For a group that makes money through sweetners, Tate & Lyle certainly knows how to leave the City feeling sour.

The gloom stirred into today’s results statement suggests that management wants to buy itself some breathing space to reshape the business without the pressure of high expectations.

But patience is wearing thin and today’s share price plunge means the group’s market value has tumbled by £1 billion since December.

Splenda has fallen flat as US soft drink manufacturers give it the cold shoulder, and it is difficult to see where new growth will emerge, particularly with the EU continuing to fudge its thinking on sugar regime prices.

T&L's hope to buy off frustrated shareholders later this summer with a cash return of at least £200 million is unlikely to buy much time.

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