Global food supplier Tate & Lyle Plc has released its trading update for the three months ended 30th June 2024, stating that trading was “in line with expectations”.
Tate & Lyle said its Food & Beverage Solutions volume was ahead of the comparative period, with “revenue lower reflecting the pass through of input cost deflation”. Revenue was £1,647 million, down from £1,751 million during the year prior.
The group’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was £328 million, up from its previous figure of £322 million.
For the year ahead, the supplier said it expects to deliver a slightly lower revenue than the prior year, and an EBITDA growth of between 4% and 7%.
In an address to Tate & Lyle’s shareholders, chief executive Nick Hampton said: “We have made a good start to the new financial year with trading in line with our expectations. It’s encouraging to see volume momentum across the business, and we continue to expect volume growth to accelerate as the 2025 financial year progresses.
“Planning for the integration of Tate & Lyle and CP Kelco is progressing well with both organisations excited about the opportunity to deliver significantly greater value for customers and the growth potential of the combined business. We look forward to the future with confidence.”
