Tate & Lyle is "on track to deliver progress" in profit

The Group saw volume momentum in its Speciality Food Ingredients and Bulk Ingredients divisions and says it remains on track to deliver progress in adjusted profit before tax.

Tate & Lyle is on track to deliver progress in profit

Tate & Lyle has issued a trading statement for the three months ended 31 December 2017.

The Group saw volume momentum in its Speciality Food Ingredients and Bulk Ingredients divisions and says it remains on track to deliver progress in adjusted profit before tax in constant currency for the year ending 31 March 2018, in line with guidance.

In Speciality Food Ingredients, Tate & Lyle said the core business delivered good volume growth, including a continuation of modest volume growth in North America. In Food Systems, profit improved although volume was lower. SPLENDA Sucralose performed as anticipated with profit in line with the comparative period. In the division overall, decisions taken in the first half, particularly to invest behind the longer term development of the business, will moderate profit growth in the second half, the company said.

In Bulk Ingredients, sweetener volume in North America grew and profit growth is currently expected to be robust for the financial year ending 31 March 2018. The 2018 calendar year bulk sweetener pricing round is now substantially complete with margins broadly in line with the previous year.