Nick Hampton, Chief Executive, said: "Food & Beverage Solutions performed well with double-digit profit growth. Revenue was higher, benefiting from a combination of our focus on mix and margin expansion as well as the recovery of inflation, partially offset by softer consumer demand and customer destocking."
"In Sucralose, underlying customer demand remained steady with the lower first-half performance reflecting the phasing of orders in the comparative period."
"To deliver our commitment to Science, Solutions, Society, we increased investment in innovation and solution selling, announced a major expansion of growth capacity for dietary fibres, and expanded the use of renewable energy across our operations. These investments strengthen customer partnerships and drive long-term growth."
The strategic repositioning of Tate & Lyle to focus on speciality food and beverage solutions is enhancing the quality of the business and driving performance.
"Our strong ingredient portfolio and solutions capabilities in sweetening, mouthfeel and fortification mean we are well-placed to benefit from the long-term trends towards healthier, tastier and more sustainable food and drink,” he added.
Outlook
We expect to deliver progress in-line with our 5-year ambition to 31 March 2028 with revenue reflecting both strategic momentum and the impact of the expected pass through of input cost deflation in the second half. Therefore, for the year ending 31 March 2024, in constant currency, we expect to deliver
- revenue slightly ahead of the prior yearand
- EBITDA growth of 7–9%.
We continue to expect stronger profits from our minority holding in Primient.
