Tate & Lyle first-half trading in line, full-year unchanged

8th Oct 2015 07:44

(ShareCast News) - Tate & Lyle said the company's performance in the first half was in line with its expectations and guidance for the full year remains unchanged.It said Speciality Food Ingredients performed encouragingly and ahead of the comparative period, returning to volume growth in the second quarter.Volumes were also ahead of the comparative period in SPLENDA Sucralose and, following the Gemacom acquisition, strongly ahead in Food Systems.Meanwhile, Bulk Ingredients, excluding commodities such as ethanol and co-products, continued to perform steadily and slightly ahead of the comparative year, supported by solid demand for sweetener.Commodities, which continued to be impacted by low US ethanol margins, were significantly lower than the comparative period, and, as a result, Bulk Ingredients overall performed below last year.Tate said the process of obtaining regulatory approval for the re-alignment of the Eaststarch joint venture in Europe is now concluded and it expects to complete this transaction during the third quarter.