8th Oct 2015 06:30
LONDON (Alliance News) - Tate & Lyle PLC Thursday said trading in the first half of its financial year was in line with its expectations, and guidance for the full year remains unchanged.
The sugar and sweeteners company said its Specialty Food Ingredients business performed encouragingly in the six months to September 30 and ahead of the comparative period, returning to volume growth in the second quarter.
Volume also was ahead of the comparative period in SPLENDA Sucralose, as well as in Food Systems following the acquisition of Brazilian food systems business Gemacom in 2014.
Bulk Ingredients, meanwhile, performed below the comparative period, as commodities, which comprises ethanol and co-products, continued to be hit by low US ethanol margins. Excluding commodities, Bulk Ingredients performed steadily and slightly ahead of last year supported by solid sweetener demand, Tate & Lyle said.
Tate & Lyle added that it has received regulatory approval for the realignment of its Eaststarch joint venture in Europe and expects to complete the transaction during the third quarter.
"Overall, before the impact of exchange rate movements and the final timing of the completion of the Eaststarch transaction, expectations for the group?s full year performance remain unchanged from our guidance issued at our full-year results in May 2015," Tate & Lyle said.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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