Tate & Lyle, which manufactures brands such as Splenda and Lyle's Golden Syrup as well as producing ingredients for the food production industry, has said that it is 'on track' to deliver progress in adjusted profit before tax for its full year to 31 March 2018.
In a trading statement, the group said that it saw 'volume momentum in its Speciality Food Ingredients and Bulk Ingredients divisions' in the three month period to 31 December.
Its Speciality Food Ingredients division delivered 'good volume growth' for the period, with 'modest' volume growth reported in North America.
Its Food Systems business, which includes the Splenda brand, saw increased profits, however volume was lower.
'In the division overall, decisions taken in the first half, particularly to invest behind the longer term development of the business, will moderate profit growth in the second half,' the group said.
Bulk Ingredients
In Bulk Ingredients, Tate & Lyle said that sweetener volume in North America grew and profit growth is 'currently expected to be robust for the financial year ending 31 March'.
In January, Tate & Lyle appointed Nick Hampton as its new chief executive, effective 1 April 2018.
Hampton joins the business from PepsiCo, where he has held a number of finance and operational positions over a 20-year period.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
