Sweetener maker Tate & Lyle's annual profit jumps on price hikes (updated)

Ingredion

25/05/2023 08:07

(Adds details on results)
       May 25 (Reuters) - British food ingredients maker Tate &
Lyle Plc  TATE.L  on Thursday reported a 22% rise in full-year
profit as higher prices helped mitigate cost inflation. 
    The company, which is one of the world's biggest producers
of sweeteners, said hiking prices and renewing customer
contracts helped maintain margins despite high raw materials
such as corn and energy costs.  
    Corn prices have been consistently high due to combination
of supply chain issues, Ukraine-Russia conflict and weather
conditions in major corn-producing areas. 
    The ingredient supplier to Splenda, a non-sugar sweetener
used in diet Coke and other sugar-free drinks, expects 2024
revenue growth in line with its five-year target of 4% to 6% . 
    Tate's American peer Ingredion  INGR.N  had said in early
May that it expects its annual performance to be better than
expectations as sales volumes recover and corn prices ease.  
    Tate made 320 million pounds in adjusted core profit
compared to 233 million pounds a year ago.
   

($1 = 0.7923 pounds)

 (Reporting by Prerna Bedi in Bengaluru; Editing by Arun Koyyur)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))