Sector movers: Tate and Lyle fails to sweeten food sector

28th May 2009 13:27

Tate and Lyle is among the companies dragging the food producers sector into the red.The sugar and sweetener firm posted a sharp fall in profits after facing impairment charges and tough trading conditions.Profit before tax in the year to 31 March fell to £113m from £182m the previous year even as revenues climbed to £3.55bn from £2.87bn.The fall in profits was largely due to an impairment charge of £97m decision to mothball a sucralose facility in Alabama and produce all sucralose from a newer facility in Singapore. Other food producers such as Dairy Crest, Unilever and Cadbury are also lower, but Northern Foods, which yesterday held its dividend as sales last year rose and underlying profits came in slightly better than gloomy predictions, bucks the trend to climb 7%.General financial stocks are also in the red, including hedge fund manager Man Group which reported lower profits today amid troubles in global financial markets.Funds under management at 31 March came in at $46.8bn against $74.6bn last year. The figure was $0.9bn lower than the trading update it announced in March due to "negative performance and negative FX" in the final week of March.Meanwhile, stockbroker and fund manager Brewin Dolphin is lower even as it maintained its interim dividend despite profit before tax falling by more than a fifth.Top performing sectors so far todayForestry & Paper 2,205.44 +1.99%Industrial Metals 4,121.30 +1.14%Automobiles & Parts 1,893.64 +0.84%Software & Computer Services 481.54 +0.35%Industrial Transportation 1,618.03 +0.12%Bottom performing sectors so far todayLife Insurance 2,936.17 -2.87%Banks 3,919.55 -2.64%Support Services 2,923.10 -2.15%General Financial 4,154.28 -1.86%Food Producers & Processors 3,622.58 -1.85%