Sweeteners firm Tate & Lyle PLC (LON:TATE) said its new financial year got off to an encouraging start, with constant currency profits up year-on-year.
In the April to June quarter – the first quarter of Tate & Lyle’s (T&L) financial year – volumes were up on the same period of 2016 in both the Speciality Food Ingredients and Bulk Ingredients divisions.
In North America, where the overall food and beverage market remained soft, the core Speciality Food Ingredients division saw modest volume growth with firmer volume from some larger customers, and also continued to make progress in broadening its customer base.
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In the rest of the world, the core part of the Speciality Food Ingredients division delivered strong volume growth.
Turning to the non-core part of the division, Food Systems volume was flat year-on-year while SPLENDA sucralose performed as expected.
In Bulk Ingredients, the core business performed well, T&L said, driven by solid demand for sweeteners and industrial starches; firm US bulk sweetener margins; and continued strong manufacturing performance.