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Sector movers: Food stocks binned after Tate & Lyle profit warning

Fri, 06th Feb 2015 14:49

Tate & Lyle was dampening the food sector in London on Friday after the sweeteners maker disappointed investors with its second profit warning in just four months.Tate & Lyle said it now expects adjusted pre-tax profits for the year ending 31 March to be below previous guidance of £230m-245m.The profit warning, which is the Splenda sucralose manufacturer's third in a year, was blamed on a weaker-than-expected performance in its bulk ingredients division as capacity constraints in the US transportation network led to lower sweetener volumes.Meanwhile, weakened EU sugar prices affected bulk sweetener prices in Europe, and the company experienced a sharp deterioration in ethanol margins near the end of the period.The stock was down 14% at 571.3p by 15:32 on Friday afternoon, nearing its 52-week low of 551.5p reached in December.Mike van Dulken, the head of research at Accendo Markets, said: "Management obviously needs to do something to stir things up and improve current business trends if it wants to sweeten up investors and deliver a genuine share price reversal."Other food producers were also out of favour in London, including Provexis, Devro, Real Good Food, Dairy Crest and Premier Foods.News that Tesco was under investigation could also be hitting sentiment in the food sector on the back of concerns that the supermarket giant has mistreated suppliers. The Groceries Code Adjudicator is looking into whether the company has breached the Groceries Supply Code of Practice."The investigation will consider the existence and extent of practices which have resulted in delay in payments to suppliers," a statement said.Top performing sectors so far todayIndustrial Metals & Mining 1,808.22 +3.55%Banks 4,452.23 +1.46%Life Insurance 8,180.22 +0.66%Industrial Transportation 2,861.07 +0.61%Insurance (non-life) 2,058.02 +0.60%Bottom performing sectors so far todayFood Producers & Processors 7,921.60 -2.15%Mining 14,196.54 -1.85%Tobacco 42,419.59 -1.30%Food & Drug Retailers 3,188.25 -0.91%Automobiles & Parts 8,865.95 -0.89%
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17 May 2018 16:45

Real Good Food Confirms GBP8.2 Million Shareholder Funding

LONDON (Alliance News) - Real Good Food PLC on Thursday said it had confirmed agreements for funding from major shareholders worth GBP8.2 million.Earlier in May, the company had said Napier

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4 May 2018 16:27

Real Good Food Secures GBP8.2 Million From Major Shareholders

LONDON (Alliance News) - Real Good Food PLC said Friday it agreed terms for at least GBP8.2 million funding from major shareholders.This follows an end of March announcement by the company

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27 Mar 2018 17:10

Real Good Food Secures GBP4 Million Loan From Major Shareholders

LONDON (Alliance News) - Shareholders in Real Good Food PLC, a cake decoration and food ingredients company, executed a term sheet providing a loan for GBP4 to pressure

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2 Feb 2017 12:29

Ingredient price rises a concern for Real Good Food

(ShareCast News) - Real Good Food updated the market on its trading on Thursday, having previously indicated that it makes the majority of is profits in the second half of the year, which includes the important third quarter trading period for cake decoration and premium bakery in the run up to Chri

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6 Dec 2016 10:51

Real Good Food warns earnings could fall short of market views

(ShareCast News) - Diversified food business Real Good Food said its pre-tax loss widened in the six months to the end of September and warned there was a risk its year-end earnings before interest, tax, depreciation and amortisation could miss market expectations. The company reported a loss before

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19 Sep 2016 09:47

Real Good Food expands cake decorating business into US

(ShareCast News) - Real Good Food announced its expansion in the US on Monday through the creation of new subsidiary Renshaw Americas. Renshaw Americas has secured a five-year lease on a 18750 sq ft. warehousing facility in Rockaway, New Jersey, which the company said was an ideal location for onwa

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12 Sep 2016 11:03

Real Good Food baking up maiden dividend

(ShareCast News) - Real Good Food revealed that it is planning on paying a first dividend next year and that trading at its bakery and cake decorating businesses has been satisfactory. On the day of the AIM-listed food manufacturing company's annual shareholder meeting, executive chairman Pieter Tot

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1 Aug 2016 12:23

Real Good Food swings to FY profit but revenues drop

(ShareCast News) - Diversified food business Real Good Food swung to a full-year profit thanks to the sale of its sugar division Napier Brown, but revenue dropped sharply. In the year to the end of March, the company generated a statutory pre-tax profit of £12.9m compared to a loss of £3.5m the year

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19 May 2016 09:46

Real Good Food Opens Technology And Training Hub In Liverpool

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26 Apr 2016 08:22

Real Good Food Annual Earnings To Be Line With Current Expectations

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10 Feb 2016 13:53

Real Good Food buys Devon-based Chantilly Patisserie

(ShareCast News) - Real Good Food's wholly-owned subsidiary Haydens Bakery has bought Chantilly Patisserie for £1.75m, using existing cash resources. For the 12 months to March 2015, Chantilly - a Devon-based producer of handmade frozen desserts - had turnover of £2.5m and earnings before interest,

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10 Feb 2016 09:37

Real Good Food's Haydens Bakery Buys Devon-Based Chantilly Patisserie

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1 Feb 2016 09:46

Real Good Food warns on profits

(ShareCast News) - As it reorganises under its new 'three pillars' strategy, Real Good Food has warned that profits will be short of market expectations. Margins have been squashed due to the heavy investment in staff and development of products and brands as part of the shift to the three pillars o

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1 Feb 2016 08:18

Real Good Food Warns On Full-Year Profit After Heavy Investing

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10 Dec 2015 08:48

Real Good Food Buys ISO2 Nutrition Business From Administrators

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