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

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Tate & Lyle PLC
(TATE)

Narrow-moat Tate&Lyle TATE, or T&L, 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.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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About the Author

Diana Radu

Equity Analyst
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Diana Radu, CFA, is an equity analyst for Morningstar Holland BV, a wholly owned subsidiary of Morningstar, Inc. Based in Amsterdam, she covers European consumer packaged-goods and specialty chemicals companies.

Before joining Morningstar in 2022, Radu spent several years at Unilever, working in various corporate and commercial finance roles across Europe. Before that, she worked for two years as an equity analyst for BT Capital Partners in Romania.

Radu holds a bachelor's degree in finance and a master's degree in statistics and econometrics from Babes-Bolyai University in Romania. She also holds the Chartered Financial Analyst® designation.

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