, net debt at 31 March 2012 will be somewhat higher than that reported at the end of last year.

END

Disposal

BZW

Disposal

Tate & Lyle PLC

20 April 2012 Tate & Lyle PLC

SALE OF CITRIC ACID JOINT VENTURE

Tate & Lyle announces that it has reached agreement to sell its 50% share in Sucromiles, its Colombian citric acid joint venture, to its long-standing partner in this business, Organización Ardila Lülle, for total cash consideration of US $31.5 million (£19.6*m). Following completion of the sale, which is conditional upon Colombian competition authority approval, Tate & Lyle will continue to distribute citric acid products from Sucromiles outside the Colombian market.

END

Final Results.

DISPUTE WITH WHITEFOX TECHNOLOGIES – TRIAL RESULT

27 June 2012 – Tate & Lyle PLC
DISPUTE WITH WHITEFOX TECHNOLOGIES – TRIAL RESULT
NEW YORK JURY FINDS IN FAVOUR OF TATE & LYLE PLC

Tate & Lyle PLC (Tate & Lyle) announces that the jury in the case brought before the Supreme Court of the State of New York in the dispute with Whitefox Technologies has found in favour of Tate & Lyle.

The trial was referred to in Tate & Lyle’s announcement of full year results on 31 May 2012. The dispute relates to certain equipment and technology supplied by Whitefox, under an agreement entered into in June 2006, for use in Tate & Lyle's ethanol production facilities at Loudon, Tennessee and Fort Dodge, Iowa (sold in March 2011) which Tate & Lyle believes was not fit for purpose.


END

Interim Management Statement

Trading Statement

Tate & Lyle issues the following trading update for the six months ending 30 September 2012 ahead of the announcement of Half Year Results on Thursday 8 November 2012.

OPERATING PERFORMANCE - CONTINUING OPERATIONS

Overall, we expect to report adjusted operating profit for the Group for the first half in line with our expectations and the prior year period, which benefited from an exceptionally strong performance from co-products.

In Speciality Food Ingredients, we saw an improved performance in the second quarter. Volume growth for the first half is expected to be in line with the market and sales ahead of the prior year period with solid growth in the US and emerging markets offsetting a weaker performance in Europe. We have seen good growth in Sucralose volumes in the second quarter, although overall volumes in the first half are expected to be lower than the comparative period (which included an unusually large volume from customers’ new product launches) primarily due to the more difficult market conditions in Europe. This, together with the impact of the strike in Turkey and the previously announced step change in fixed costs associated with our business transformation initiatives1, will result in first half operating profit in this division being lower than the prior year period.

Within Bulk Ingredients, operating profit is expected to be ahead of the comparative period with a strong performance from liquid sweeteners in both the US and Europe more than offsetting ongoing challenging market conditions in US ethanol. Income from co-products returned to more normal levels during the period.

While US corn prices have eased slightly since publication of the USDA’s latest supply and demand estimates on 12 September 2012, prices remain high as a result of tight market conditions and continued uncertainty about the size and quality of this year’s harvest following the severe drought in the mid-west. European corn prices have followed a similar pattern to the US.

DEBT MANAGEMENT

During the last quarter, we paid the £83 million final dividend for the year ended 31 March 2012 and received £15 million in net proceeds following completion of the disposal of our share in Sucromiles, our former Colombian citric-acid joint venture.

OUTLOOK

In Speciality Food Ingredients, while we expect continued challenging market conditions in Europe, overall we expect to achieve steady volume growth across all major product categories and solid sales growth for the full year.
In Bulk Ingredients, we expect the firm demand for liquid sweeteners in the US to continue and demand in our other food markets to remain stable. In Europe, higher corn prices are expected to reduce isoglucose margins in the second half. Market conditions in US ethanol are expected to remain challenging.

As usual, the outcome of the 2013 calendar year sweetener pricing rounds will influence performance in the final quarter of the financial year.
Overall, while recognising the current level of uncertainty around the wider economy and volatile corn markets, we continue to expect to make progress this financial year.

1 Restart of the McIntosh facility; investment in global shared services and IS/IT system; development of Commercial and Food Innovation Centre in Chicago
END

A Zak Mir tip somewhere.

Half-yearly Report

Highlights

Speciality Food Ingredients sales up 5% (6% in constant currency) with adjusted operating profit 7% lower than the strong first half last year after absorbing the step change in fixed costs and a softer first quarter

Bulk Ingredients adjusted operating profit up 6% (7% in constant currency) with strong performance from sweeteners more than offsetting more normal co-product returns following £19 million of additional income in the comparative period

Business transformation programme continues with encouraging initial customer response to our new global Commercial and Food Innovation Centre in Chicago and the launch of our new venture fund

4.2% increase in interim dividend to 7.4p (2011 7.1p)

Tate & Lyle's first half reported profits dissolve
Thu 08 Nov 2012


LONDON (SHARECAST) - 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.

Interim Management Statement

OPERATING PERFORMANCE – CONTINUING OPERATIONS

Group adjusted profit before tax1 for the third quarter was broadly in line with our expectations before the impact of exchange rate movements. As expected, adjusted profit before tax was lower than the comparative period as a result of the step change in fixed costs associated with our business transformation initiatives2.

Within Speciality Food Ingredients, we achieved good sales growth with volume growth ahead of the wider speciality food ingredients market. In starch-based speciality ingredients, we achieved good sales growth with volume growth in all regions. In high intensity sweeteners, while we saw a return towards more normal sucralose volume growth and expect this to continue in the final quarter, the level of growth was not as strong as anticipated in November and we now expect sucralose volumes for the full year to be slightly lower than last year. In Food Systems, sales were broadly in line with the comparative period on lower volumes. Operating profit3 for the Speciality Food Ingredients division for the full year is now expected to be broadly in line with the prior year.

Within Bulk Ingredients, overall demand for North American liquid sweeteners was solid during the third quarter. In Europe, margins for liquid sweeteners were broadly in line with the prior year period. The markets for industrial starches in both Europe and the US were relatively stable while the environment for US ethanol continued to be challenging.

Corn and co-products

Corn supplies in the US and Europe remained tight and with the latest projections from the USDA for the stocks-to-use ratio at 5.3%, prices are expected to remain high with some volatility over the coming months until the new harvest.

As announced in November 2012, we have taken a number of steps to mitigate the impact of aflatoxin, a fungus caused by the unusually hot and dry conditions last summer. The impact of aflatoxin from the new harvest corn was felt particularly in the third quarter while we implemented a number of actions including adjustments to our corn sourcing programme.

We expect a further small increase in net corn costs in the final quarter of the financial year and estimate the impact of aflatoxin will be to reduce operating profit by around £7 million for the full year. We will continue to take action to manage the risks posed by aflatoxin during the first half of next financial year up to the new harvest.

BALANCE SHEET AND WORKING CAPITAL

Net debt at 31 December 2012 was £395 million. In light of continuing tight market conditions in both the US and Europe, we continue to hold high corn inventories for security of supply. As usual, we have paid for a significant amount of this corn in

January, and at higher prices than the prior year. As a result, and based on current corn prices and exchange rates4, we currently anticipate that this will drive a net cash outflow in the final quarter of the financial year.

CUSTOMER CONTRACTING

The 2013 calendar year sweetener pricing round in North America for the Bulk Ingredients business is now substantially complete. As in the previous year, this pricing round has been conducted against the backdrop of materially higher corn costs.

In North America, after recovering these higher input costs, we achieved a modest increase in corn sweetener unit margins across our sweetener customers reflecting a continuation of high levels of industry capacity utilisation. Bulk Ingredients sweetener volumes are expected to be broadly in line with calendar year 2012.

In Europe, we continue to contract over shorter periods to partially mitigate corn cost volatility. Despite sugar prices remaining high, sweetener margins are expected to be lower as a result of higher corn costs.

OUTLOOK

The Group has made a solid start to the final quarter. Despite facing a number of headwinds and before the impact of exchange rate movements, we expect to make modest progress this financial year.

END

Nicely through 800.0 today. Could this be the start of modest progress or a dead cat?

Edit - Trading statement 28th March.

Another good surge today on low volume, have a initial target of 830.0

Stop to 820.0 to lock in + 22

Stop to target 830.0 to lock in + 32. Currently broken 52 week high can it hold and break out further?

Reversed and went short on the spreads on 8th @ 823.84 target 800.00 stop to entry risk free trade.

Trading Statement

Societe Generale Buy 833.00 838.00 900.00 975.00 Reiterates

Final Results

Highlights

Speciality Food Ingredients sales up 7% to £947 million (8% in constant currency) with adjusted operating profit broadly in line (0% in constant currency) with the prior year at £213 million (2012 – £214 million)
Bulk Ingredients adjusted operating profit up by 6% to £182 million (7% in constant currency)
Adjusted diluted earnings per share up 4% to 57.0p (5% in constant currency)
5.6% increase proposed for the final dividend to 18.8p, making a total dividend increase of 5.2% to 26.2p
Promising new product launches including our stevia-based, natural, no-calorie sweetener, TASTEVA® Stevia Sweetener and salt reduction product, SODA-LO® Salt Microspheres

Interim Management Statement

INTERIM MANAGEMENT STATEMENT

This Interim Management Statement covers the period from 1 April 2013 to 30 June 2013, which is the first quarter of the financial year.

OPERATING PERFORMANCE – CONTINUING OPERATIONS

Adjusted1 operating profit for the Group for the first quarter was in line with our expectations.

As expected, the unusually cold spring and slow start to the summer in the US resulted in volume softness within the beverage sector, mainly impacting Bulk Ingredients.

In Speciality Food Ingredients, volumes and sales grew ahead of the wider speciality food ingredients market. We experienced strong volume growth in Europe and emerging markets although this was partially offset by a softer performance in the US, where lower than expected sweetener sales resulted in slightly lower margins.

In Bulk Ingredients, as expected, we experienced somewhat lower volumes in US bulk liquid sweeteners, although this was offset primarily by a stronger performance from EU bulk liquid sweeteners, where high sugar prices and lower corn costs resulted in higher margins than expected.

BUSINESS DEVELOPMENT

In the last two months, we have announced two initiatives to develop our Speciality Food Ingredients business.

On 16 July 2013, we announced the formation of a food systems joint venture, Tate & Lyle Howbetter, through the acquisition of a 51% equity interest in Jiangsu Howbetter Food Co., Ltd, a leading food systems business in China. The creation of Tate & Lyle Howbetter will provide us with a solid platform on which to accelerate the growth of our Food Systems business in China. The transaction is subject to governmental approval which is expected in the autumn.

In May 2013, we acquired Biovelop, an early-stage manufacturer of oat beta-glucan, which broadens our health and wellness offering and adds a clean-label, speciality fibre with strong health claims to our existing corn-based fibre portfolio.

ORSAN CHINA

In May 2013, the on-sale of Orsan China (a monosodium glutamate producer in which Tate & Lyle previously held a stake and which was sold in 2009) resulted in a one-off operating gain of £3.5 million.

DEBT MANAGEMENT AND BALANCE SHEET

The Group’s financial position strengthened during the period. Net debt of £426 million at 30 June 2013 has reduced from £479 million at 31 March 2013.

OUTLOOK

Our outlook for the year remains unchanged and we continue to expect to deliver another year of profitable growth.

1 Continuing operations: before exceptional items and amortisation of intangible assets acquired through business combinations

END

Credit Suisse Neutral 763.00 784.00 930.00 800.00 Downgrades

Berenberg Buy 763.00 784.00 950.00 950.00 Reiterates

Canaccord Genuity Buy 739.75 900.00 900.00 Reiterates

Trading Statement on Friday.

Trading Statement

Trading Update

Tate & Lyle issues the following trading update for the six months ended 30 September 2013 ahead of the announcement of Half Year Results on Thursday 7 November 2013.

OPERATING PERFORMANCE – CONTINUING OPERATIONS

The Group’s performance in the second quarter was broadly in line with our expectations. Adjusted1 operating profit for the Group for the first half is expected to be slightly lower than the comparative period, largely driven by softness in the US beverage sector as a result of the cold spring and slow start to the summer which has affected sweetener volumes in both divisions.

In Speciality Food Ingredients, volume growth is expected to be in line with the wider speciality food ingredients market with strong volume growth in emerging markets and Europe, partially offset by slightly lower volumes in the US. We saw strong demand for our texturant and fibre ingredients, particularly in Asia Pacific and Latin America, but softness in the US beverage sector held back volume growth across our higher margin speciality sweeteners. This, together with lower selling prices for SPLENDA® Sucralose, is expected to result in operating profit in this division being broadly in line with the prior year period in constant currency.

Within Bulk Ingredients, operating profit is expected to be somewhat lower than the comparative period driven by lower US bulk liquid sweetener volumes. During the second quarter, we largely mitigated the increased costs associated with poor end of season corn quality and resultant lower starch production yields, and the significant decrease in the corn price.

OUTLOOK

In Speciality Food Ingredients, we expect to deliver growth in volumes, sales and profits across all regions for the full year.

Within Bulk Ingredients, in North America we expect solid demand for liquid sweeteners and stable demand for our other products. In Europe, lower corn prices are expected to more than offset the impact of lower sugar prices on isoglucose margins. Consequently, we anticipate this division delivering a stronger performance during the second half than the same period last year, and full year profits to be more evenly distributed between the first and second half.

Our profits remain sensitive to fluctuations in foreign currency particularly the US dollar to sterling exchange rate. In addition, as usual, the outcome of the calendar year sweetener pricing rounds will influence performance in the final quarter of the financial year.

Overall, we expect to deliver another year of profitable growth.

