Before entering its closed period for the year ending 31 March 2004 and prior to meeting with stockbrokers’ analysts, Tate & Lyle issues the following routine trading update. The preliminary announcement of results for the year ending 31 March 2004 will be made on 3 June 2004.
Since the update on 28 January 2004 Tate & Lyle’s overall trading has remained in line with our expectations with Staley performing slightly better and Amylum slightly worse. Our outlook for 2005 remains unchanged.
The annual sweetener pricing round in the US is now essentially complete with outcomes within our forecast range.
Our sugar operations in Europe, Canada and Mexico continue to perform in line with expectations and generate strong cash flow for the Group.
Whilst, as expected, a working capital cash outflow is forecast for the financial year (in part due to higher raw material prices), net debt is expected to benefit from exchange translation.
The realignment of the sucralose agreements with McNeil Nutritionals and the acquisition of the sucralose manufacturing plant and ingredients business by Tate & Lyle (announced on 19 February 2004) remains on track for completion in early April 2004.
About Tate & Lyle
Tate & Lyle is a world leader in food ingredients. Our core competence is to take corn, wheat or sugar and add value to these raw materials through technology. As a result of continuous innovation we offer an ever-wider product portfolio of versatile and functional ingredients. These products include Cereal Sweeteners, Starches, Sugars and Citric Acid. Our products have wide applications in the food, beverage, pharmaceutical, cosmetic, paper, packaging and building industries.
With headquarters in London, Tate & Lyle operates more than 40 plants in 24 countries, almost all in Europe and the Americas. We employ 6,700 people in our subsidiaries with a further 2,800 employed in joint ventures. Sales in the year to 31 March 2003 totalled £3,167 million. More details are available on this website.
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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
