Sales volume increased by 6.1%. EBITDA and free cash flow reached 48 million PS. However, revenue fell by 7.1% to 775 million PS due to restructuring costs.
New product revenue increased by 10.1%, and solutions revenue increased by 22.1%. This was due to a reduction of 9 million tons of sugar in diets thanks to increased fiber and low-calorie sweeteners.
During a press briefing, CEO Nick Hampton said the past six months have been "momentary" for his company.
Tate & Lyle 2024 S1 in figures
- 775 million PSTurnover
- 188 million PSEBIDTA
- 156 million PSProfit before tax
- 127 million PSFree cash flow
- +13 %Adjusted earnings per share
The company's Food and Beverage Solutions business saw its volume increase by 4.1 billion pounds, but its revenue decrease by 8.1 billion pounds, to 631 million pounds.
Sucrose volume sales increased by 20.1%, revenue increased by +17.1% and EBITDA increased to $33 million per share.
The sale of the remaining 49.7 % of the Premient joint venture added $350 million to the company's value.
Tate & Lyle's financial outlook for 2024
Hampton said: “The merger with CP Kelco and the subsequent sale of Primient transforms our business into a specialist food and beverage products and solutions business, directly aligned with consumer demand for more nutritious, tasty and sustainable food and beverages.”
The company was optimistic, but realistic. It expected a slight increase in consumer sentiment to boost sales. Customers also showed greater demand for innovative products.
Tate & Lyle forecast that volume growth would continue in the second half of the year. Tate & Lyle predicted that the company would benefit from cost reductions and changes to boost productivity.
Revenue is expected to decline slightly for the full year (31.3.2025), but EBITDA growth is expected to be between 4 and 7 percent.
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