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Tate & Lyle hikes full-year profit guidance

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Tate & Lyle hikes full-year profit guidance

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(Reuters) – British ingredients supplier Tate & Lyle <TATE.L> lifted its full-year profit expectations on Thursday, citing a strong first half when growth in its bulk ingredients and speciality food ingredients businesses helped to drive profit higher. The company’s sales from continuing operations rose 6 percent to 1.4 billion pounds ($1.9 billion) in the six months to Sept. 30, while adjusted profit at constant currencies was 13 percent higher at 169 million pounds. “Turning to the outlook, we expect underlying adjusted profit before tax in constant currency for the full year to be modestly higher than we anticipated coming into the year driven by the strong first half performance,” CEO Javed Ahmed said. Ahead of the results, analysts had on an average expected full-year adjusted pretax profit of 286 million pounds, according to a company-compiled consensus. Tate reported profit of 271 million pounds for the year ended March 30. ($1 = 0.7530 pounds)

(Reporting by Esha Vaish in Bengaluru; Editing by Mark Potter)
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