Tate & Lyle First-Half Results: Boost From British Pound's Collapse Masks Limp Performance
No moat Tate & Lyle, the U.K.-based starches and sweeteners manufacturer, reported strong sales and earnings growth for the six months to end September, mostly due to the steep depreciation in the British pound bringing about a large translation benefit. This masks a limp performance in the high-margin specialty business whose volumes were again stagnant. These results contrast starkly with peer Ingredion's strong year-to-date performance. Nonetheless, we are significantly revising up our un...Tate & Lyle and its subsidiaries are engaged in providing ingredients and solutions to the food, beverage and other industries. Co. has two segments: Specialty Food Ingredients (SFI) and Bulk Ingredients (BI). The SFI segment develops ingredients and solutions for customers globally for food and drink. Co. focuses on three areas of this market: texturants, sweeteners, and health and wellness. The BI segment provides food ingredients and industrial products primarily for customers in the North American market. The main product lines include: bulk sweeteners, industrial starches, acidulants, and commodities.
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