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Tate & Lyle Says FY Outlook Remains Unchanged - Quick Facts

Tate & Lyle Plc. (TATE.L,TATYY.PK), a provider of ingredients and solutions to the food and beverages industries, said Thursday that its Group adjusted profit before tax in constant currency in the quarter ended December 31, 2018 was ahead of the comparative period. The company added that its outlook for the year ending 31 March 2019 remains unchanged.

In its trading statement, Tate & Lyle said that Food & Beverage Solutions performed well, with volume growth in line with the first half, while adjusted operating profit in the quarter was higher than the comparative period.

Sucralose volume was higher, benefiting from a program to optimize production at the company's facility in McIntosh, Alabama. Adjusted operating profit was slightly ahead of the comparative period.

In Primary Products, the company saw weaker demand in North American sweeteners during the quarter, leading to lower volume. Adjusted operating profit was lower than the comparative period.

The company noted that the 2019 calendar year bulk sweetener pricing round is nearing completion, with margins broadly in line with the prior year.

Looking ahead, Tate & Lyle said that for the year ending 31 March 2019, its guidance remains for growth in earnings per share in constant currency in a mid-single digit range, albeit towards the lower end, due to energy and transport cost inflation in North America as well as a year of strong Commodities performance in fiscal 2018.

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