1 Continuing operations: before exceptional items and amortisation of intangible assets acquired through business combinations

END

Investec Buy 737.00 825.00 825.00 Reiterates

03 Oct 13 Deutsche Bank Buy 737.00 1,050.00 1,030.00 Reiterates

02 Oct 13 Canaccord Genuity Buy 737.00 900.00 900.00 Reiterates

Canaccord note today:
"The H1 IMS is broadly reassuring. While poor weather in N. America has been a known headwind during the period, the H2 outlook comments are, in our view, positive. Given the stated H2 greater weighting of profits, both in Bulk and at group level, ahead of the call we estimate that the FY downgrade will be only a low single digit percentage cut. The market appears to be pricing in a far more significant cut to FY forecasts and we expect there could be relief that the outlook is not worse, especially considering management is usually quite conservative. The market’s worries about Sucralose pricing and Mexican HFCS appear to be overblown, as neither issue is highlighted in the outlook commentary. Demand for both SFI and Bulk products remains strong, despite the slowdown in emerging markets that is affecting the broader Consumer Staples sector. In fact, Asia Pacific and Latin America have been called out by management as regions of exceptional growth for SFI.
Today’s statement reinforces our positive view on the stock, particularly when contrasted with the significant underperformance (even relative to the Staples sector) in the share price during the quarter. The current price provides a compelling opportunity to buy into an extremely high quality ingredients business with a flexible balance sheet and a clear strategy for profit growth.
The sum of the parts on our numbers gives us a fair value of 911p. We expect a minor reduction in our forecasts, thus we are content to stick with the 900p target which is slightly below the fair value implied by the sum of the parts. Tate is trading on c.12x calendar 2014E PE (Consumer Staples average is 17x), with an 11% FCF yield and a 4% dividend yield."

Citigroup Buy 745.00 745.00 1,000.00 900.00 Reiterates

Deutsche Bank Buy 745.00 745.00 1,030.00 1,030.00 Reiterates

Societe Generale Buy 738.00 745.00 900.00 865.00 Upgrades

Numis Add 735.75 745.00 884.00 884.00 Reiterates

Canaccord Genuity Buy 742.75 740.50 900.00 900.00 Reiterates

Citigroup Buy 746.00 746.00 900.00 900.00 Reiterates

Berenberg Buy 758.00 758.00 - 900.00 Reiterates

Half-Yearly Report

Summary

Speciality Food Ingredients sales growth of 10% (7% in constant currency) with adjusted operating profit up 3% (1% in constant currency) at £112 million (2012 – £108 million)
Bulk Ingredients adjusted operating profit 9% lower (down 11% in constant currency) at £92 million (2012 – £101 million) as a result of lower US sweetener volumes
5.4% increase in interim dividend to 7.8p (2012 – 7.4p)
Balance sheet remains strong with £143 million reduction in net debt to £336 million (March 2013 – £479 million)

Interim management Statement

THIRD QUARTER OPERATING PERFORMANCE

In Speciality Food Ingredients, volumes were broadly in line with the prior year period, with strong growth in emerging markets offset by softness in developed markets. Within high intensity sweeteners, volume and sales growth in SPLENDA® Sucralose were in line with the levels reported during the first half of the year and our expectations. In Bulk Ingredients, we saw an improved performance from US sweeteners and US ethanol relative to the comparative period, but lower returns from co-products held back the division’s performance overall.

In December 2013, we completed the back-to-back purchase, sale and leaseback of our building1 in Hoffman Estates, US, providing us with greater operating control in managing this facility. The transaction generated a profit of £6 million, the majority of which was included in the Speciality Food Ingredients division.

Excluding the one-off benefit relating to the Hoffman Estates transaction, underlying profits in both divisions were well ahead of the prior year period. However, due to volume softness in developed markets and lower returns from co-products, Group adjusted profit before tax2 was lower than our expectations.

1 Global Commercial and Food Innovation Centre in Chicago
2 Before net exceptional charge, amortisation of intangible assets acquired through business combinations and post-retirement pension interest charge

.

