25th Jul 2024 11:50
(Alliance News) - 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 USD1.8 billion. The firm expects the acquisition to occur in the fourth quarter of 2024.
Additionally, it provided an update on its GBP215 million share buyback programme. It said it has now purchased a total of 6.7 million shares for a cost of GBP42 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".
By Lydia Doye, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.