23/05/2019 | Ingredients

Tate & Lyle full-year profits dip

British food ingredients maker Tate & Lyle has reported a 16 % drop in profits before tax to GBP 240 m (2018: GBP 286 m). However, the Group says it has delivered “solid financial progress” with food & beverage solutions maintaining momentum and a particularly strong sucralose performance. The company says earnings per share growth will be broadly flat for 2020.

The full-year results for the year ended 31 March 2019 come as Tate & Lyle eyes expansion opportunities and growth within specialty ingredients and in Asia, as the long-established London-headquartered company evolves ever further from its commodity roots. Higher costs weighed down the primary products business, (high-volume sweeteners, industrial starches and fermentation products), while top-line momentum continued with solid volume growth in North America and double-digit growth in emerging markets.