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.

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.