UK sugar and sweetener group Tate & Lyle has posted a 6% slide in half-year profits and said that second-half results will depend on its plan to push through price rises for its starches and sweeteners.
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Tate & Lyle posted underlying pre-tax profits of £119m (US$199m) for the six months to 30 September, in line with forecasts ranging from £117m to £120m.
The company is hoping to offset the rising costs of wheat and maize in Europe and the US by passing on some costs to its customers, reported Reuters.
Wheat and maize prices have risen sharply due to the hot summer weather, which reduced yields. Tate & Lyle plans to enter talks with its customers in the US and Europe, aimed at raising prices.
“We are confident for the outcome of these talks,” chief executive Iain Ferguson was quoted by Reuters as saying.
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