REG - Tate & Lyle PLC - Trading Statement

Tate & LyleAnnouncement

26/01/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230126:nRSZ8918Na&default-theme=true

RNS Number : 8918N  Tate & Lyle PLC  26 January 2023

26 January 2023 - Tate & Lyle PLC

 

TRADING STATEMENT

 

Tate & Lyle issues the following trading statement for the three months
ended 31 December 2022.

 

Headlines

·   Third quarter trading consistent with first half of the financial year

·   Food & Beverage Solutions top-line momentum continues with revenue
up 19%

·   Positive outcome from the 2023 calendar year pricing round

·   Outlook for the year ending 31 March 2023 unchanged

 

Nick Hampton, Chief Executive said:

"Tate & Lyle continues to perform well with Food & Beverage Solutions
delivering another strong quarter of double-digit revenue growth.  We have
successfully renewed 2023 calendar year customer contracts to recover higher
input costs and, despite ongoing economic uncertainty, we continue to deliver
against our strategy as a growth-focused speciality food and beverage
solutions business."

 

 Three months ended 31 December 2022  Revenue(1)
 Food & Beverage Solutions            +19%
 Sucralose                            (8%)
 Group                                +16%

 

1 Growth in constant currency

 

Divisions

 

Food & Beverage Solutions

Revenue growth benefited from mix management, the pricing through of input
cost inflation and acquisitions. In North America, we saw continued revenue
growth despite supply chain disruption.  Both the regions of Europe and Asia,
Middle East, Africa and Latin America delivered strong double-digit revenue
growth reflecting good commercial performance and mix management. Volume and
revenue performance were similar to the first half of the financial year.

 

Sucralose

Revenue was 8% lower reflecting, as expected, the unwind of orders phased into
the first half.

 

Primient minority holding

 

The operational challenges which impacted the first half of the financial year
are being addressed, and the 2023 calendar year bulk sweetener pricing round
is nearing completion with unit margins returning to pre-inflation levels.

 

Outlook for year ending 31 March 2023 is unchanged

We continue to expect:

·   Revenue growth reflecting current top-line momentum

·   To offset input cost inflation through strategic mix management,
pricing, productivity and cost discipline

·   Adjusted profit before tax to be in line with current market
expectations(2) with stronger profits in Food & Beverage Solutions
offsetting lower profits from the minority holding in Primient.

 

 

(2) Market expectations as per Factset on 25 January 2023

 

Capital markets event

A capital markets event will be held on Wednesday 8 February 2023 at 14.00
GMT.  The event will be hosted by Nick Hampton, Chief Executive, and will
outline Tate & Lyle's strategy, business model, portfolio, markets, and
science-led approach which puts it at the centre of the future of food.
Registration details will be posted on our website at
https://www.tateandlyle.com/investors-hub
(https://www.tateandlyle.com/investors-hub) .

 

END

 

 

 

A third quarter conference call will be held today at 8.00am GMT hosted by
Nick Hampton, Chief Executive and Dawn Allen, Chief Financial Officer.
Participants are requested to dial in at least 10 minutes before the start of
the call.  Dial in details are as follows:

 

UK dial in number:  +44 (0)33 0551 0200

UK toll free number: 0808 109 0700

US dial in number: +1 786 697 3501

US toll free number: +1 866 580 3963

Password: Tate & Lyle

 

14 day conference call replay:

UK replay number:  +44 (0)20 8196 1480

US toll free replay number: +1 866 583 1035

Access pin:  8547458#

 

For more information contact Tate & Lyle PLC:

Christopher Marsh, VP, Investor Relations

Mobile: +44 (0) 7796 192 688

 

Nick Hasell (FTI Consulting), Media Relations

Mobile: +44 (0)7825 523 383

 

About Tate & Lyle:

Tate & Lyle is a world leader in ingredient solutions for healthier food
and beverages. Supported by our 160-year history of ingredient innovation, we
partner with customers to provide consumers with healthier and tastier choices
when they eat and drink. We are proud that millions of people around the world
consume products containing our ingredients every day.

Through our expertise in sweetening, mouthfeel and fortification, we develop
solutions which reduce sugar, calories and fat, add fibre and protein, and
provide texture and stability in categories including beverages, dairy,
bakery, soups, sauces and dressings.

We have more than 3,500 employees working in around 57 locations across 39
countries. Tate & Lyle's purpose is Transforming Lives Through the Science
of Food and through our purpose we believe we can successfully grow our
business and have a positive impact on society. We live our purpose in three
ways, by supporting healthy living, building thriving communities and caring
for our planet.

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 2022, Tate & Lyle revenue from continuing operations totalled £1.4
billion. For more information, please visit https://www.tateandlyle.com
(https://www.tateandlyle.com) or follow Tate & Lyle on Twitter
(https://twitter.com/tateandlyleplc) , Linkedin
(https://www.linkedin.com/company/tate-&-lyle) , Facebook
(https://www.facebook.com/TateandLyleCommunity) or YouTube
(https://www.youtube.com/c/TateLylePLC) .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTNKPBPFBKDNDB