Tate & Lyle has insisted that its performance for the first nine months of the year is “in line” with the UK sugar and ingredients firm’s expectations – despite a third quarter that fell “marginally” short of targets.
In its interim management statement, Tate & Lyle said the three months to 31 December were impacted by the same trading patterns that the group experienced in the first half, when pricing and pressure on the global industrial starch, US ethanol and US animal feed markets hit profits.
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Tate & Lyle attributed its failure to meet third-quarter expectations to lower industrial sales volumes at its food & industrial ingredients business in the Americas.
The group added that sweetener selling prices in the Americas for calendar year 2010 will be below those of 2009 and margins will be down as a consequence.
However, the group continued, its sucralose, European food & industrial ingredients and sugars divisions each performed in line with management expectations.
The sugars division was able to deliver improved margins following the final institutional price change on 1 October.
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By GlobalDataLooking to the full year, Tate & Lyle said that it expects to report operating profit for the full year marginally below the previous year.
