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Tate & Lyle profit jumps on weak sterling

Reuters - UK Focus

LONDON, May 25 (Reuters) - British food ingredients maker Tate & Lyle (LSE: TATE.L - news) reported higher full-year sales and earnings on Thursday, helped by an improving business performance and a weaker British currency.

The company, which sells corn syrup and other ingredients to food and drink makers, said sales rose 17 percent to 2.75 billion pounds ($3.6 billion) in the year to the end of March.

The weaker pound helped propel profit before tax 85 percent higher to 233 million pounds, with earnings per share more than doubling to 54.2 pence.

Excluding the impact of sterling, profit rose 20 percent, with margins rising in both parts of Tate's business. ($1 = 0.7700 pounds) (Reporting by Martinne Geller; editing by David Clarke)