Tate & Lyle Achieves Solid Sales Growth in Specialty Ingredients
28 Mar 2013 --- In line with usual practice, Tate & Lyle PLC has issued a trading update for the year ending 31 March 2013 ahead of the announcement of the full year results on 30 May 2013.
Since the interim management statement in February, the Group has continued to perform solidly and in line with expectations. The company continues to expect to deliver modest progress for the full financial year.
In Speciality Food Ingredients, the company will achieve solid sales growth for the full year with the rate of volume growth in the second half slightly ahead of that achieved during the first half. While sucralose volume growth has continued at more normal run rates in the fourth quarter, volumes for the full year, as anticipated, will be slightly lower than the prior year. Operating profit in this division will be broadly in line with last year as a result of the step change in fixed costs associated with our business transformation initiatives.
Within Bulk Ingredients, a good underlying performance from sweeteners in both the US and Europe is expected to more than offset the impact of the costs associated with handling higher levels of aflatoxin following the severe drought in the US in 2012 and continued challenging market conditions in US ethanol.
