Ingredients provider Tate & Lyle has released its trading statement for the three months ending 31 December 2017.
The group saw volume momentum in its speciality food ingredients and bulk ingredients divisions and remains on track to deliver progress in adjusted profit before tax in constant currency for the year ending 31 March 2018, in line with guidance.
In speciality food ingredients, the core business delivered good volume growth, including a continuation of modest volume growth in North America. In food systems, profit improved although volume was lower. Splenda Sucralose performed as anticipated with profit in line with the comparative period. In the division overall, decisions taken in the first half, particularly to invest behind the longer term development of the business, will moderate profit growth in the second half.
In bulk ingredients, sweetener volume in North America grew and profit growth is currently expected to be robust for the financial year ending 31 March 2018. The 2018 calendar year bulk sweetener pricing round is now substantially complete with margins broadly in line with the previous year.
Just last month, Tate & Lyle announced the appointment of Nick Hampton as its new chief executive, effective 1 April 2018.
Hampton, currently the company’s chief financial officer, succeeds Javed Ahmed who has served as CEO since 2009. Ahmed will step down from his role and retire from the company.