Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

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We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Tate & Lyle PLC (TATE)

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Thursday 09 February, 2012

Tate & Lyle PLC

Interim Management Statement

Interim Management Statement

Tate & Lyle PLC

9 February 2012 – Tate & Lyle PLC


Tate & Lyle issues the following interim management statement covering the period from 1 October 2011 to 31 December 2011.


The Group delivered a solid performance in our third quarter ended 31 December 2011 with operating profit in line with our expectations and we remain on track to deliver a good performance for the financial year ending 31 March 2012.

Within Speciality Food Ingredients, we achieved steady sales growth although the rate of volume growth was, as expected, lower than that achieved in the first half. In corn-based speciality sweeteners and starches, we achieved good sales growth on higher volumes. Sucralose volumes grew but below the particularly strong levels seen in the first half. In Food Systems, we also delivered good sales growth with volumes in line with the prior year period.

Within Bulk Ingredients, North American liquid sweetener volumes continued to benefit from robust levels of domestic and Mexican demand. In Europe, higher sugar prices, which provide a reference price for isoglucose, enabled us to increase liquid sweetener margins despite higher corn prices. While industrial starch margins were ahead of the prior year, volumes were lower as we started to see some softening in demand from European paper and board customers reflecting the more uncertain economic environment. Towards the end of the period, US ethanol margins weakened on the back of lower prices in anticipation of the expiry of the blenders’ tax credit.

Following a strong first half during which we were able to contract volumes further forward than usual, income from co-products reverted to more normal levels during the period. This compares with a strong performance from co-products during the third quarter last year.


Net debt of £410 million at 31 December 2011 was in line with 30 September 2011.

We continue to maintain full silos given the continued tight corn supply. The majority of the corn we are purchasing to keep our silos full through to the end of the harvest year has been paid for in January and at higher prices than the prior year. As a result, and based on current corn prices and exchange rates1, we currently anticipate that this will drive a net cash outflow in the final quarter of the financial year and continue to expect that net debt at the end of 31 March 2012 will be somewhat higher than the £464 million at the end of the last financial year.

1 At 7 February 2012 the US corn price (March 2012 contract) was US$6.42 per bushel and the £/US$ exchange rate 1.59


The 2012 calendar year sweetener pricing round in North America for the Bulk Ingredients business is now substantially complete. This pricing round has been conducted against the backdrop of higher corn and process ingredient costs.

In North America, after recovering these higher input costs, overall we achieved a modest increase in corn sugar unit margins reflecting a continuation of high levels of industry capacity utilisation on the back of robust domestic and Mexican demand. Bulk Ingredients sweetener volumes are likely to be broadly in line with calendar year 2011. In Europe, where we continue to contract over shorter periods to partially mitigate corn cost volatility, we have enhanced sweetener margins against a backdrop of higher sugar prices.


The Group has performed well during the first nine months of the financial year. While we recognise the wider uncertainties in the global economy, we remain on track to deliver a good performance for the full financial year.


A conference call will be held today at 8.00am GMT, hosted by Javed Ahmed, Chief Executive and Tim Lodge, Chief Financial Officer. Participants are requested to dial in at least 5 minutes before the commencement of the call. Dial in details are as follows:

Participant dial in number: +44 (0) 1452 555 566 (UK freephone 0800 694 0257)
Conference ID: 48319120

Replay dial in number: +44 (0) 1452 55 00 00 (UK freephone 0800 953 1533)
Replay passcode: 48319120#

A replay of this call will be available from two hours after the end of the live call until 22 February 2012.

For more information contact Tate & Lyle PLC:

Mathew Wootton, Group VP, Investor and Media Relations
Tel: +44 (0) 20 7977 6211 or Mobile: +44 (0) 7500 100 320

Andrew Lorenz (FTI Consulting), Media Relations
Tel: +44 (0) 20 7269 7113 or Mobile: +44 (0) 7775 641 807

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