Tate & Lyle saw a six per cent drop in pre-tax profits in the first half of this year which, it says, was due to a "soft beverage season in the US". (Release)
Operating profit was £176m in the six months to 30 September, down from £186m last year. Profit before tax declined £10m from last year at £158m.
Sales growth in the period was up, however, at £1,737m, from £1,631m in 2012. The seven per cent increase was down to good sales growth in speciality food ingredients and, says chief executive Javed Ahmed, "particularly strong volume growth in emerging markets." Speciality food ingredients sales were at £112m (£108m like-for-like).
The food company says it expects to deliver another year of profitable growth, but its profit does remain sensitive to currency fluctuations, particularly the US dollar to sterling exchange rate. Speciality food ingredients and Bulk ingredients will both perform well, it says.