Tate & Lyle gains on upgrade
12 April 2012
SHARES in Tate & Lyle rose 18 1/2p, or nearly 6%, to 333 1/2p in response to a profits upgrade announced at the annual meeting.
Chairman Sir David Lees said profits had met or exceeded expectations 'in all our major business units' and added that the company was on track to make savings of about £10m this year at Amylum, the European wheat starch producer that came under its full control in 2000.
Architect of Tate & Lyle's recent success is chief executive Larry Pillard, who took the company out of the US sugar market to concentrate on products that command higher margins. He is to leave his post at the end of the year but will stay on as a non-executive director.
