Tate & Lyle FY: in line with expectations

30 May, 2013

Tate & Lyle, the international sugar and ingredients producer, this morning revealed a 6% increase in full-year sales to £3.2bn.

The company said its adjusted operating profit had also risen by 4%, at a constant currency, to £358m in the 12 months to 31 March 2013.

Profit before tax also increased by 4% to £329m.

The company said its performance had been in line with expectations, with speciality food ingredients sales higher by 7% at £947m and its bulk ingredients saw adjusted operating profit increase by 6% to £182m.

Javed Ahmed, chief executive, said: “I am pleased to report that the underlying business continues to perform well and that, despite having entered the year facing a number of headwinds, we have made progress. Looking ahead, we will continue to build on the foundations we have laid and expect to deliver another year of profitable growth.”

Product launches such as its stevia-based, natural, no-calorie sweetner Tasteva Stevia Sweetner, and salt reduction product Soda-Lo Salt Microspheres, were noted among the firm’s highlights for the year.

In May this year the firm said it had broadened its relationship with Eminate, a subsidiary of Nottingham University, with an agreement to develop its hollow microsphere technology to reduce sodium bicarbonate in baked goods. This followed a previous agreement regarding Soda-Lo Salt Microspheres.

Last week Tate & Lyle also announced the acquisition of beta glucan manufacturer Biovelop.





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