Tate & Lyle PLC (LON:TATE) has said it remains on track to deliver full-year adjusted pre-tax profit in constant currency in line with guidance, although profit growth in its Speciality Food Ingredients will moderate in the second half.
In a trading statement for the three months ended 31 December 2017, the FTSE 250-listed firm said it saw volume momentum in its Speciality Food Ingredients and Bulk Ingredients divisions.
The firm said, in Speciality Food Ingredients, the core business delivered good volume growth, including a continuation of modest volume growth in North America, and in Food Systems profit improved although volume was lower.
The group added that 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.
Tate & Lyle noted that its SPLENDA ® Sucralose business performed as anticipated with profit in line with the comparative period.
In Bulk Ingredients, the firm said, sweetener volume in North America grew and profit growth is currently expected to be robust for the financial year ending 31 March 2018.
The group noted that the 2018 calendar year bulk sweetener pricing round is now substantially complete with margins broadly in line with the previous year.