Jefferies (House broker) note today:
"Increased generic pressure on Sucralose means mgmt have adjusted guidance for MSD lower pricing to -15%, impacting Q4-14 and FY-15. Along with unit margin pressures in Bulk Sweeteners, Tate are now guiding to flat PBT in FY-14 (i.e., £327m), a c.4% downgrade to consensus of £341m. FY-15 remains opaque, but we expect a full year impact of softer Sucralose prices, plus other factors, to be an even bigger headwind.
Sucralose prices under pressure. The key disclosure in the Q3 update is that Sucralose prices are likely to be down by around 15% in Q4-14 & FY15. This is an increase on mgmt.’s previous guidance for a mid-single digit decline. While the impact in Q4 FY14 will be limited (c. £5m EBIT), it will be bigger in FY15 (£20m). The adverse pricing impact arises from: i) the ongoing impact of volume-based pricing incentives in multi-year supply contracts and ii) the fact that new multi-year contracts are being concluded at lower base prices. This in turn reflects the influence of aggressive pricing from Chinese generics and an associated stock overhang. The question of whether this is just a temporary skirmish or a more protracted price war will be critical, with greater visibility only likely to come later in the year. US sweetener margins contract, but volumes should offset. The market’s focus going into the statement has been on the sweetener pricing round in the US. Tate report modest pressure on unit margins, which they expect to be more than offset by higher volumes, as the industry laps last year’s soft comp caused by an unusually cold spring and summer. We see this commentary as consistent with recent guidance from US peers Ingredion and ADM.
Technical factors a modest positive in FY-14, turning negative in FY-15. Lower Co- Product realisations are expected to reduce FY-14 EBIT by c. £5m. The back-to-back purchase, sale and leaseback of the Hoffman Estates Innovation Centre result in a c. £6m gain in FY-14. However in FY-15, this will reverse and there will be a further c. £7m impact from the termination of royalty payments on tabletop sales of Sucralose by Tate’s commercial partner, McNeil.
Anticipating material consensus downgrades for both FY-14 & FY-15. Guidance of flat PBT for FY-14 represents a 4% miss to consensus. It is still too early to assess FY-15 with precision, but the relatively quantifiable impacts of lower Sucralose prices, cessation of Sucralose royalties and the reversal of the property gain add up to a c. £30m EBIT headwind relative to the FY-14 out-turn. Offsetting this, however, should be the positive impact of higher volumes & unit margins in Speciality Starches, plus volume growth from Sucralose. SFI story remains intact, but near term earnings progression likely to be subdued. We expect TATE LN to open down this morning given both likely downgrades to earnings forecast and renewed bearish sentiment on Sucralose. For us Tate’s core investment thesis around Speciality Food Ingredients (SFI) remains intact this morning: volumes continue to grow, the innovation pipeline remains strong and Tate are continuing to build both customer relationships and applications capabilities via both the Chicago Innovation Centre and other satellites worldwide. But we now think that earnings growth in FY15 is likely to be only modestly positive at best."

Harry, much as these are a favourite of mine, I'm now looking for a short entry.

I flipped a coin earlier and bought RR.

Trading Statement

STATEMENT ON ENTERING CLOSE PERIOD

In accordance with our usual practice, Tate & Lyle PLC issues the following update for the year ended 31 March 2014 ahead of the announcement of full year results on 29 May 2014.

In line with the guidance issued in our interim management statement on 13 February 2014, we continue to expect Group adjusted profit before tax for the year ended 31 March 2014, at constant rates of exchange1, to be broadly in line with the comparative period.

FULL YEAR OPERATING PERFORMANCE – CONTINUING OPERATIONS

In Speciality Food Ingredients, we continue to expect both volume and sales growth to be in line with the wider speciality food ingredients market, with strong volume growth in emerging markets and Europe partially offset by the US. As expected, operating profit growth in this division has been held back by the more competitive market for SPLENDA® Sucralose.

Within Bulk Ingredients, we continue to expect operating profit for the full year to be lower than the comparative period as a result of the soft beverage season in the US, which reduced demand for liquid corn sweeteners, and lower returns from co-products. The protracted severe cold weather in the US has also held back the performance of this division somewhat in the final quarter, despite the actions taken by our manufacturing and supply chain teams who succeeded in partially mitigating the full impact of this on our operations.

BALANCE SHEET

As noted in the February interim management statement, the payment for new crop corn held in our silos has resulted in a net cash outflow in the final quarter. As a result, net debt at 31 March 2014 will, as expected, be higher than the level reported at 31 December 2013 (£253 million).

END

Lower profit and increased debt..........brace yourself skinny!

Interesting situation building up at TATE. Look at that GAP that needs to be filled to 760p congestion area on chart.

Deutsche Bank have a 900p SP target!!!!!!

From late yesterday - MARKET REPORT: Tate & Lyle cash bid would be sweet music

Final Results

Highlights

Speciality Food Ingredients sales up 4% (up 4% in constant currency) at £983 million with adjusted operating profit in line with the prior year (up 1% in constant currency) at £213 million:
Continued strong growth in Asia and Latin America
Acquisition of Biovelop, and in China, the formation of Tate & Lyle Howbetter and agreement to acquire Winway Biotechnology
Bulk Ingredients adjusted operating profit 5% lower (4% lower in constant currency) at £172 million due to soft beverage season and unusually cold and prolonged winter in the US
Adjusted profit before tax 2% lower (flat in constant currency) at £322 million
Balance sheet remains strong with reduction in net debt of £126 million to £353 million (2013 – £479 million)
Final dividend of 19.8p proposed making a total dividend of 27.6p (2013 – 26.2p) up 5.3% on prior year
Successful deployment of upgraded IS/IT platform across Europe with US and Singapore on track for the summer
Board approval of capital investment of £100 million over the next two years in Speciality Food Ingredients to expand capacity for existing and pipeline products

Outlook

In Speciality Food Ingredients, we expect to deliver volume growth across all major product categories but a lower profit contribution from SPLENDA® Sucralose is expected to offset a good performance elsewhere in the division. Profits in this division are expected to be more evenly weighted between the first and second halves than the previous financial year.

