Tate & Lyle said today (31 March) that underlying trading in its final quarter has been consistent with its expectations.
“Performance at our ingredients businesses in the Americas and Europe during the final quarter of the 2010 financial year has been in line with expectations,” the company said in a trading update.
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“Margins in our EU sugar operations have remained consistent with those achieved in the third quarter, and, as anticipated, Sucralose has continued to deliver volume growth at lower average selling prices.”
In January, Tate & Lyle insisted that its performance for the first nine months of the year was “in line” with the UK sugar and ingredients firm’s expectations – despite a third quarter that fell “marginally” short of targets.
Today, Tate & Lyle said the three months to 31 December were impacted by the same trading patterns that the group experienced in the first half, when pricing and pressure on the global industrial starch, US ethanol and US animal feed markets hit profits.
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By GlobalDataTate & Lyle attributed its failure to meet third-quarter expectations to lower industrial sales volumes at its food & industrial ingredients business in the Americas.
The group added that sweetener selling prices in the Americas for calendar year 2010 will be below those of 2009 and margins will be down as a consequence.
The company will report full year results on 27 May.
