Sweetener manufacturer Tate & Lyle is set to beat profit expectations due to strong demand as more people cooked at home during lockdown.
The firm, which sold its eponymous sugar brand in 2010, said its food and beverage solutions division recorded sales growth of eight per cent due to higher volumes, good prices and the success of new products.
Revenue growth in the US and Canada was in the double digits, with Asia, Middle East, Africa and Latin America delivered high single-digit growth.
In Europe revenue was “marginally higher” than the comparative period, “reflecting solid demand for in-home consumption.
Sucralose revenue fell three per cent as demand was weakened by fewer people eating outside of the home.
Meanwhile, Tate & Lyle’s primary products volume increased four per cent.
Chief executive Nick Hampton said: “This was a quarter of strong performance and strategic progress. Food & Beverage Solutions and Primary Products both delivered topline growth supported by excellent operational execution and cost discipline.”
He added: “While the operating environment remains uncertain and out-of-home consumption continues to be below pre-pandemic levels, the business has positive momentum.
“We remain focused on delivering our priorities and are well placed to emerge from this period an even stronger business.”