Global food and beverage supplier Tate & Lyle has reported a “strong” quarter of revenue growth for the three months ended 31 December 2022.
Food and beverage solutions saw 19% growth which benefitted from strategic mix management, through the pricing of input cost inflation and acquistitions.
Its operations in Europe also delivered strong double-digit revenue growth as a result of good commercial performance and mix management.
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Tate & Lyle added that its volume and revenue performance were similar to the first half of the financial year, with operation challenges during this period being addressed.
“Tate & Lyle continues to perform well with Food & Beverage Solutions delivering another strong quarter of double-digit revenue growth,” Tate & Lyle chief executive, Nick Hampton said.
“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.”
The suppliers outlook for the year ending 31 March 2023 is unchanged, anticipating revenue growth reflecting current tip-line momentum and to offset input cost inflation through mix management, pricing, productivity, and cost discipline.
It also expects its adjusted profit before tax to be in line with current market expectations, with stronger profits in its food and beverage solutions offestting lower profits from the minotiry holding in its Primient business.