Tate & Lyle delivered a reassuring update today, according to Barclays analysts, with any concerns over destocking and inflation seemingly under control.
An unchanged outlook for the year to end-March 2023 underlines the resilience of trading, with food and beverage revenues up 19% with double-digit growth in the EMEA region and Latin America.
Tate & Lyle secures price increases for 2023 to cover higher input costs
Tate has a defensive product portfolio relative to its peers, added the broker, and there does not appear to be any sign yet of material destocking pressures.
Sucralose revenue was down 8% but that reflects an unwinding of a very strong first half said the company.
Tate is holding a capital markets day on 8 February, which should give more detail on the trends, Barclays added.
Shares were up 5.4% at 762p.