UK sugar and sweeteners firm Tate & Lyle has said that since its update on 28 January its overall trading has remained in line with its expectations, with Staley performing slightly better and Amylum slightly worse.
The company said its outlook for 2005 remains unchanged.
“The annual sweetener pricing round in the US is now essentially complete with outcomes within our forecast range,” the company said.
Tate & Lyle added that its sugar operations in Europe, Canada and Mexico continue to perform in line with expectations and generate strong cash flow for the group.
“Whilst, as expected, a working capital cash outflow is forecast for the financial year (in part due to higher raw material prices), net debt is expected to benefit from exchange translation,” the company said.
Last month Tate & Lyle announced the acquisition of the sucralose manufacturing plant and ingredients business of McNeil Nutritionals. The company said in its trading update that the acquisition remains on track for completion in early April 2004.