Shares in Tate & Lyle down after warning of lower profits

Shares in sugar and sweetener group Tate & Lyle fell more than 3% this morning after it warned of a dip in operating profits. The company said that this was due to a fall in the prices agreed for its sweeteners and starches in 2010. "We expect reported operating profits for the full year to be marginally below the level reported in the comparative period," the group said in a trading statement for its financial year to end-March 2010. Analysts had forecast consensus operating profits of £299m for the year to March 2010, compared to £298m the previous year. Shares were down 12.50p, or 3.07%, at 394.6p.