Last checked at 8 Feb 2018 07:00
8 February 2018 – Tate & Lyle PLC
TRADING STATEMENT
Tate & Lyle issues the following trading statement for the three months ended 31 December 2017.
The Group saw volume momentum in its Speciality Food Ingredients and Bulk Ingredients divisions and remains on track to deliver progress in adjusted profit before tax in constant currency for the year ending 31 March 2018, in line with guidance.
In Speciality Food Ingredients, the core business delivered good volume growth, including a continuation of modest volume growth in North America. In Food Systems, profit improved although volume was lower. SPLENDA ® Sucralose performed as anticipated with profit in line with the comparative period. In the division overall, decisions taken in the first half, particularly to invest behind the longer term development of the business, will moderate profit growth in the second half.
In Bulk Ingredients, sweetener volume in North America grew and profit growth is currently expected to be robust for the financial year ending 31 March 2018. The 2018 calendar year bulk sweetener pricing round is now substantially complete with margins broadly in line with the previous year.
END
A conference call will be held today at 08.00am GMT, hosted by Javed Ahmed, Chief Executive and Nick Hampton, Chief Executive designate and Chief Financial Officer. Participants are requested to dial in at least 10 minutes before the commencement of the call. Dial in details are as follows:
Standard International Access: +44 (0) 20 3003 2666
Password: Tate & Lyle
A replay of this call will be available after the end of the live call for 14 days until 22 February 2018.
UK replay number: 0208 196 1998
Replay access PIN: 6346734
For more information contact Tate & Lyle PLC:
Christopher Marsh, Group VP, Investor and Media Relations
Tel: +44 (0) 20 7257 2110 or Mobile: +44 (0) 7796 192 688
Andrew Lorenz (FTI Consulting), Media Relations
Tel: +44 (0) 203 727 1323 or Mobile: +44 (0) 7775 641 807
About Tate & Lyle:
Tate & Lyle is a global provider of ingredients and solutions to the food, beverage and other industries, with operations at more than 30 facilities worldwide.
Tate & Lyle operates through two global divisions, Speciality Food Ingredients and Bulk Ingredients, supported by our Innovation and Commercial Development and Global Operations groups. The Group's strategy is to become a leading global provider of Speciality Food Ingredients through a disciplined focus on growth, and by driving Bulk Ingredients for sustained cash generation to fuel this growth.
Speciality Food Ingredients consists of three platforms: Texturants, which includes speciality starches and stabilisers; Sweeteners, which comprises nutritive sweeteners and our range of no-calorie sweeteners including SPLENDA ® Sucralose; and our Health and Wellness portfolio which includes speciality fibres and our salt-reduction offering. Additionally, our Food Systems business provides a wide variety of blended ingredient solutions.
Tate & Lyle Bulk Ingredients includes bulk sweeteners, industrial starches and fermentation products (primarily acidulants). Corn co-products from both divisions are primarily sold as animal feed.
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 2017, Tate & Lyle sales totalled £2.8 billion. For more information, please visit http://www.tateandlyle.com .
SPLENDA ® is a trademark of Heartland Consumer Products LLC.
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