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.

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