Chairman’s Annual General Meeting Statement

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At the Annual General Meeting of Tate & Lyle PLC in London today, Sir David Lees, Chairman, made the following statement on current trading: We are at an early stage in our current financial year but I am pleased to report that trading in the quarter ended June 2002 is above our internal expectations with profits in all our major business units meeting or exceeding plan. Our Amylum integration programme is proceeding to plan and we remain confident of delivering net savings of £10 million during the year. The profit before tax, exceptional items and goodwill amortisation of the Group for the first quarter is considerably better than the comparative period last year, partly due to the divestment of the loss making Domino Sugar business. Further progress has been made in reducing net debt since the year end. In the outlook paragraph in my statement in the Annual Report I said that we had reasons to view the current year with increased confidence. Given the underlying trading to date, that view is reinforced.

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About Tate & Lyle PLC:  

Supported by our 165-year history of ingredient innovation, we partner with customers to provide consumers with healthier and tastier choices when they eat and drink. We are proud that millions of people around the world consume products containing our ingredients and solutions every day.  

Through our leading expertise in sweetening, mouthfeel and fortification, we develop ingredients and solutions which reduce sugar, calories and fat, add fibre and protein, and provide texture and stability to food and drink in categories including beverages, dairy, bakery, snacks, soups, sauces, and dressings.  

Tate & Lyle recently acquired CP Kelco, a leading provider of pectin, speciality gums and other nature-based ingredients to create a leader in mouthfeel, significantly enhancing our solutions capabilities. Following this combination, we now have more than 5,000 employees working in around 75 locations in 39 countries, serving customers in more than 120 countries. Science, Solutions, Society is our brand promise and how we will achieve our purpose of Transforming Lives through the Science of Food. By living our purpose, we believe we can successfully grow our business and have a positive impact on society. We live our purpose in three ways, by supporting healthy living, building thriving communities and caring for our planet.  

Tate & Lyle is listed on the London Stock Exchange under the symbol TATE.L. American Depositary Receipts trade under TATYY. For the year ended 31 March 2024, and on a pro forma basis which assumes for illustrative purposes that the combination with CP Kelco took place on 1 April 2023, revenue for the enlarged Tate & Lyle Group would have been £2.25 billion. For more information, please visit www.tateandlyle.com or follow Tate & Lyle on LinkedIn, X (Twitter), Facebook or YouTube