New segmental information and Key Financial Performance Indicators
On 27 May 2010, Tate Lyle PLC published its Full Year Results for the year ended 31 March 2010. Financial performance was reported on the basis of the reportable segments reflecting the business structure in place during the year.
With effect from 1 June 2010, the Group has been reorganised, and now operates through three global business units: Speciality Food Ingredients, Bulk Ingredients and Sugars. Under IFRS 8, Operating Segments, the Group’s reportable segments have been changed to reflect this reorganisation and now comprise:
- Speciality Food Ingredients
- Bulk Ingredients
- Sugars(1)
- Central
In accordance with our commitment to publish historical information for the year to 31 March 2010 in these segments ahead of the 2011 interim announcement, we publish today the following unaudited information:
- Group sales for the six months to 30 September 2009 and for the twelve months to 31 March 2010.
- Group operating profit for the six months to 30 September 2009 and for the twelve months to 31 March 2010.
We also announced on 27 May 2010 that we would report a set of key performance metrics which will measure progress towards delivery of our strategic goals. We therefore also publish today the baseline Group key financial performance metrics for the year ended 31 March 2010:
- Speciality Food Ingredients sales
- Adjusted operating profit
- Cash conversion cycle
- Return on Capital Employed (ROCE)
(1) Following the announcement of an agreement for the sale of our EU Sugar Refining operations and processes to sell our Molasses and Vietnamese Sugar businesses, the Sugars division will be classified as discontinued in the Half Year Results to 30 September 2010.
END
Tate Lyle operates through two global business units, Speciality Food Ingredients and Bulk Ingredients, supported by Innovation and Commercial Development. The Group's strategy is to become the leading global provider of Speciality Food Ingredients through a disciplined focus on growth, and by driving the Bulk Ingredients business for sustained cash generation to fuel this growth.
Speciality Food Ingredients include starch-based speciality ingredients (corn-based speciality starches, sweeteners and fibres), no calorie sweeteners (including SPLENDA® Sucralose) and Food Systems which provides blended ingredient solutions. Bulk Ingredients include corn-based bulk sweeteners, industrial starches and fermentation products (primarily acidulants). The co-products from both divisions are primarily sold as animal feed.
Tate Lyle is listed on the London Stock Exchange under the symbol TATE.L. American Depositary Receipts trade under TATYY. In the year to 31 March 2013, Tate Lyle sales totalled £3.3 billion. http://www.tateandlyle.com. SPLENDA® is a trademark of McNeil Nutritionals, LLC
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
