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Tate & Lyle profit misses consensus by 25.7% in fiscal H1

Tate & Lyle PLC said its normalized net income for the fiscal first half ended Sept. 30 amounted to 13 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 17 pence per share.

EPS climbed 32.5% year over year from 10 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £59.4 million, an increase of 31.9% from £45.0 million in the prior-year period.

Total revenue decreased on an annual basis to £1.18 billion from £1.20 billion, and total operating expenses fell on an annual basis to £1.08 billion from £1.13 billion.

Reported net income rose 28.3% from the prior-year period to £66.7 million, or 14 pence per share, from £52.0 million, or 11 pence per share.