Global ingredients and food solutions supplier Tate & Lyle says trading performance for its first quarter has been “in line with expectations”.
After last year’s bout of profit warnings, the company appears to have steadied, and expects volume growth in its speciality food ingredients arm to strengthen through the second half of the year.
In its trading results for the period from 1 April 2015 to 30 June 2015, the company said: “We continued to take steps to address the impacts of the supply chain disruption experienced last year and we expect volume growth to strengthen through the remainder of the year as the additional capacity comes online in the second half. The volume of new products grew strongly in the quarter.”
Meanwhile, Bulk Ingredients, excluding commodities (ethanol and co-products), performed “steadily” and slightly ahead of the comparative period supported by solid sweetener demand. However, the company said this was more than offset by the impact of commodities, including the continuation of low US ethanol margins.
Javed Ahmed, chief executive, said in a conference call today: “We have made a solid start to the year; trading was in line with expectations and guidance remains unchanged.”