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Food and beverage ingredients supplier Tate & Lyle reported that first-half profit more than halved owing to writedown on the sale of its Americas primary products business.
For the six months ended 30 September, pre-tax profit fell 64% to £21 million year-on-year, while revenue increased 11% to £656 million.
The company flagged a $65 million exception charge, comprising £59 million of exceptional items including £41 million of cash costs and £13 million non-cash impairment charge associated with the transaction to sell its Americas and European primary products businesses, respectively.
'We continue to work on completing the sale of a controlling interest in the Primary Products business in the Americas and certain joint venture interests to KPS Capital Partners, LP in the first quarter of the 2022 calendar year,' the company said.