UK's Tate & Lyle to hike prices as Middle East conflict drives costs higher

Tate & Lyle

Today 08:16

Nov 5 (Reuters) - British food ingredients maker Tate & Lyle TATE.L said on Thursday it plans to raise prices to help offset higher costs as a result of the extended Middle East conflict.
Here are some details:
The company said it intends to offset higher expenses by passing through cost inflation as it renews customer framework agreements for calendar year 2027
Tate & Lyle maintained its annual forecast of modest revenue growth and broadly flat operating earnings
CEO Nick Hampton said strong first-half growth in Asia Pacific and a robust performance in the Americas helped offset more challenging conditions in Europe, the Middle East and Africa
Adjusted pre-tax profit fell 18% to £102 million ($137.6 million), while revenue rose 1% to £1.04 billion in the six months to September 30
It expects its $3.6 billion acquisition by US group Ingredion INGR.N to complete in the second half of calendar year 2027

($1 = 0.7413 pounds)

 (Reporting by Krisha Bhatt in Bengaluru; Editing by Jochelle Mendonca)
 ((Krisha.Bhatt@thomsonreuters.com;))