Having sold its sugar division for £200m five years ago, Tate & Lyle, the global provider of ingredients and solutions to the food, beverage and other industries, reported an 82% fall in annual profits to £51m.
Profits for its Splenda sucralose business fell 73% to £16m in the year to the end of the March, driving the wider group’s adjusted pre-tax earnings down by 30% to £224m. Adjusted like-for-like annual sales at the group were 14% lower at £2.69bn
Chief executive Javed Ahmed said the sweetener had faced an ‘extremely competitive market’ even though demand for the product remained strong, driven by consumers’ appetites for reduced calorie food and drink.
Tate & Lyle operates through two global divisions, Speciality Food Ingredients and Bulk Ingredients in over 30 locations across the world
Speciality Food Ingredients consists of Texturants, which includes speciality starches and stabilisers; Sweeteners, which comprises nutritive sweeteners and our range of no-calorie sweeteners; and the Health and Wellness portfolio which includes speciality fibres and our salt-reduction offering.
Tate & Lyle Bulk Ingredients includes bulk sweeteners, industrial starches and fermentation products.