Profits bring sweet taste for Tate
FOOD and sweetener group Tate & Lyle said it overcame “headwinds” to post a four per cent rise in annual profits and forecast further earnings growth over the year ahead.
The group saw sales growth of its sweetener products such as Splenda and naturally-derived Purefruit grind to a halt in the year to March 31, remaining flat at £198m. It said demand was hit by weak conditions in Europe, while there was also competition in the market from natural alternatives.
Overall underlying earnings in its speciality food ingredients division were flat at £213m, but this was offset by a seven per cent hike across its bulk ingredients arm to £182m.
This helped group-wide underlying pre-tax profits rise to £329m, up from £318m the previous year.