Tate & Lyle Expected another Year of Profits
On Friday, Tate & Lyle (TATE. L), a British sweetener maker, came up with expectations of yet another profitable year.
However, the multinational agribusiness affirmed that the cold spring weather had stricken the first-half profits in the United States. Also, the profits had realized a slow beginning to the summer.
According to the company's projection, the operating profits at the specialty food ingredients business for the period could be in adherence to the earlier year. Since, the demand for sucralose and its selling prices in the country's beverage sector were low.
The report found that zero-calorie sweeteners Tasteva and Splenda are Tate & Lyle plc's brands. The company said that the volumes of sweeteners had got adversely affected in its two divisions. Also, it predicted the adjusted operating profit for half a year ended September 30 to decline in comparison to the profit last year at the same time.
Almost 30% of the sales in the previous year were made up by the firm's specialty food ingredients business. The company has, therefore, directed itself to development of the business that comprises starches and sweeteners.
"The outcome of the calendar year sweetener pricing rounds will influence performance in the final quarter of the financial year. Overall, we expect to deliver another year of profitable growth", stated the firm.
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