Tate & Lyle buoyed by cost cuts

Food producer Tate & Lyle said yesterday that first-quarter pre-tax profit was ahead of its expectations as it reaped the benefits from a series of cost cutting measures. The maker of Splenda said that, although its outlook was unclear in the short term, it had made a better-than-anticipated start to the year with demand from food and beverage customers remaining resilient. Market consensus for full-year underlying pre-tax profit stands at £237m.