Tate & Lyle plc (TATE) Q2 2026 Earnings Call

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WEBVTT 00:00:00.284 -- 00:00:04.991 Good morning and welcome to the conference call for Tate and Lyle's first half pre-closing 00:00:04.991 -- 00:00:10.218 statement. Today's call is hosted by Nick Hampton, Chief Executive Officer, and Sarah 00:00:10.218 -- 00:00:15.843 Gowers, Chief Financial Officer. I will now hand over to Nick Hampton. 00:00:17.709 -- 00:00:20.613 Thank you, Operator, and good morning, everyone. 00:00:20.613 -- 00:00:25.600 Welcome to the conference call. I will make some introductory comments, and then Sarah 00:00:25.600 -- 00:00:28.685 and I will be happy to take your questions. 00:00:28.685 -- 00:00:31.489 First, I want to look at the bigger picture. 00:00:31.489 -- 00:00:37.557 We continue to make very good progress delivering the benefits of the CP Turbo combination. 00:00:37.557 -- 00:00:42.524 Customers are increasingly recognising the strength of our combined portfolio, especially 00:00:42.524 -- 00:00:47.892 our expertise in mouthfeel, and this has led to a very encouraging early cross-sale 00:00:47.892 -- 00:00:54.401 successes, with the value of the pipeline more than doubling in the last two months alone. 00:00:54.401 -- 00:00:59.040 The strong interest our combined offering and reformulation expertise is generating with 00:00:59.040 -- 00:01:04.307 customers, clearly demonstrates the strategic logic of bringing Skeptate and Lyle 00:01:04.307 -- 00:01:09.614 and CP Calco together, and reinforces our confidence in the growth potential of the combined 00:01:09.614 -- 00:01:11.276 business. 00:01:11.276 -- 00:01:16.202 While the level of customer engagement is high, we are operating in a tough market and 00:01:16.202 -- 00:01:20.909 have seen a slowdown in demand as the first half progressed, particularly over the last 00:01:20.909 -- 00...