In line with its regular practice, Tate & Lyle issues the following trading update prior to meeting with stockbrokers’ analysts and entering its closed period for interim results to 30 September 2003. The interim results will be announced on 6 November 2003.
Based upon the results for the five months to August 2003, profit before tax and exceptional items has been in line with internal expectations we set at the beginning of the financial year. Our major business units have all traded at or around plan levels.
Results from the citric acid production line have improved following the acceleration of the closure of the Mexican plant in July 2003 and a small increase in spot selling prices. Trading in the last three months has been at the break-even level.
The actuarial review of the UK pension fund at 31 March 2003 has not yet been finalised but it is anticipated that there will be a small deficit which will result in a modest additional charge to profit.
The dry weather in Europe has resulted in both wheat and maize price increases in Europe the effect of which we intend to mitigate with selling price increases in the second half.
The first half last year benefited from strong trading and unusual interest income. As indicated in the announcement of the results for the year to March 2003, we expect a more even split of profits in the current financial year with the first half weaker and the second half stronger than in the previous year.
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About Tate & Lyle:
Supported by our 160-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 every day.
Through our expertise in sweetening, fortification, and texture, we develop ingredient solutions which reduce sugar, calories, and fat, add fibre and protein, and provide texture and stability in categories including beverages, dairy, bakery, snacks, soups, sauces, and dressings.
We have more than 3,500 employees working in around 57 locations across 39 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. In the year to 31 March 2023, Tate & Lyle revenue from continuing operations totalled £1.75 billion. For more information, please visit https://www.tateandlyle.com or follow Tate & Lyle on Linkedin, X (Twitter), Facebook or YouTube.
