Tate & Lyle reports strong revenue growth at half-year
Published: 20:04 10 Nov 2022 AEDT
Tate & Lyle PLC (LSE:TATE) reported strong growth at the half-year stage with revenues up 20% and adjusted operating profit up 29% as it forecast full-year profits in line with current expectations.
The company said it had made good progress delivering its growth strategy as a newly focused speciality food and beverage solutions business with Food & Beverage Solutions revenue up 21% and New Products revenue up 19%.
Overall, revenues increased 20% to £849mln, operating profits rose 29% to £137mln while profit before tax was 10% higher at £139mln.
The group results reflected strong Tate & Lyle profits and significantly lower profits from the Primient joint venture, it said
Tate said it was managing the impact of cost inflation through strategic mix management, pricing, productivity and cost discipline.
Nick Hampton, chief executive, said: “We remain confident that the strength of our ingredient portfolio across attractive categories and regions, our focus on serving our customers, and the expertise and commitment of our people will enable us to successfully deliver our growth-focused strategy."
Shares rose in early trading, up 1.75%, to 726.40p.
