Page last updated at 07:17 GMT, Wednesday, 2 April 2008 08:17 UK

Tate & Lyle to feel dollar slide

Tate & Lyle sugar bag
Tate & Lyle has been hit by high commodity prices

UK sugar group Tate & Lyle says half yearly profits are likely to be broadly in line with forecasts, but has warned of the impact of the weak dollar.

Profit before tax for the first six months of the year ending March 31 reached 117m.

But the firm said the average exchange rate of 2.01 dollars to the pound meant profits would be cut by 11m for the year as a whole.

Last year the firm made several profit warnings amid high commodity prices.

In particular the firm was hit by higher corn prices in Europe, and oversupply problems in the US.

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