The I l l ovo a nd Tongaat Hulet t results both showed just how tough the sugar space is right now. Drought in many growing areas coupled with lower global sugar prices have hurt revenues albeit both have operations across many countries, meaning that drought only ever hits pockets of their operations rather than the entire business. Tongaat has the slight edge as it also has l and sales and i n t he last year this made up some 40% of operating profit. This reduces the risk of the business and smooths earnings to a degree. That said, I would only be interested in Tongaat when sugar prices are on an upward trend rather than a downward trend.