Tate & Lyle has made an encouraging start to the year with profit in constant currency ahead of the comparative period, and volume ahead in both divisions. The statement covers the first quarter of the financial year, from April 1, 2017 to June 30, 2017. The company added 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 specialty food ingredients division was modest in a “soft” food and beverage market as the company made progress in widening its customer base.
The company reported strong volume growth in Asia Pacific and Latin America, and Europe, Middle East and Africa.
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 well ahead of the comparative period.
