Sector movers: Food updates whet appetites

31st Mar 2010 13:39

Food is in focus after a stream of updates from the sector and the reaction has been mixed but positive overall.Hilton Food is higher after it served up a 16% rise in full year pre-tax profit as volumes increased and expects further growth in 2010.The meat packaging firm said pre-tax profit was up 15.8% at £20.1m for the 53 weeks to 3 January 2010. Revenue increased 13.2% to £826.1m during the year while volumes increased 14% despite challenging market conditions.Milk, butter and cheese supplier Dairy Crest is wanted after it said it performed well in the year to March 31, with profits ahead of last year and borrowings substantially lower, though advertising spending contributed to a slight fall in profits in the spreads and cheese division.Shares in Tate & Lyle had lost a bit of sweetness even after it said currency movements, in particular the stronger US dollar, will benefit its reported performance in the final quarter.Goodfellas pizza and Fox's biscuits group Northern Foods is the heaviest faller after it reported a drop in fourth-quarter like for like sales but said it will deliver full-year profits in line with expectations.Delta is weighing on the industrial metals sector. The firm, which makes engineered steel products, provides galvanizing services and supplies manganese materials, said discussions about an offer to rival one from US firm Valmont have ended. Top performing sectors so far todayFood Producers & Processors 5,064.52 +1.19%Alternative Energy 6,058.36 +1.11%Media 3,736.62 +1.08%Household Goods & Home Construction 6,907.29 +0.66%Real Estate Investment & Services 1,580.82 +0.42%Bottom performing sectors so far todayFinancial Services 5,044.59 -0.95%Industrial Engineering 4,661.14 -0.86%Travel & Leisure 4,776.76 -0.85%Construction & Materials 3,688.80 -0.84%Electronic & Electrical Equipment 1,742.93 -0.84%