Tate & Lyle has issued a trading statement for he first quarter, saying it made an encouraging start to the year with profit ahead of the comparative period, and volume ahead in both divisions.
Tate & Lyle has issued a trading statement for the period from 1 April 2017 to 30 June 2017, which is the first quarter of the financial year.The Group said it made an encouraging start to the year with profit in constant currency ahead of the comparative period, and volume ahead in both divisions. In core Speciality Food Ingredients, North America, where the overall Food and Beverage market remained soft, saw modest volume growth with firmer volume from some larger customers, and also continued to make progress in broadening its customer base. Asia Pacific and Latin America, and Europe, Middle East and Africa delivered strong volume growth. In the remainder of the Speciality Food Ingredients division, Food Systems volume was in line with the comparative period and SPLENDA Sucralose performed as expected. In Bulk Ingredients, the core business performed well driven by solid demand for sweeteners and industrial starches, firm US bulk sweetener margins, and continued strong manufacturing performance. In Commodities, performance was ahead of the comparative period. Overall, the company said it continued to expect that it will make underlying progress in the full year.