UK-based sugar and sweetener firm Tate & Lyle has said trading since its update on 28 July 2004 has continued to go well, helped by strong growth of its Splenda sweetener.
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“Over the five months to August 2004, profit before tax and exceptional items has exceeded both our budgetary expectations and the corresponding period of the prior year,” the company said.
Tate & Lyle said the Splenda Sucralose sweetener had seen exceptional growth, helped by initial uptake by customers to fill the pipeline for new product launches, and increased production.
However, the company said the sharp increase in wheat and corn raw material prices had, as anticipated, caused profits at Amylum to be below those in the corresponding period. Tate & Lyle reported good growth in value added food ingredients.
The company’s Staley unit in the US experienced reduced sweetener volumes, which were offset by good growth in food ingredients and industrial starches. The citric acid product line traded profitably and the astaxanthin plant to produce AquastaTM (an essential nutrient and pigment for farm raised fish) in the UK has started production.
“Our sugar operations in the UK, Portugal and Canada all performed at or above plan levels. There has not been any new information or clarification on the proposal for reform of the EU sugar regime which was tabled by the European Commission in July. Our lobbying to ensure fair treatment for the cane refiners continues,” the company said.
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