Tate & Lyle chief executive, Iain Ferguson, said: “The encouraging start to the year that we reported in our Interim Management Statement in July has continued, with performance in the first half year, before the impact of exchange translation, remaining ahead of our expectations.
“As we also indicated in July, our half-year results will not reach the level of the corresponding period, which benefited from strong co-product revenues during the commodity price peak of summer 2008. As expected, demand from food and beverage customers has proved resilient and we have continued to experience challenging conditions in EU sugar and industrial ingredients. Against this backdrop, we have continued to take the actions necessary to strengthen the Group’s balance sheet, reduce our costs and ensure that we are well positioned as markets improve.”
Source: Tate & Lyle
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