Sugar group Tereos posts record core profit but cautious for 2023/24

Thursday, June 1, 2023
Tereos posted record annual sales and earnings on Thursday supported by high prices but the French sugar and ethanol group expressed caution regarding the sugar beet crop and strength of demand in 2023/24. Tight global supplies sent global sugar futures to 11-1/2 year highs in April while European prices were reaching record levels. The company attributed the results to market momentum and an increase in prices across all its segments - sugar, alcohol, ethanol, sweeteners and electricity - strict cost control and well executed hedging strategies. These factors helped the group, one of the world's largest sugar and ethanol producers, contend with significant increases in raw material and energy prices, it added. A further expected rise in sugar prices would support Tereos' business in 2023/24 but it was too early to forecast improved results, incoming Chief Executive Jorge Boucas told Reuters. "There is a positive trend but there is uncertainty about our customers' sales. We must be careful about consumption which can have an impact on the markets," he said. The final volume of the European sugar beet harvest which is threatened by delays, pest attacks and weather, also made it difficult to predict the upcoming season, Commercial Director Olivier Leducq said.
Click here to connect to the source of this storyClick here for more News and Views

As I browse the web researching various topics concerning the EU and UK sugar markets, I've been bookmarking interesting weblinks. Some of these are news clippings, some are links to official documents, and some are interesting data sources.

It's really easy (and anonymous) to subscrible to this EU and UK News & Views feed with RSS. Add this address to your favourite RSS reader: