Tate & Lyle hit by rising corn costs and toxic fungus effects

摘要

TATE & Lyle, the food ingredients group, has said that a toxic fungus is set to blight its full-year profits, by raising the price of the corn it uses to make sweeteners. In a third-quarter trading statement on Friday, the company warned that the anatoxin fungus, which has ravaged some corn supplies, is likely to depress operating margins at its sweeteners business. It estimated that higher corn costs in coming months would reduce its operating profit by around GBP7.0 million (USD11.0 million) for the full year.