The EU sugar regime reform currently under discussion at the World Trade Organisation could affect Tate & Lyle’s European business, the manufacturer has said.

Releasing the group’s annual results to end March 31, Tate & Lyle’s chairman, Sir David Lees, said that the reform would “adversely affect” the future performance of its European Sugar and Food & Industrial businesses.

However, Lees said that the group was as yet unable to quantify the nature and scale of the financial consequences.

The European Commission has said that the formal proposals for reform will be announced later this month.

Tate & Lyle revealed an increase in sales to £3,342m from £3,167m the year before and a 12% increase in pre-tax profits to £255m.