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Tate & Lyle PLC - STATEMENT ON ENTERING CLOSE PERIOD - Apr 2015

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Tate & Lyle PLC issues the following update for the year ended 31 March 2015 ahead of the announcement of full year results on 28 May 2015.

Based on trading performance for the fourth quarter there is no change from the guidance in our trading statement on 6 February 2015. We continue to expect Group adjusted profit before tax for the year ended 31 March 2015 to be modestly below the range stated in September 2014 of £230 to £245 million1.

As expected, for the full year, Group adjusted operating profit has been held back by the impact of the operational and supply chain issues experienced mainly in the first half, and the continued extremely competitive market for SPLENDA® Sucralose.

We expect net debt at 31 March 2015 to be around £500 million, higher than reported at 31 December 2014 (£466 million), principally due to investment in working capital as we continue to rebuild inventories and an exchange translation impact of around £20 million following further strengthening of the US dollar.

As planned, the project to evaluate how best to maximise returns from SPLENDA® Sucralose is reaching conclusion and will be finalised with the Board during April. We expect to communicate the outcome in the next few weeks.

On 24 February 2015 we launched DOLCIA PRIMATM Allulose, a low-calorie sugar, the most significant example of the innovation capability we established three years ago at our Commercial and Food Innovation Centre in Chicago. Since the launch, we have seen encouraging early interest and engagement from customers across a range of applications, and this supports our confidence in its longer term potential. However, given the relatively long development and adoption cycles for new ingredients, we do not expect it to have any material effect on the Group’s performance during the next financial year.

END

1 Range based on forecast foreign exchange rates of GBP:USD £1.00:$1.69 in September 2014.
 
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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

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