Tate and Lyle says profits down after slow summer in US
Tate and Lyle has announced its expectation that its operating profit for the first half of 2013 will be slightly down on last year after a cold spring and slow start to the summer affecting the US beverage sector. (Release)
Overall, however, the company anticipates delivering another year of profitable growth.
When it came to speciality food ingredients, lower volumes of growth in the US were met with strong volume growth for the company in Europe and emerging markets, with strong demand for starches and fibres in Asia Pacific and Latin America.
Lower selling prices for the company's sweetener brand Splenda is expected to see operating profit figures broadly in line with the prior year period.
European corn prices are expected to more than offset the impact of lower sugar prices for Tate and Lyle and, as such, it's expecting a stronger performance in this division over the second half of this year, compared to the same period last year.
