Trading Statement
LONDON--(BUSINESS WIRE)--March 27, 2003--
Trading Update Prior to Entering Closed Period
Before entering its closed period for the year ending 31 March 2003
and prior to meeting with stockbrokers' analysts, Tate & Lyle issues
the following routine trading update. The preliminary results for the
year ending 31 March 2003 will be announced on 5 June 2003.
Highlights of trading for 11 months to February 2003
Since the update on 30 January 2003 Tate & Lyle's trading has remained
in line with our expectations.
Trading in Amylum has outperformed the corresponding period in the
prior year. Benefits have come from the earlier than expected
achievement of savings resulting from integration into the Group and a
strong performance from its operations in Central Europe. Staley has
continued to perform well growing profits from food ingredients
although citric acid has suffered lower earnings as a result of the
competitive market. The European Union and Canadian sugar activities
have continued to perform satisfactorily, however the central European
sugar businesses have been affected by changes to the Czech Republic
sugar regulations. Rising energy costs in the second half-year had
little impact overall in the current year due to our hedging policy.
The cash flow from operations, together with disposal proceeds, has
further reduced net debt in the second half of the year.
For more information contact:
Mark Robinson, Head of Investor Relations investorrelations@tateandlyle.com
Tel: 020 7626 6525
Chris Fox, Director of Corporate Relations Tel: 020 7626 6525 (Press)
About Tate & Lyle
Tate & Lyle is a world leader in carbohydrate ingredients. Our core
competence is to take basic carbohydrates - corn, wheat or sugar - and
add value to these raw materials through technology. As a result of
continuous innovation we offer an ever-wider product portfolio of
versatile and functional ingredients. These products include Cereal
Sweeteners, Starches, Sugars and Citric Acid. Our products have wide
applications in the food, beverage, pharmaceutical, cosmetic, paper,
packaging and building industries.
With headquarters in London, the Group has 8,500 employees and 50
plants in 24 countries. Sales in the 53 weeks to 31 March 2002
totalled £3.9 billion.
Tate & Lyle ordinary shares trade on the London Stock Exchange under
TATE.L. In the US, ADRs trade on the NASD OTC Bulletin Board under
TATYY (each ADR is equal to four ordinary shares). Additional
information can be found at the website www.tateandlyle.com.
Short Name: Tate & Lyle PL:C
Category Code: TST
Sequence Number: 00003340
Time of Receipt (offset from UTC): 20030326T172105+0000
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