(Sharecast News) - Food products group Tate & Lyle reported a rise in revenues in the final three months of 2021 as it lifted guidance for continuing operations and said it remained on track to create two businesses by the end of March.
The company, which effectively broke itself up last July with the £1.3bn sale of its primary products business, said its continuing operations were now expected to be stronger. Food & Beverages revenue rose 19% and New Products sales soared 54%.
Compared with the same period in pre-pandemic 2019, Food & Beverage volume was up 12% higher and revenue 31%.
Adjusted pre-tax profit from continuing operations was expected to show growth in the low double-digit percentage range at constant currencies for the year to March 31, 2022, the company said in a trading statement released on Friday.
Tate & Lyle's group operations were forecast to report mid-single digits growth in adjusted earnings per share due to the performance of the discontinued business and inflation.
"We enter 2022 in a strong position. Our new business pipeline in Food & Beverage Solutions is healthy and in both our businesses we have renewed 2022 calendar year customer contracts that offset inflation," said chief executive Nick Hampton.
"With Tate & Lyle re-positioned as a growth-focused, global food and beverage solutions business serving faster growing markets, we see significant opportunities ahead. Consumer demand for healthier food and drink is accelerating globally and with our leading expertise in sweetening, mouthfeel and fortification, the new Tate & Lyle is well positioned to capture this growth."
Tate & Lyle (TATE)