Tate & Lyle revealed its food and beverage solutions revenue growth continued to be strong as revenue was 19% higher in the three months ended 31 December.
Compared to the quarter 31 December 2019, pre-pandemic, revenue was 31% higher largely due to higher volume, price mix, the benefit of acquisitions and growth from new products.
North America and Europe each delivered double-digit revenue growth. In Asia, the Middle East, Africa and Latin America, revenue growth accelerated, with China, South East Asia and Mexico displaying robust growth.
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“Food and beverage solutions delivered another excellent quarter with double-digit revenue growth across all regions and continued high demand for New Products from our innovation pipeline,” Tate & Lyle chief executive Nick Hampton said.
“Our new business pipeline in food and beverage solutions is healthy and in both our businesses we have renewed 2022 calendar year customer contracts that offset inflation.
“In addition, the transaction we announced last year to create two focused businesses is progressing well and we remain on track for completion at the end of March.”
Hampton continued: “With Tate & Lyle re-positioned as a growth-focused, global food and beverage solutions business serving faster-growing markets, we see significant opportunities ahead.
“Consumer demand for healthier food and drink is accelerating globally and with our leading expertise in sweetening, mouthfeel and fortification, the new Tate & Lyle is well-positioned to capture this growth.”
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