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U.K. company
Tate & Lyle PLC (ADR)TATYY reported a drop in its pretax profit for the year to March 31.
Tate & Lyle's pretax profit for the year slipped to 51 million pounds ($78.3 million), compared to GBP277 million, in the year-ago period. Its adjusted pretax profit declined 30 percent to GBP224 million.
Adjusted EPS from continuing operations slipped to 37.7 pence, versus 55.7 pence, a year earlier.
Its revenue slipped 15 percent to GBP2.36 billion.
Adjusted sales in Speciality Food Ingredients declined 8 percent, while adjusted sales in Bulk Ingredients dropped 17 percent.
Tate & Lyle's board proposed a final dividend of 19.8 pence per share.
Chief Executive Javed Ahmed said, "It has been a very challenging year for the Group, but with the necessary actions underway we are firmly focused on improving our performance"
Tate & Lyle gained 0.41 percent to close at $37.02 yesterday.
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