Tate + Lyle: Announces H2-2023 Trading Statement

London / UK. (tl) Tate + Lyle PLC, a leading global provider of speciality food ingredients and solutions, announced strong first half performance with good progress delivering growth-focused strategy in its 2023 Half Year Results Statement. Chief Executive Nick Hampton: «Our strong first-half represents an excellent start to Tate + Lyle’s first full year as a growth-focused, science-driven, speciality food and beverage solutions business. Food + Beverage Solutions delivered another half of strong revenue and profit performance with broad-based growth across all regions. We continued to see robust customer demand for solutions which make healthier food and drink, and to benefit from our increasing focus on innovation and close customer collaboration.

«We have seen significant inflation and supply chain volatility in raw materials, energy and logistics costs, especially in Europe. We have worked closely with our customers to provide visibility of increasing input costs and continue to follow this approach as we enter discussions for 2023 calendar year contract renewals.

«The separation of the Primient joint venture was executed successfully in April to the great credit of both the Tate + Lyle and Primient teams. While Primient had a difficult first half due to inflation and operational challenges, underlying demand remains robust and with a focus on cash generation we have received USUSD 76m in cash dividends this year.

«The strategic re-positioning of Tate + Lyle to focus on speciality food and beverage solutions has significantly enhanced the quality and resilience of our business. Despite the uncertain economic outlook, we remain confident that the strength of our ingredient portfolio across attractive categories and regions, our focus on serving our customers, and the expertise and commitment of our people will enable us to successfully deliver our growth-focused strategy.»

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