Tate & Lyle, the international speciality ingredients producer, this morning said it expected to deliver “another year of profitable growth”
In a trading statement ahead of delivering its half year results on 17 November, the company said performance in its second quarter was broadly in line with its expectations.
Adjusted operating profit for the group for the first half is expected to be slightly lower than the comparative period because of a softness in the US beverage sector.
It said its Speciality Foods Ingredients division would return volume growth that was “in line” with the market – particularly in emerging markets and in Europe where growth was strong.
Within Bulk Ingredients, Tate & Lyle reported that operating profit is expected to be lower than the comparative period driven by lower US bulk liquid sweetener volumes.
In a statement, the company said: “Our profits remain sensitive to fluctuations in foreign currency particularly the US dollar to sterling exchange rate. In addition, as usual, the outcome of the calendar year sweetener pricing rounds will influence performance in the final quarter of the financial year. Overall, we expect to deliver another year of profitable growth.”