Tate & Lyle sees flat-to-low digit EPS growth

Tate & Lyle said it expected full year earnings per share growth to be in a range of flat to low single digits on a constant currency basis as in maintained guidance.

Underlying trade for the three months to end-December was consistent with the first half and in line with expectations.

In Tate's food and drink division, adjusted operating profit performance in the quarter continued to be strong with sales in all regions ahead of the comparative period and volume overall broadly in line, the company said on Thursday.

"While sales growth was slower in Asia Pacific and Latin America, we saw solid growth in North America and Europe, Middle East and Africa," it added.

Sales and adjusted operating profit in sucralose were ahead of the comparative period "reflecting good operational performance and the phasing of shipments from the first half into the quarter".

Sweeteners and starches profit rose with a strong performance in manufacturing and supply chain and good cost discipline "more than offsetting lower sweetener demand from joint ventures and continued industrial starch softness", while commodities profit was ahead due to the earlier phasing of annual contracts.