Ingredients supplier Tate & Lyle said its trading performance in its first half had been “in line with our expectations” and its outlook for the year was “unchanged”.
In a trading update for the six months to 30 September, the company said its speciality food ingredients division had performed encouragingly and ahead of the comparative period. The division returned to volume growth in Splenda Sucralose and it was significantly ahead in food systems after its Gemacom acquisition, it added.
Bulk ingredients performed “steadily and slightly ahead of the comparative period” as the vital annual bulk sweetener pricing round remains in progress.
Tate & Lyle also said the process of obtaining regulatory approval for the re-alignment of its Eaststarch joint venture in Europe had now concluded and it added: “We expect to complete this transaction during the third quarter of the financial year.”
Earlier this year, Tate & Lyle predicted speciality food ingredients growth at mid-single digits and the company added: “Our objective is to grow modestly ahead of the market via organic growth supplemented by bolt-on acquisitions.”