REG-Tate & Lyle PLC Trading Statement <Origin Href="QuoteRef">TATE.L</Origin>

Tate & LyleAnnouncement

02/04/2015 07:01

http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20150402:nBw015968a 
 
LONDON--(Business Wire)--


2 April 2015 - Tate & Lyle PLC

STATEMENT ON ENTERING CLOSE PERIOD

Tate & Lyle PLC issues the following update for the year ended 31 March 2015
ahead of the announcement of full year results on 28 May 2015. 

Based on trading performance for the fourth quarter there is no change from the
guidance in our trading statement on 6 February 2015. We continue to expect
Group adjusted profit before tax for the year ended 31 March 2015 to be modestly
below the range stated in September 2014 of £230 to £245 million1. 

As expected, for the full year, Group adjusted operating profit has been held
back by the impact of the operational and supply chain issues experienced mainly
in the first half, and the continued extremely competitive market for SPLENDA®
Sucralose. 

We expect net debt at 31 March 2015 to be around £500 million, higher than
reported at 31 December 2014 (£466 million), principally due to investment in
working capital as we continue to rebuild inventories and an exchange
translation impact of around £20 million following further strengthening of the
US dollar. 

As planned, the project to evaluate how best to maximise returns from SPLENDA®
Sucralose is reaching conclusion and will be finalised with the Board during
April. We expect to communicate the outcome in the next few weeks. 

On 24 February 2015 we launched DOLCIA PRIMATM Allulose, a low-calorie sugar,
the most significant example of the innovation capability we established three
years ago at our Commercial and Food Innovation Centre in Chicago. Since the
launch, we have seen encouraging early interest and engagement from customers
across a range of applications, and this supports our confidence in its longer
term potential. However, given the relatively long development and adoption
cycles for new ingredients, we do not expect it to have any material effect on
the Group`s performance during the next financial year. 

END

1 Range based on forecast foreign exchange rates of GBP:USD £1.00:$1.69 in
September 2014. 

Conference call:

A conference call will be held today at 8:00am BST, hosted by Javed Ahmed, Chief
Executive and Nick Hampton, Chief Financial Officer. Participants are requested
to dial in at least 10 minutes before the commencement of the call. 

Dial in details are as follows: 

Standard International Access: +44 (0) 20 3003 2666
Password: Tate & Lyle
UK replay number: +44 (0) 20 3350 6902
Replay access PIN: 1711809 

A replay of this call will be available after the end of the live call for 14
days until 15 April 2015. 

For more information contact Tate & Lyle PLC:

Christopher Marsh, Group VP, Investor and Media Relations
Tel: +44 (0) 20 7257 2110 or Mobile: +44 (0) 7796 192 688 

Andrew Lorenz, FTI Consulting (Media)
Tel: +44 (0) 20 3727 1323 or Mobile: +44 (0) 7775 641 807 

About Tate & Lyle:

Tate & Lyle is a global provider of ingredients and solutions to the food,
beverage and other industries, with operations in over 30 locations worldwide. 

Tate & Lyle operates through two global divisions, Speciality Food Ingredients
and Bulk Ingredients, supported by our Innovation and Commercial Development and
Global Operations groups. The Group's strategy is to become a leading global
provider of Speciality Food Ingredients through a disciplined focus on growth,
and by driving Bulk Ingredients for sustained cash generation to fuel this
growth. 

Speciality Food Ingredients consists of three platforms: Texturants, which
includes speciality starches and stabilisers; Sweeteners, which comprises
nutritive sweeteners and our range of no-calorie sweeteners including SPLENDA®
Sucralose; and our Health and Wellness portfolio which includes speciality
fibres and our salt-reduction offering. Additionally, our Food Systems business
provides a wide variety of blended ingredient solutions. 

Tate & Lyle Bulk Ingredients includes bulk sweeteners, industrial starches and
fermentation products (primarily acidulants). Corn co-products from both
divisions are primarily sold as animal feed. 

Tate & Lyle is listed on the London Stock Exchange under the symbol TATE.L.
American Depositary Receipts trade under TATYY. In the year to 31 March 2014,
Tate & Lyle sales totalled £3.1 billion. For more information, please visit
http://www.tateandlyle.com. 

SPLENDA® is a trademark of McNeil Nutritionals, LLC. 
 
Tate & Lyle PLC 

Copyright Business Wire 2015