Tate & Lyle has reported a return to top-line growth in its interim results for the six months ended 30 September 2026, crediting a year of strategic actions to strengthen its customer-facing capabilities and commercial execution.

The ingredients specialist delivered volume-led revenue growth of 1% to £1,039 million, with volume/mix up 3%, in a performance that chief executive Nick Hampton described as “in line with our expectations.”

The results demonstrate tangible progress on the company’s priorities, particularly in accelerating customer wins and leveraging the power of its CP Kelco combination. Solutions new business wins by value surged 15 percentage points to 58%, while revenue from New Products grew 4%. The total new business pipeline stood at US$433 million at period-end, representing 17% like-for-like growth since the start of the financial year.

Investments deliver results

Central to the improved performance has been the introduction of a single, common customer relationship management (CRM) platform, combined with enhanced customer segmentation and realignment of customer-facing teams. This sharper focus has enabled more effective resource allocation and is driving double-digit revenue growth within Tate & Lyle’s Accelerator accounts.

“Our focus is allowing us to target higher growth sub-categories and to work with customers who value our solutions and formulation expertise the most,” Hampton noted.

The company has also invested in strengthening front-line capabilities through targeted training and AI-powered tools that allow sales and technical teams to more efficiently access technical and scientific resources. During the half, Tate & Lyle launched four additional solution chassis for bakery, beverage, confectionery, and soups/sauces/dressings categories, bringing the total to 22 launched to support customer innovation.

The fibres business delivered a particularly strong performance, driven by double-digit revenue growth of Promitor Soluble corn fibre, benefiting from structural trends towards healthier and more nutritious food.

Regional performance mixed

The Americas segment delivered robust performance with revenue up 1% to £521 million and adjusted EBITDA in-line at £134 million. Strategic pricing actions drove 2% volume/mix growth, with North America showing contracting gains moderated by ongoing consumer softness, while Latin America benefited from a more resilient consumer environment.

Asia Pacific was the standout performer, with revenue up 7% to £210 million driven by 9% volume/mix growth. Strong performances were recorded in North Asia, particularly personal care in South Korea, while the ASEAN business saw high-single-digit growth and Australia/New Zealand delivered double-digit revenue growth through successful leveraging of the CP Kelco portfolio.

Europe, Middle East and Africa proved more challenging, with revenue declining 4% to £308 million and adjusted EBITDA down 28% to £36 million, reflecting pricing pressure in European markets and a tougher inflationary backdrop, particularly in energy costs.

Ingredion acquisition progress

The scheme of arrangement for the recommended acquisition of Tate & Lyle by Ingredion Incorporated was approved by shareholders on 28 July 2026, with 98.64% of votes cast in favour. Regulatory and antitrust filings are in progress, with completion expected in the second half of the 2027 calendar year.

The company noted a material uncertainty related to going concern stemming from the pending acquisition, as decisions regarding future ownership and financing following a change of control will be outside the directors’ control. However, the directors have concluded the Group has sufficient liquidity and adequate covenant headroom through to 31 March 2028.

Outlook maintained

Tate & Lyle maintained its outlook for the year ending 31 March 2027, expecting modest revenue growth underpinned by volume growth weighted to the second half, and broadly flat EBITDA before the approximately US$20 million impact from the rescheduling of bio-gums capacity consolidation.

The company cautioned that the extension of conflict in the Middle East has made cost inflation more pronounced than originally anticipated, and it intends to pass through cost inflation as it renews customer framework agreements for the 2027 calendar year, while also seeking to offset pressures through procurement activities and operational discipline.

Hampton remained optimistic: “I am encouraged by our performance in the first half which reflects the strength of our portfolio, the deep technical expertise of our people, and the power of the CP Kelco combination.”