UK-based ingredients group Tate & Lyle plc kept its outlook for its financial year after a first quarter when trading was mixed but underlying profits met expectations.
Tate & Lyle said adjusted operating profit for continuing operations for the quarter to the end of June was in line with its estimates.
The company said sales of its speciality food ingredients grew ahead of the market thanks to “strong” growth in Europe and emerging markets. Its performance in the US was “softer” after the cold spring in the country. Lower-than-expected sweetener sales led to lower margins.
Tate & Lyle also noted volumes of bulk liquid sweeteners were lower in the US, although that was offset by a better performance in the EU.
“Our outlook for the year remains unchanged and we continue to expect to deliver another year of profitable growth,” the company said.