In Bulk Ingredients, we now anticipate a slower start in the US in our first quarter associated with the prolonged and severe winter, combined with lower European sugar prices in our second half, to outweigh a better performance across other product categories.

Overall, and before the impact of currency movements7, while we expect the Group’s performance for the full year to be slightly lower than the comparative period, we are well placed to deliver growth in the longer term.

1 Excluding the results of discontinued operations in both periods unless otherwise stated.
2 Restated for the adoption of IAS 19 (Revised 2011) ‘Employee Benefits’ (see Note 16 to the accompanying financial information).
3 Before net exceptional charge of £14 million (2013 – £12 million) and amortisation of acquired intangible assets of £10 million (2013 – £10 million).
4 Before net exceptional charge of £14 million (2013 – £12 million), amortisation of acquired intangible assets of £10 million (2013 – £10 million) and net retirement benefit interest expense of £8 million (2013 – £4 million) and, for adjusted diluted earnings per share, the tax effect of these items.
5 Free cash flow is operating cash flow, based on adjusted operating profit from continuing operations, after working capital, interest, taxation and capital expenditure.
6 Changes in constant currency are calculated by retranslating comparative period results at current period exchange rates.
7 The estimated annual movement in operating profit and profit before tax caused by a one cent movement in the US dollar is £1.7 million and £1.6 million respectively.

Cautionary statement

This statement of full year results contains certain forward-looking statements with respect to the financial condition, results, operations and businesses of Tate & Lyle PLC. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. Nothing in this statement of full year results should be construed as a profit forecast.

A copy of this statement of full year results for the year ended 31 March 2014 can be found on our website at www.tateandlyle.com. A hard copy is also available from The Company Secretary, Tate & Lyle PLC, 1 Kingsway, London WC2B 6AT.

SPLENDA® is a trademark of McNeil Nutritionals, LLC.

Webcast and Conference Call Details

A presentation of the results by Chief Executive, Javed Ahmed and Chief Financial Officer, Tim Lodge will be audio webcast live at 10.00 (BST) today. To view and/or listen to a live audio-cast of the presentation, please visit: http://view-w.tv/p/797-1031-14363/en. Please note that remote listeners will not be able to ask questions during the Q&A session. A webcast replay of the presentation will be available within two hours of the end of the live broadcast on the link above.

Tough times for TATE. 650p on the cards? Might have a dabble if it goes that low.

ex div 25/6 of 19.8p

Interim Management Statement

Trading Statement

Plop!

Canaccord Genuity Sell 612.75 640.00 530.00 Downgrades

Davy Research Underperform 612.75 - - Reiterates

StockMarketWire.com
Societe Generale has downgraded its recommendation on Tate & Lyle (LON:TATE) to 'hold' from 'buy' after the company issued another profit warning, which it blamed on continuing sucralose pricing pressures.

The broker said: "Tate's second profit warning this year once again highlighted the rapidly commoditising nature of sucralose with FY15 pricing guidance now -25% (from -15%) because of stepped-up Chinese competition and a significant inventory overhang.
The problem is that sucralose spot prices are much lower than this average (SGe -50%) and visibility on pricing for FY16 is non-existent."
Analysts have cut their target price to 640 pence a share from 745 pence.

Separately, Credit Suisse repeated its bearish 'underperform' call and cut its target to 600 pence (previously 630 pence).
"Accepting that this year is somewhat one-off in nature at 600p the group would be trading on 13x our new-year (2015/16) earnings, with no reason to see that any higher" analysts said.
"There is, however, no threat to the dividend, so a 4.5% yield becomes the prop. But growth continues to look a long way off."

Half Yearly Report

Key points

Group adjusted profit before tax 34% lower in constant currency at £104m (2013 ‒ £173m):
- Operational and supply chain disruption costs of £31m

- The effect of price erosion for SPLENDA® Sucralose of £18m

Group reported sales 21% lower at £1,200m (2013 ‒ £1,516m) largely due to:
- Pass through of lower corn prices and price erosion for SPLENDA® Sucralose

- Adverse impact of the strength of sterling against the US dollar and other currencies

Speciality Food Ingredients adjusted operating profit 37% lower in constant currency at £66m (2013 – £112m)
Bulk Ingredients adjusted operating profit 10% lower in constant currency at £76m (2013 – £92m)
5.1% increase in interim dividend to 8.2p (2013 – 7.8p)
Appointment of Joan Braca as President, Speciality Food Ingredients

Trading Statement

Final Results

Key Points

Group adjusted profit before tax in line with February guidance, 30% lower at £224m (2014 ‒ £322m):
Costs from operational and supply chain disruption of £20m
SPLENDA® Sucralose adjusted operating profit lower by £46m (£43m in constant currency)
European Bulk Ingredients adjusted operating profit lower by £17m
Speciality Food Ingredients adjusted operating profit 29% lower in constant currency at £149m (2014 – £213m)
Bulk Ingredients adjusted operating profit 19% lower in constant currency at £133m (2014 – £172m)
Business re-alignment announced on 21 April 2015 to further focus on and strengthen Speciality Food Ingredients:
Re-focus SPLENDA® Sucralose on rigorous value-based strategy and consolidate production into one facility: impairment charge of £113m included in total exceptional charges of £142m (2014 ‒ £14m)
Re-align Eaststarch European joint venture by acquiring full ownership of the more speciality-focused plant in Slovakia and exiting the predominantly Bulk Ingredients plants in Bulgaria, Turkey and Hungary. We will receive €240m in cash on completion of the transaction
Implementation of new supplementary disclosure framework to provide more detail on business performance, including new disclosure on Innovation; volume from new products nearly doubled in the year
Two major new product launches: DOLCIA PRIMA™ Allulose and CLARIA® Functional Clean-label Starches
Speciality Food Ingredients completed two ‘bolt-on’ acquisitions in Asia Pacific and Latin America
Proposed final dividend of 19.8p, making a total dividend of 28.0p (2014 – 27.6p), up 1.4% on prior year
The Board intends to maintain the total dividend payment at 28.0p for the year ending 31 March 2016


more....

Liberum Capital Sell 578.25 545.00 545.00 Reiterates

Canaccord Genuity Buy 578.25 675.00 675.00 Reiterates

Credit Suisse reiterates underperform on Tate & Lyle, target cut from 600p to 550p.

Liberum Capital reiterates sell on Tate & Lyle, target cut from 545p to 505p

Looking at the chart, 550 looks fairly conservative ..

Liberum Capital Sell 564.50 545.00 505.00 Reiterates

Support at 560 but if that doesn't hold watch out below. I am watching with interest am worried 560 will not hold if FTSE has a couple of bad down days (and I think this is overdue)

FWIW, I guess folks think "Sugar" is yet another thing we shouldn't have... so TO is bound to suffer as our waistlines/teeth improve.
[TATE] really needs to find another business to wrap around what they do.
It's a product that's had its day....sure the sweetener Market could take over, but the writing is on the wall.... isn't it?

May finally have turned upwards today. 20p dividend a couple of weeds ago so chart not as horrible as it first looks

StockMarketWire.com
Tate & Lyle said its Q1 trading performance was in line with its expectations and guidance for the FY remains unchanged.

Speciality Food Ingredients made an encouraging start to the year and performed ahead of the comparative period.

The company continued in a statement:

"SPLENDA Sucralose performed solidly as we continued to pursue volume only where we see value. The consolidation of sucralose manufacturing into our facility in Alabama, USA, is progressing as planned supported by good customer engagement.

"Volume growth for Food Systems was ahead of the comparative period benefitting from the acquisition, last year, of Gemacom in Brazil. Volume across the balance of the Speciality Food Ingredients business was slightly behind the comparative period, with volume improving as we exited the quarter.

"We continued to take steps to address the impacts of the supply chain disruption experienced last year and we expect volume growth to strengthen through the remainder of the year as the additional capacity comes on-line in the second half. The volume of new products grew strongly in the quarter.

"Bulk Ingredients, excluding commodities (ethanol and co-products), performed steadily and slightly ahead of the comparative period supported by solid sweetener demand. However, this was more than offset by the impact of commodities, including the continuation of low US ethanol margins.

"The process of obtaining regulatory approval for the re-alignment of the Eaststarch joint venture in Europe is progressing well and we expect to complete this transaction around the end of the second quarter of the financial year."

SALE OF EU SUGARS; UPDATE ON LITIGATION
"As previously announced and disclosed in our 2015 Annual Report, American Sugar Holdings (ASR) raised a number of claims totalling in the region of $40 million relating to its acquisition of the Groups EU Sugars business in September 2010.

