Tate & Lyle expect another year of profitable growth after a slow start in US

British agribusiness Tate & Lyle says its outlook for 2013 has remained unchanged as adjusted operating profit in the period 1 April to 30 June 2013 was reported in line with expectations (release).

As expected, a cold spring and slow start to summer in the US impacted negatively on sales volumes in its beverage sector, although speciality foods volumes and sales grew, particularly in Europe and emerging markets.

Tate & Lyle have reduced their net debt to £426m as of 30 June 2013 from £479m on 31 March 2013, and is hoping its acquisition of Chinese food systems business Jiangsu Howbetter Food Co. will help accelerate growth there.

The group expects to report another year of profitable growth. Shares are up 11 per cent from the start of the year, with the company valued at around £3.8bn at last night’s close.