The speciality food ingredients and sweetener group reported a fall in third-quarter profits as it battled against high corn prices in February. However Tate & Lyle said it has since “continued to perform solidly and in line with our expectations.”
The firm revealed that operating profit in its sucralose sweetener division will be broadly in line with last year despite a slight decline in volumes in the year.
“Within Bulk Ingredients, a good underlying performance from sweeteners in both the US and Europe is expected to more than offset the impact of the costs associated with handling higher levels of aflatoxin following the severe drought in the US in 2012 and continued challenging market conditions in US ethanol,” the group said in a statement.
“In Speciality Food Ingredients, we will achieve solid sales growth for the full year with the rate of volume growth in the second half slightly ahead of that achieved during the first half.”