Tate & Lyle plc has booked a drop in half-year profits, which were dented by one-off charges and investments.
The company today (8 November) revealed operating profit fell 26% to GBP187m (US$299.9m) and profit before tax slipped 28% to GP172m in the first six months of the year. The bottom line was dented in particular by an exceptional charge of GBP2m, compared to a GBP66m exceptional gain last year.
Adjusted operating profit, which strips out the impact of this and other charges, rose 2% in the period to GBP195m.
Sales were up 7%, climbing to GBP1.63bn.
CEO Javed Ahmed emphasised that the company made "solid" progress against a number of headwinds: "Tate & Lyle made progress in the first six months against the backdrop of a strong first half last year, softer market conditions in Europe and the step change in fixed costs associated with the restart of our Splenda Sucralose facility in McIntosh, Alabama and business transformation initiatives."
