Current trading performance at Tate & Lyle suggests that progress made by the Group in the last six months should continue, the Chairman Sir David Lees told today's Annual General Meeting.
Sir David Lees reminded shareholders of his identification in the Annual Report of a number of initial targets covering trading performance, dividends, investment returns, financial gearing and strategy. "These are all important," the Chairman said, "and looked at again today are certainly all capable of achievement."
At the end of March, Tate & Lyle issued a trading update stating that profit before tax for the first five months of the year was in line with budget and ahead of the profit achieved in the corresponding period last year. "The results after six months have continued this trend and remain in line with budget and ahead of last year," the Chairman said. "This will form the core of our interim announcement, which we shall be making on 11th May."
The Chairman commented on the disappointing results at Amylum, to which the March trading update also referred. "I would like to take this opportunity to emphasise to shareholders that achieving satisfactory returns from our investment in Amylum is the most important operational and strategic issue with which we are currently faced. Securing improvement in Amylum's profitability is a priority matter for both us and our partner."
"In spite of Amylum, however, progress has been made by the Tate & Lyle Group as a whole in the last six months and our current trading performance suggests that progress should continue."
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About Tate & Lyle:
Tate & Lyle is a world leader in ingredient solutions for healthier food and beverages. Supported by our 160-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 every day.
Through our expertise in sweetening, mouthfeel and fortification, we develop solutions which reduce sugar, calories and fat, add fibre and protein, and provide texture and stability in categories including beverages, dairy, bakery, soups, sauces and dressings.
We have more than 3,500 employees working in around 57 locations across 39 countries. Tate & Lyle's purpose is Transforming Lives Through the Science of Food and through 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. In the year to 31 March 2022, Tate & Lyle revenue from continuing operations totalled £1.4 billion. For more information, please visit https://www.tateandlyle.com or follow Tate & Lyle on Twitter, Linkedin or Facebook.