Tate & Lyle has sweet feeling

By DAILY MAIL REPORTER
Updated:

 

Tate & Lyle hailed a benefit from rising corn prices and the sale of a mothballed US ethanol plant.

The firm, which sold its sugar business for £210m last year, left its profit forecast unchanged, with analysts predicting pre-tax earnings of around £258m, compared to £229m last year.

A rise in the price of corn byproducts widely used in animal feeds was the driving force behind the strong set of first-quarter figures, Tate & Lyle (up 18p to 577.25p) said.

The sale of its Fort Dodge ethanol plant to US firm Cargill will result in a net gain of some £11m booked this year, on a project which resulted in a £217m writedown last year.

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