Food products group Tate & Lyle reported a rise in revenues in the final three months of 2021 as it reiterated guidance and said it remained on track to create two businesses by the end of March.
The company, which effectively broke itself up last July with the £1.3bn sale of its primary products business, said its continuing operations were now expected to be stronger. Food & Beverages revenue rose 19% and New Products sales soared 54%.
“We enter 2022 in a strong position. Our new business pipeline in Food & Beverage Solutions is healthy and in both our businesses we have renewed 2022 calendar year customer contracts that offset inflation,” said chief executive Nick Hampton.
“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.”