Tate & Lyle has announced that its pre-tax profits almost halved in the six months to 30 September, but stood by its forecast of full-year pre-tax profits of between £230 million and £245million. It also raised its interim dividend by 5.1 per cent to 8.2p a share.
Tate & Lyle attributed the decreased earnings to “significant” supply chain disruption, as well as a very competitive market.
Speaking about how the firm has upped its game, its CEO Javed Ahmed stated
“As we announced on 23 September, the group’s performance in the first half has been significantly held back by operational and supply chain disruption and an increasingly competitive market for Splenda Sucralose. "Notwithstanding these factors, the fundamentals of our business are robust with particularly strong growth in the emerging markets for our speciality food ingredients business excluding Splenda Sucralose, a high quality innovation pipeline and a resilient, cash generative bulk ingredients business. We are firmly focused on taking the necessary steps to work through the issues we face and improve the group’s performance."
