Q3 FY19 Trading Statement

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Release of the Group Trading Statement for the three months ended 31 December 2018

7 February 2019 – Tate & Lyle PLC

 

TRADING STATEMENT

Tate & Lyle issues the following trading statement for the three months ended 31 December 2018.

Group adjusted profit before tax in constant currency in the quarter was ahead of the comparative period. Our outlook for the year ending 31 March 2019 remains unchanged.

Food & Beverage Solutions

Food & Beverage Solutions performed well with volume growth in line with the first half.   Volume growth in North America and Asia Pacific and Latin America showed continued momentum. In Europe, Middle East and Africa, we continued to focus on mix improvement. Adjusted operating profit in the quarter was higher than the comparative period.

Sucralose

Volume was higher benefitting from a programme to optimise production at our facility in McIntosh, Alabama, and adjusted operating profit was slightly ahead of the comparative period.  

Primary Products

During the quarter, we saw weaker demand in North American sweeteners leading to lower volume and adjusted operating profit was lower than the comparative period. The 2019 calendar year bulk sweetener pricing round is nearing completion with margins broadly in line with the prior year.

Guidance

Our guidance for the year ending 31 March 2019, remains for growth in earnings per share1 in constant currency to be in a mid-single digit range, albeit towards the lower end due to energy and transport cost inflation in North America and a year of strong Commodities performance in fiscal 2018.

1 adjusted diluted earnings per share for continuing operations

 

END

 

A conference call will be held today at 08.00am GMT, hosted by Nick Hampton, Chief Executive and Imran Nawaz, 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 21 February 2019.

UK replay number:  0208 196 1998

Replay access PIN: 3329588

 

For more information contact Tate & Lyle PLC:

Christopher Marsh, VP, Investor 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

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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