2nd Apr 2015 06:46
LONDON (Alliance News) - Tate & Lyle PLC Thursday reiterated its guidance for the financial year that just ended, after it was hit by operational and supply chain issues in the first half and its SPLENDA Sucralose sweetener business continued to face an extremely competitive market.
The FTSE 250-listed sugar and sweeteners company reiterated the guidance it provided in February, saying it still expects adjusted pretax profit for the year to the end of March to be below the GBP230 million to GBP245 million guidance it provided in September 2014.
It added that adjusted operating profit for the year has been held back by the impact of operational and supply chain issues experienced mainly in the first half of the year and by the extremely competitive market for its SPLENDA Sucralose business.
The company said the project on how to best maximise returns from the SPLENDA Sucralose business is coming to a close and it expects to outline plans for the unit in the next few weeks.
It added it launched the Dolcia Prima Allulose low-calorie sugar product in February and has seen encouraging early interest in the product. However, it said that due to the relatively long development and adoption cycles for new ingredients, it does not expect the product to have any material impact on its performance in the 2016 financial year.
By Sam Unsted; [email protected]; @SamUAtAlliance
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