Tate & Lyle will continue to sharpen its focus on its value-added products, in order to offset some of the instability in the commodities markets.

In its interim management statement, released this morning (23 July) ahead of the company's AGM, Tate & Lyle said that it has seen an "encouraging start" to the year, boosted by currency exchange and the performance of its food and industrial ingredients unit.

A spokesperson for the company told just-food that the value-added components of Tate & Lyle's food and ingredients business helped drive growth during the first quarter.

"With two research and development centres, we are certainly pushing that part of the business. Value added is currently a key part of our strategy," the spokesperson said.

Tate & Lyle shares rose 9.39% in the wake of the company's upbeat management statement, climbing to 340.25 pence at 4.09pm (BST).