Tate & Lyle PLC - Trading Update

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Tate & Lyle issues the following routine trading update. Group profit before tax in the third quarter of the year to 31 March 2003 has been in line with our expectations. Since the end of September 2002 net debt, assisted by proceeds from the sale of non-core assets, has continued to reduce. In the US, Staley has substantially completed the negotiation of its calendar 2003 sales contracts. Overall, we expect to maintain sweetener margins at calendar 2002 levels. Higher margins are anticipated on basic starch and food ingredient products but citric acid selling prices continue to be affected by global oversupply. In Europe, small pricing gains at Amylum in certain markets and products (such as vital wheat gluten) have been offset by price reductions elsewhere. Based on current raw material prices, margins in calendar 2003 are expected to be similar to those achieved in calendar 2002.

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About Tate & Lyle: 
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, fortification, and texture, we develop ingredient solutions which reduce sugar, calories, and fat, add fibre and protein, and provide texture and stability in categories including beverages, dairy, bakery, snacks, soups, sauces, and dressings.

We have more than 3,500 employees working in around 57 locations across 39 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. In the year to 31 March 2023, Tate & Lyle revenue from continuing operations totalled £1.75 billion. For more information, please visit https://www.tateandlyle.com or follow Tate & Lyle on LinkedinX (Twitter)Facebook or YouTube