The firm revealed a strong set of results for the period ending March 31, with starch margins improving as a result of soaring sugar prices in Europe.
“Within bulk ingredients, sweetener volumes have remained strong with isoglucose margins improving in Europe during the second half of the year on the back of higher sugar prices,” a statement revealed.
Market conditions
“During the year we have also benefitted from firmer industrial starch margins in Europe despite market conditions having started to soften recently against the backdrop of a more challenging macro-economic environment.”
After an exceptionally strong first half, income from products reverted to more normal levels during the latter part of the year, the firm added.
T&L also announced that profits at its speciality food ingredients division would be weighted towards the first half of the year. This was a result of its Splenda artificial sweetener volume growth reverting to more normal levels and due to the costs associated with restarting its McIntosh manufacturing facility in the US.