Tate & Lyle PLC (LSE:TATE) reported continued strong food and beverage growth for the past quarter and said it had renewed 2023 customer contracts to recover its higher input costs.
The full-year outlook for the FTSE 250-listed ingredients maker was kept unchanged, with adjusted profit before tax expected be in line with current market forecasts in the low £250mlns.
Group sales were up 16% as Food & Beverage Solutions, the core business, grew sales 19% at constant currencies in the third quarter to 31 December 2022, but Sucralose sales fell 8% due to the unwinding of earlier orders.
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 shares sweetened 4% to 752p after an hour of trading on Thursday morning.