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Solid First Half From Tate & Lyle

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Solid First Half From Tate & Lyle

Solid First Half From Tate & Lyle
November 09
12:46 2012

Tate & Lyle, the global ingredients and food solutions provider, has delivered a solid performance in the first six months ended 30 September 2012 against the backdrop of a strong first half last year, softer market conditions in Europe and the step change in fixed costs associated with the restart of its SPLENDA® Sucralose facility in the US and business transformation initiatives. Sales in the first half increased by 6% (7% in constant currency) to £1.63 billion  with adjusted operating profit up 1% (2% in constant currency) to £195 million. Adjusted profit before tax increased by 2% (2% in constant currency) to £179 million while reported profit before tax decreased by £69 million to £172 million with the comparative period benefiting from an exceptional credit.

Speciality Food Ingredients sales rose by 5% (6% in constant currency) but adjusted operating profit was 7% lower than the strong first half last year. Tate & Lyle’s Bulk Ingredients business increased adjusted operating profit by 6% (7% in constant currency) with a strong performance from sweeteners more than offsetting more normal co-product returns. The group’s business transformation programme is continuing with encouraging initial customer response to the new global Commercial and Food Innovation Centre in Chicago and the launch of a new venture fund

Tate & Lyle expects its Speciality Food Ingredients business, despite continued challenging market conditions inEurope, to achieve steady volume growth and solid sales growth for the full year.

In Bulk Ingredients, it expects the firm demand for liquid sweeteners in theUSto continue and demand in other food markets to remain stable. InEurope, higher corn prices are expected to reduce isoglucose margins in the second half. Market conditions in US ethanol are expected to remain challenging.

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