UK sugar and sweetener group Tate & Lyle posted a 13% drop in first-half profits today (6 November) despite a better-than-expected 7% rise in revenues.
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The Splenda maker said underlying pre-tax profits dropped to GBP112m (US$185m), while sales rose to GBP1.82m in the six months to end-September.
In its earnings release, Tate & Lyle warned that it anticipated continued pressure on the global industrial starch, US ethanol and US animal feed markets. However, the company said that it was on-track to meet its full-year targets, with growth in its Splenda and sugar businesses expected in the second half.
The company added that lower corn prices will boost its US corn sweeteners business, by cutting input costs.
“Overall, the group’s performance before the impact of exchange translation remains on track to meet our expectations for the full year,” the company said in a statement.
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By GlobalDataFor the full earnings release click here, or check back later for just-food’s insight into Tate & Lyle’s first half.
