Tate & Lyle backs full-year guidance

Tate & Lyle backed its full-year guidance on Thursday as it said third-quarter trading was consistent with the first half.

In an update for the three months to the end of December, the company said top-line momentum was continuing in the food and beverage solutions division, with revenue up 19%.

It also noted a positive outcome from the 2023 calendar year pricing round and said the outlook for the year to the end of March 2023 was unchanged.

The company said full-year adjusted pre-tax profit was set to be in line with current market expectations, with stronger profits in food & beverage solutions offsetting lower profits from the minority holding in plant-based business Primient.

Chief executive Nick Hampton said: "Tate & Lyle continues to perform well with Food & Beverage Solutions delivering another strong quarter of double-digit revenue growth.

"We have successfully renewed 2023 calendar year customer contracts to recover higher input costs and, despite ongoing economic uncertainty, we continue to deliver against our strategy as a growth-focused speciality food and beverage solutions business."