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Tate & Lyle announces 4% profit increase

British-based Tate & Lyle, provider of ingredients to the food and drink industry, has announced a 4% rise in profits for the last financial year.

The company, founded in London in 1921, saw overall sales up 5% to £3.26bn, and its adjusted profit before tax for the year to 31 March 2013 rose to £329m, an increase on last year’s £318m.

It has seen its biggest profit increase in its speciality foods division, which includes brands such as sweetener Splenda, rising 7% to a figure of £947m.

This is due to stronger demand for healthier and convenience foods in products such as artificial sweetener sucralose and food ingredients.

Tate & Lyle chief executive Javed Ahmed said that despite facing ”headwinds” such as volatile corn prices, the company had made significant progress, and had been aided by the opening of a new £33m Commercial and Food Innovation Centre in the United States.

“The opening of our new global Commercial and Food Innovation Centre in Chicago has significantly enhanced the level of engagement with our customers, and we have also made headway developing the innovation pipeline and bringing new products to market,” he said.

“Looking ahead, we will continue to build on the foundations we have laid and expect to deliver another year of profitable growth.”

Source: www.themanufacturer.com - 30 May 2013