Sugar giant Tate & Lyle has said it expects profits for the past nine months to be in line with earlier predictions despite reduced sales at its American ingredients business.
The Tate & Lyle board today issued a statement warning that the company’s third-quarter performance was “marginally below our expectations”, citing lower industrial sales volumes in the Americas.
But profits for the year would not be affected, the company said, while group debt was cut by £123m over the quarter to £864m.
In November 2009 the company arranged a £200m bond issue in order to refinance existing debt.
Profits slashed at Tate & Lyle (6 November 2009)