Tate & Lyle, Foxtons, Dong Energy: Business news in brief on Thursday May 26

Tate & Lyle profits rise 5%; Foxtons recruits new finance chief from Hays;North Sea receipts hit record low 

Zlata Rodionova
Thursday 26 May 2016 16:56
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Workers on an oil platform in the North Sea, around 100 miles east of Aberdeen, Scotland
Workers on an oil platform in the North Sea, around 100 miles east of Aberdeen, Scotland

Tate & Lyle profits rise 5%

Tate & Lyle, has reported a 5 per cent rise in full-year profit and said progress in the 2017 financial year would be in line with its expectations. The company, which sells sweeteners and other ingredients to food and drink makers, said adjusted profit before tax rose to £193million in the year to 31 March from £184 million a year earlier. Sales were up 1 per cent to £2.35 billion.

Foxtons recruits new finance chief from Hays

Foxtons has appointed Mark Berry, currently group financial controller at Hays as its new chief financial boss. Gerard Nieslony, the estate agent's current chief financial officer will take up a new role as finance director. Berry will join the company on November 7 and will become a member of the board.

Dong Energy IPO set to value company as high as $16 billion

Dong, the Danish state-controlled utility, said it expects its initially public offering in Copenhagen next month to value the company at up to $16 billion (£10.9 billion) potentially making it one of Europe’s biggest stock-market listings of the year. The company, set up more than 10 years ago, has grown rapidly to become the world's largest offshore wind farm developer. Dong’s shares will become trading in Copenhagen on June 9.

North Sea receipts hit record low

The UK government has incurred a loss from North Sea oil balance sheet for the first time in its history. The Treasury put £24 million more into investment and decommissioning than it got back in petroleum revenue tax (PRT). PRT revenue was -£562 million, following refunds to companies, while corporation tax revenue fell by 74 per cent over the year to £538 million. The UK's Scottish Secretary called the latest figures “particularly concerning”.

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