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Tate & Lyle: Speciality Food Ingredients sales up 10%

(beveragemanager.net) - London-based Tate & Lyle posted fiscal year profit of $477 million, up from $257 million in the previous fiscal year. Sales in the fiscal year rose to $4,770 million, which marked a 14% increase as reported and a 16% increase in constant currency.

Chief executive Javed Ahmed has been shifting the focus of the group away from being a bulk commodity player to a speciality food ingredients business.

He said the group saw steady growth across a number of its markets in the year, including Asia and Latin America. Despite economic uncertainty and a step up in investment he said he expected further growth this year.

“We expect to see progress on profits, and continue to see top line growth from our speciality food ingredient this year”, he said.

Tate & Lyle is a global provider of ingredients and solutions to the food, beverage and other industries, operating from over 30 production facilities around the world. (bmg)