News
Tate & Lyle reports "strong start" to the year
8 Nov 2017Tate & Lyle has issued its statement of results for the half year to 30 September. Sales were up 6% on the year-ago period. PBT was up 26% (13% at constant currency).
Tate & Lyle has issued its statement of results for the half year to 30 September. Sales were up 6% on the year-ago period. PBT was up 26% (13% at constant currency). The company saw a £10m increase in Speciality Food Ingredients adjusted operating profit to £104m, and a £29m increase in Bulk Ingredients adjusted operating profit to £93m. Commodities returned a £10m profit compared with a 2016 loss of £3m. New products sales increased 14% to US$58m.
“We have made a strong start to the year, with good performance across the Group and higher adjusted diluted earnings per share,” said Javed Ahmed, Chief Executive. “Speciality Food Ingredients delivered broad-based volume growth in the core business, including North America despite market conditions in that region remaining challenging. New Products once again delivered double digit sales growth as customers continue to seek innovative solutions to reduce sugar, calories and fat in food and drink.”“Bulk Ingredients had another period of excellent performance, well ahead of a strong comparative period, with improved overall earnings resulting from disciplined commercial execution and margin expansion.”“Turning to the outlook, we expect underlying adjusted profit before tax in constant currency for the full year to be modestly higher than we anticipated coming into the year driven by the strong first half performance.”