Tate & Lyle is arguably in a better position than it has been since the decision in 2010 to part company with Mr Cube and get rid of the sugar business. There have been a few slips on the way, as investors will be all too aware.
The aim is to use the profits from its bulk ingredients side, providing sweeteners to the US drinks industry, for example, to fund investment in speciality food ingredients, which is higher-growth and higher-margin.
Meanwhile, the bulk side should be made less cyclical and vulnerable to abrupt changes in corn sugar prices, and the rate of development of new food products must be stepped up. The company has put up some punchy milestones to be reached by 2020, such