Tate & Lyle PLC
Trading Update prior to entering closed period
Before entering its closed period for the year ending 31 March 2004
and prior to meeting with stockbrokers' analysts, Tate & Lyle issues
the following routine trading update. The preliminary announcement of
results for the year ending 31 March 2004 will be made on 3 June 2004.
Since the update on 28 January 2004 Tate & Lyle's overall trading has remained
in line with our expectations with Staley performing slightly better and Amylum
slightly worse. Our outlook for 2005 remains unchanged.
The annual sweetener pricing round in the US is now essentially complete with
outcomes within our forecast range.
Our sugar operations in Europe, Canada and Mexico continue to perform in line
with expectations and generate strong cash flow for the Group.
Whilst, as expected, a working capital cash outflow is forecast for
the financial year(in part due to higher raw material prices), net
debt is expected to benefit from exchange translation.
The realignment of the sucralose agreements with McNeil Nutritionals and the
acquisition of the sucralose manufacturing plant and ingredients business by
Tate & Lyle (announced on 19 February 2004) remains on track for completion in
early April 2004.
For more information contact:
Mark Robinson, Head of Investor Relations Tel: 020 7626 6525
investorrelations@tateandlyle.com
Chris Fox, Director of Corporate Relations Tel: 020 7626 6525 (Press)
About Tate & Lyle
Tate & Lyle is a world leader in food ingredients. Our core competence is to
take corn, wheat or sugar and add value to these raw materials through
technology. As a result of continuous innovation we offer an ever-wider product
portfolio of versatile and functional ingredients. These products include Cereal
Sweeteners, Starches, Sugars and Citric Acid. Our products have wide
applications in the food, beverage, pharmaceutical, cosmetic, paper, packaging
and building industries.
With headquarters in London, Tate & Lyle operates more than 40 plants in 24
countries, almost all in Europe and the Americas. We employ 6,700 people in our
subsidiaries with a further 2,800 employed in joint ventures. Sales in the year
to 31 March 2003 totalled £3,167 million. More details are available online at
www.tateandlyle.com
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