Higher corn price boosts Tate & Lyle

4th Nov 2010 13:26

Shares in Tate & Lyle sweetened after the food ingredients company more than doubled profits on sales that were boosted by higher corn prices.Pre-tax profits in the six months to September 30 climbed to £104m from £45m on sales that rose to £1.35bn from £1.3bn.'In addition to good operational performance and steady demand growth in a number of our markets, we benefited from strong seasonal demand and improved co-product income as corn prices rose towards the end of the summer,' the company said. 'We have also now achieved the full benefits from the single plant sucralose manufacturing footprint.'Tate & Lyle said it expects firm demand for corn sugars into Mexico to remain firm while the modest decline in US domestic demand should continue.