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Tate & Lyle PLC on Thursday announced an ‘encouraging’ first financial quarter and expects growth to accelerate over the next year. Tate & Lyle is a London-based sweetener and food ingredients supplier. Tate & Lyle reported that earnings before interest, tax, depreciation and amortisation in the quarter that ended June 30 were ahead of the comparative period a year before. Tate & Lyle noted that during this period it entered into an agreement to acquire CP Kelco for $1.8 billion. The firm expects the acquisition to occur in the fourth quarter of 2024. Additionally, it provided an update on its £215 million share buyback programme. It said it has now purchased a total of 6.7 million shares for a cost of £42 million. Tate & Lyle shares were up 0.4% to 645.50 pence per share in London on Thursday morning. Looking forward, Tate & Lyle reaffirmed its outlook for the coming financial year. The firm expects slightly lower revenue from the year before, and a growth in Ebitda between 4% to 7%. Chief Executive Nick Hampton commented: ‘We have made a good start to the new financial year, with trading in line with our expectations’. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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