Tate & Lyle PLC – Trading Update

24 Sep 2003

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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 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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