Europe deal signals turn for Tate & Lyle

This all ties in to the core strategies of the business, which include making speciality food profits 70 per cent of the group total and getting 30 per cent of speciality food sales from emerging markets by 2020. This division, which focuses on sweeteners, starches and fibres, increased its adjusted operating profits by 29 per cent to £76m, counteracting the 11 per cent decline in the bulk ingredients business. As part of the Eaststarch deal, it acquired a speciality-focused plant in Slovakia that will boost the division's capacity.

Mr Hampton said the speciality division helped it address a key food and beverage trend - that of the desire for lower-calorie and lower-fat products. He said this market had grown by roughly 5 per cent a year for the past few years. This is where Tate & Lyle's new products division will also be important. It increased its sales by 56 per cent to £28m and achieved its first commercial sales of Dolcia Prima. This additive uses allulose - a rare sugar with 90 per cent less calorie content than conventional sugar.

Prior to these results, analysts at JPMorgan Cazenove expected pre-tax profits of £192m for the current financial year, giving EPS of 32.7p, compared with £224m and 37.6p in FY2015.