Tate & Lyle makes 'encouraging' start to year
Tate & Lyle
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16:45 24/04/24
Food group Tate & Lyle said it made an encouraging start to the year with profit in constant currency for the first quarter ended June 30 ahead year on year with volume ahead in both divisions.
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The company added in a trading statement that it expected to make underlying progress in the full year ended March 31, 2018.
In North America, volume growth in Tate & Lyle's core speciality food ingredients division was modest in a “soft” food and beverage market as the company made progress in widening its customer base.
Asia Pacific and Latin America, and Europe, Middle East and Africa all delivered strong volume growth, it added.
In the remainder of the 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. Commodities, performance was ahead of the comparative period.