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Trading statements

Tate & Lyle upbeat on FY constant-currency outlook

09 February 2017 09:29

Tate & Lyle said, encouraged by its Q3 performance, it now expects the group's FY performance in constant currency to be modestly ahead of its expectations given at the time of its interims.

"The group continued to perform strongly in the third quarter with profit in constant currency ahead of the comparative period in both divisions," said Tate & Lyle in a statement.

"Speciality Food Ingredients performed in line with expectations while in Bulk Ingredients profit was ahead of our expectations," it added.

In Speciality Food Ingredients, excluding Food Systems and SPLENDA Sucralose, profit was ahead of the comparative period benefiting from good commercial execution and strong manufacturing performance.

"Underlying volume was broadly in line with the comparative period. As in the first half, demand in North America continued to be soft with volume lower, whilst in Europe, Middle East and Africa underlying volume growth was robust."

Strong volume growth in Latin America largely offset weaker demand in Asia Pacific.

Food Systems profit continued to be held back by lower volume and SPLENDA Sucralose profit was ahead of the comparative period benefiting from the consolidation of production to a single facility.

In Bulk Ingredients, North American sweetener volume remained robust. The calendar 2017 bulk sweetener pricing round is now substantially complete and is expected to deliver modest margin gains in the fourth quarter.

"Commodities performance was satisfactory and somewhat ahead of our expectations," said Tate & Lyle.

At 9:29am: (LON:TATE) Tate Lyle PLC share price was -10.25p at 710.25p

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