Global food supplier Tate & Lyle Plc has recently published its trading update for the three months ending on 30th June 2024. The company reported that trading for this period was “in line with expectations.”
Tate & Lyle highlighted that its Food & Beverage Solutions volume performed well during this time, surpassing the results of the previous year. However, the revenue was lower due to the pass-through of input cost deflation. The company’s revenue for this quarter was recorded at £1,647 million, a decrease from the £1,751 million achieved in the same period the year before.
On the earnings front, Tate & Lyle saw an increase in its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to £328 million, up from the previous figure of £322 million.
Looking ahead to the coming year, Tate & Lyle anticipates a slightly lower revenue compared to the previous year. However, the company projects EBITDA growth of between 4% and 7%.
In a message to Tate & Lyle’s shareholders, Chief Executive Nick Hampton expressed satisfaction with the company’s performance, stating, “We have had a positive start to the new financial year, meeting our trading expectations. It is promising to observe the momentum in volume across our business, with expectations of continued growth as we progress through the 2025 financial year.”
Hampton also shared insights into the ongoing integration planning between Tate & Lyle and CP Kelco. Both organizations are enthusiastic about the prospect of providing enhanced value to customers through their combined efforts. Hampton concluded by expressing confidence in the future outlook of Tate & Lyle.
