BEST OF THE BROKERS March 15, 2010 PROVIDENT FINANCIAL Collins Stewart has maintained its recommendation on Provident Financial at “sell”. It said that Provident Financial was trading at the bottom of the trading range and the impact of new consumer policies set out by the government may result in a reduced earnings forecast and may pose a threat to the dividend. Collins [...]
Tate & Lyle faces profits fall as prices are dragged down January 28, 2010 FALLING prices for sweeteners paid by soft drinks companies like Coca-Cola and Pepsi are set to turn profits sour at sugar group Tate & Lyle. Sweetener selling prices in the Americas in 2010 would fall short of those in 2009, meaning overall margins from its US corn sweetener business this year would probably be “slightly below” [...]
T&L ups bond buyback November 24, 2009 Tate & Lyle increased a bond buyback to £100m from a planned £70m after its offer attracted strong demand, the British sugar and sweetener group said yesterday.The bonds were priced at a premium, which the company said was 107.924 per cent or £1,079.24 per £1,000 of bonds. Tate is one of a growing list of [...]
BEST OF THE BROKERS October 27, 2009 MCBRIDEHaving started the year with conservative margin assumptions for McBride, Investec has upgraded these in light of its strong start to full-year 2010. The broker said that the top line performance is broadly as expected, but that a better mix is driving profits ahead. Investec therefore lifted earnings per share estimates in the region of [...]
BEST OF THE BROKERS October 13, 2009 TATE & LYLECredit Suisse raised its forecasts for Tate & Lyle by four per cent for next year and seven per cent for the following year, upped its price target to 550p, from 300p, and upgraded its rating to “outperform”. The broker notes that the starch business is holding up and said that the new [...]
Tate & Lyle buoyed by cost cuts July 23, 2009 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 [...]
Marston’s and GKN are next to raise cash June 18, 2009 THE WAVE of companies seeking to raise fresh capital from shareholders showed no sign of abating yesterday as engineer GKN and pub group Marston’s both announced rights issues. GKN aims to raise £423m, while Marston’s is asking the market for £176m. GKN’s 50p offer price represents a 39 per cent discount to Wednesday’s closing price. [...]
STICKY SITUATION May 28, 2009 FOOD producer Tate & Lyle said yesterday that it has seen a 38 per cent drop in full year pre-tax profit, adding that it is difficult to predict with confidence the outlook for 2010 given the global recession and its uncertain impact on customer demand. The Golden Syrup maker, which had issued two profit warnings [...]
Tate & Lyle shares jump after new boss is announced May 19, 2009 SUGAR group Tate & Lyle has seen its shares skyrocket after it named Javed Ahmed, the 49-year old European head of consumer goods giant Reckitt Benckiser, as its chief executive. Shares of the battered Golden Syrup maker jumped 10.7 per cent in early trading, before closing up 8.2 per cent at 296p. They had fallen [...]
Index reshuffle is chance to make a substantial profit May 17, 2009 INDEX reshuffles, at least in Britain’s FTSE indices, don’t tend to spark much more than some token interest among the trading community. The process is deliberately as transparent as possible and well publicised in advance in order to minimise any dramatic share price movements ahead of the rejig. Unfortunately for spread betters looking to capitalise [...]