Vi använder en mängd olika cookies för att du ska få den bästa användarupplevelsen. Genom kontinuerlig användning av denna webbplats godkänner du vår användning av cookies. Du kan läsa mer om vår policy för cookies och redigera dina inställningar här eller genom att följa länken längst ner på alla sidor på vår webbplats.
Tate & Lyle is trading at £6.12, after plunging 16% following a statement that it expects first-half profits to be in the range of £95-£105 million, and full-year profits in the region of £230-£245 million. This compares with analysts’ estimates of £288 million. The company cited falling fizzy drink sales in the US and oversupply of sucralose sweetener from China as the motives for the warning.
In May, Tate & Lyle announced a 2% drop in full-year operating profit, while revenue over the same period declined by 3%. The share price drifted as low as £6.22 in August following its downbeat full-year figures. The last six weeks have seen the share price stage a turnaround, but all those gains were wiped out this morning following the announcement.
Despite the second profit warning in seven months, equity analysts remain bullish. Out of the 16 recommendations, seven are buys, six are holds and three are sells.
The stock is receiving support from the 100-month moving average of £5.79, and if the stock can hold above this level it could target £6.74 in the short term.