Tate + Lyle: Announces Q4-2022 Trading Statement

London / UK. (tl) Tate + Lyle PLC, a leading global provider of speciality food ingredients and solutions, announced strong top-line growth, accelerated innovation and major strategic milestone passed in its 2022 Full Year Results Statement. Chief Executive Nick Hampton: «This has been a landmark year for the company. New Tate + Lyle delivered double-digit organic revenue growth across all regions and double-digit profit growth despite significant inflation across the supply chain. We also passed a major strategic milestone by refocusing the Group on our faster growing speciality food and beverage solutions business. To do this during a global pandemic, while serving our customers, accelerating innovation and living our purpose is a testament to the resilience, ambition and agility of all my colleagues,» Hampton said.

«Tate + Lyle is now a focused global leader in sweetening, mouthfeel and fortification, and very well-placed to benefit from growing consumer demand for healthier food and drink. Our strong balance sheet allows us to invest in organic and inorganic growth and the acquisition of Quantum Hi-Tech, a leading dietary fibre business in China, demonstrates our ability to strengthen our portfolio and deliver on our growth agenda.

«We entered the 2023 financial year with strong top-line momentum, innovation gathering pace and our productivity programme continuing to deliver benefits. Customer demand remains high and while the conflict in Ukraine has caused significant inflation in raw material, energy and logistics costs globally, we are taking actions to mitigate these pressures including supplementary pricing.

«For the year ending 31 March 2023, we expect further progress with adjusted profit before tax in line with market expectations and revenue growth reflecting top-line momentum and the pricing through of higher input costs. In the near term, our focus remains on continuity of supply, serving our customers and maintaining our financial strength and strategic progress. We have emerged from the pandemic a stronger, more ambitious business, and are excited about our future growth potential.»

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