"A trial of these proceedings was held in the Commercial Court in London in early May 2015, with the judges verdict expected later in the year."

FINANCIAL POSITION AND BALANCE SHEET
"Net debt was slightly lower than the position at 31 March 2015 aided by the translation effects of a stronger sterling.

"Following the quarter end, on 21 July 2015, we priced a US$400 million debt private placement with notes to be issued maturing in 8, 10 and 12 years, extending the average maturity of our debt by approximately 2 years. The transaction is expected to complete on 29 October 2015."

Sugar staged the biggest one-day rally in more than a year Thursday as funds rushed to cover their bearish bets in the wake of stronger-than-expected U.S. economic growth numbers.

On the ICE Futures U.S. exchange, raw sugar futures for October delivery rallied 5% to 11.06 cents a pound. Sugar prices have recovered 6.4% since Aug. 24 when they tumbled to the lowest level in seven years.

"To me, it's just short covering," said Nick Gentile, managing partner at NickJen Capital Management, a commodity risk management firm. "There's no fundamental news out today (on sugar)."

Soft commodities were hammered in recent days amid a sharp selloff sweeping global financial markets, as traders were assessing the prospect of a slower Chinese economy and the ensuing disinflationary impact on the global growth.

Some participants in the commodity markets, especially those long-only funds, have liquidated their positions fearing slower demand for commodities could hurt prices even further.


I post this as it demonstrates the ebb and flow and change in perception of the bulls and bears on commodities in general. I am concerned that everywhere you look on commodities many who were long capitulated on the china new forcing the price down whilst the computerised black boxes kept selling on the downtrend.

Some of the charts now look like the downtrend has been breached and now the black boxes have to close and find buyers to close against

StockMarketWire.com
Tate & Lyle said, encouraged by its Q3 performance, it now expects the group's FY performance in constant currency to be modestly ahead of its expectations given at the time of its interims.

"The group continued to perform strongly in the third quarter with profit in constant currency ahead of the comparative period in both divisions," said Tate & Lyle in a statement.

"Speciality Food Ingredients performed in line with expectations while in Bulk Ingredients profit was ahead of our expectations," it added.

In Speciality Food Ingredients, excluding Food Systems and SPLENDA Sucralose, profit was ahead of the comparative period benefiting from good commercial execution and strong manufacturing performance.

"Underlying volume was broadly in line with the comparative period. As in the first half, demand in North America continued to be soft with volume lower, whilst in Europe, Middle East and Africa underlying volume growth was robust."

Strong volume growth in Latin America largely offset weaker demand in Asia Pacific.

Food Systems profit continued to be held back by lower volume and SPLENDA Sucralose profit was ahead of the comparative period benefiting from the consolidation of production to a single facility.

In Bulk Ingredients, North American sweetener volume remained robust. The calendar 2017 bulk sweetener pricing round is now substantially complete and is expected to deliver modest margin gains in the fourth quarter.

"Commodities performance was satisfactory and somewhat ahead of our expectations," said Tate & Lyle.

StockMarketWire.com
Tate & Lyle grew its adjusted pre-tax profit by 13% at constant currency to £161 million in the six months to 30 September.

Sales grew by 6% to £1.4 billion on a statutory basis but were flat at constant currency.

The Speciality Foods division grew its operating profit by 4% at constant currency to £104 million, with volumes up 3%.

North America returning to modest growth, which the company said was driven by its approach of focusing on higher growth sub-categories and customer channels, while continuing to provide high-quality service to larger customers.

Bulk Ingredients operating profit rose by 36% at constant currency to £93 million, with volumes up 2% driven by North American sweetener growth and reflecting good contract compliance.

Sales at constant currency were down 2% in Speciality Foods and flat in Bulk Ingredients.

Net debt at £371m was £81m lower than at 31 March 2017, with strong cash flow generation and the beneficial impact of foreign exchange translation of US dollar debt, partially offset by the final 2017 dividend payment of £92m.

The company has lifted its interim dividend from 8.2p to 8.4p per share.

Javed Ahmed, chief executive, said: "Speciality Food Ingredients delivered broad-based volume growth in the core business, including North America despite market conditions in that region remaining challenging. New Products once again delivered double digit sales growth as customers continue to seek innovative solutions to reduce sugar, calories and fat in food and drink.

"Bulk Ingredients had another period of excellent performance, well ahead of a strong comparative period, with improved overall earnings resulting from disciplined commercial execution and margin expansion.

"Turning to the outlook, we expect underlying adjusted profit before tax in constant currency for the full year to be modestly higher than we anticipated coming into the year driven by the strong first half performance"

Just a spoonful of Sugar.

Unloved but I like them.

Good market reaction to today's results.