Tate & Lyle Plc (LON:TATE) issued the following trading statement for the three months ended 31 December 2018.
Group adjusted profit before tax in constant currency in the quarter was ahead of the comparative period. Our outlook for the year ending 31 March 2019 remains unchanged.
Food & Beverage Solutions
Food & Beverage Solutions performed well with volume growth in line with the first half. Volume growth in North America and Asia Pacific and Latin America showed continued momentum. In Europe, Middle East and Africa, we continued to focus on mix improvement. Adjusted operating profit in the quarter was higher than the comparative period.
Sucralose
Volume was higher benefitting from a programme to optimise production at our facility in McIntosh, Alabama, and adjusted operating profit was slightly ahead of the comparative period.
Primary Products
During the quarter, we saw weaker demand in North American sweeteners leading to lower volume and adjusted operating profit was lower than the comparative period. The 2019 calendar year bulk sweetener pricing round is nearing completion with margins broadly in line with the prior year.
Guidance
Tate & Lyle Plc guidance for the year ending 31 March 2019, remains for growth in earnings per share1 in constant currency to be in a mid-single digit range, albeit towards the lower end due to energy and transport cost inflation in North America and a year of strong Commodities performance in fiscal 2018.
