Tate & Lyle has announced its half year results for the six months to 30 September 2019.
The company reported “encouraging performance in line with our expectations”, with Food & Beverage Solutions delivering top-line momentum and double-digit profit growth while Sucralose performed solidly with profit broadly in-line with the comparative period. Full-year guidance was unchanged.
Tate & Lyle reports encouraging performance
Nick Hampton, Chief Executive, said: “We made encouraging progress in the first half. In Food & Beverage Solutions, increased focus on pricing and mix management delivered strong growth. Profit from Primary Products was lower despite good performance from our manufacturing and supply chain network as market conditions continued to be challenging. Both divisions benefited from productivity gains and cost discipline. Cash generation was higher and during the half we took further actions to strengthen our balance sheet.”
“Our priorities to sharpen the focus on our customers, accelerate portfolio development and simplify the business are driving momentum across the organisation and supporting performance. We are also proud to have established an important programme to support sustainable agriculture for US-grown corn.”
“Overall, the business is in a strong financial position and delivering clear strategic progress.”
“Despite market challenges, our outlook for the year ending 31 March 2020 is unchanged and we continue to expect earnings per share growth in constant currency to be broadly flat to low-single digit.”