May 22 (Reuters) - British food ingredients maker Tate &
Lyle ( TATYF ) on Thursday estimated its full-year revenue growth
would be 4% at best, less than last year, as the uncertainty
over U.S. tariffs has raised costs for the company and its
customers.
The company, which has manufacturing plants in both the
United States and China, said the tariff-related cost increases
were mainly for the products it supplies between these two
countries.
U.S. trade policies have created uncertainty for companies
across the globe. While some have responded by passing on costs
to customers, finding alternative sourcing or adjusting their
manufacturing processes, others await more clarity - despite the
temporary truce in the Sino-U.S. trade war announced last week.
Tate & Lyle ( TATYF ) is among the latter, and ahead of such clarity,
said it expects revenue growth for the April-March fiscal year
to be at, or slightly below, the bottom of its medium-term range
of 4% to 6%.
The company, which supplies ingredients for Splenda, the
sweetener in Diet Coke and other sugar-free drinks, said its
revenue increased 5% to 1.74 billion pounds ($2.33 billion) in
the year ended March 31.
Its shares dropped 2.4% to 588.5 pence in early trading on
Thursday.
($1 = 0.7453 pounds)