UK sugar and sweetener group Tate & Lyle has posted an 18% rise in annual profit, beating forecasts.
Go deeper with GlobalData
Headline pre-tax profits increased to £187m (US$306.2m) for the year to 31 March, while underlying profit before exceptional items and goodwill amortisation rose 43% to £228m, beating forecasts of £205-216m.
“Profit growth in the current year will depend on improving efficiency, cutting costs and driving sales of branded products,” finance director Simon Gifford was quoted as saying by Reuters.
Tate & Lyle, which produces branded sugars and syrups, soft drinks sweeteners and industrial starches, said its two major starch and sweetener businesses, Staley in the US and Amylum in Europe, generally performed well, although the group suffered from ongoing low prices for citric acid and Czech sugar.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
