Britain’s Tate & Lyle reported lower full-year profit in line with its forecast and signalled this year would be just as tough as it overhauls its business.

It said the restructuring it was undertaking this year, aimed at shifting its focus toward higher-margin specialty food ingredients instead of commoditised bulk ingredients, would improve performance.

The company, which sells sweeteners and other ingredients to global packaged food- and drink-makers, said adjusted profit before tax fell 30 per cent to £224 million ($344 million) in the year to March 31st. Adjusted sales fell 14 per cent to £2.69 billion.

For the year ending March 2016, Tate & Lyle expects adjusted profit before tax in line with 2015, assuming it completes the exit of its European bulk ingredients business.

– (Reuters)