Tate & Lyle Earnings: Robust Results for First Year in New Shape, Further Restructuring on Track

Narrow-moat Tate & Lyle delivered a robust set of results for fiscal year 2023—its first year of operating as a business mainly focused on specialty ingredients and solutions, following the sale of a controlling stake in the commoditized primary products business unit in 2022. The results broadly tracked our expectations for adjusted EBITDA (GBP 320 million compared with GBP 328 million in our model) and adjusted operating profit (GBP 249 million compared with GBP 235 million in our model). However, reported revenue growth was 27% compared with our 21% forecast, the difference mainly driven by currency.