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.

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."