Tate & Lyle plc has made a ‘satisfactory’ start to the year with profit before tax in line with the first quarter last year.
Its food and industrial ingredients division in Europe improved co-product prices, offsetting higher energy prices.
Sales volume growth was strong and consistent with the company’s targets.
The EU sugar businesses are currently operating in a difficult market while surplus stock is absorbed in anticipation of the first reduction in the EU prices.
Chairman Sir David Lees said the firm was confident that the market equilibrium for supply and demand would be restored in the second half of the year.
Tate & Lyle announced the sale of its international sugar trading business to Bunge Limited, which has now been approved.
Group net debt stands at £967 million June 30, compared to £1,041 million at March 31, 2008.