Tate & Lyle plc said today (28 March) it has continued to perform “solidly” and in line with expectations and forecasts “modest” progress for the full year.

In an update for the year to the end of March, and ahead of its full-year earnings results on 30 May, the ingredients group said its speciality food ingredients division is expected to achieve “solid” sales growth for the full year with the rate of volume growth in the second half slightly ahead of the first.

The company said a “good underlying performance” from sweeteners in the US and Europe in its bulk ingredients unit is expected to more than offset the impact of costs related to the US drought and “challenging market conditions” in US ethanol.

Net debt is forecast to be “slightly higher” than the level reported at the end of last year, it said.