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Annual Results

Tate & Lyle hikes FY pretax profit, sales as div steady

25 May 2017 07:27

Tate & Lyle has hiked its FY pretax profit and revenue, at the same time holding its dividend for the period steady and issuing a confident outlook.

CEO Javed Ahmed said the FY just been was one of strong performance.

"Both business divisions delivered good profit growth, with Bulk Ingredients delivering particularly good results, driven by excellent commercial and manufacturing performance," he said.

Overall, said Ahmed, this was a very encouraging year that reflected the steps Tate had taken, and continued to take, to build a stronger business with higher-quality earnings, capable of delivering sustainable long term growth.

"Turning to the outlook, we are confident that the Group will continue to make underlying progress in the 2018 financial year," he said.

Pretax profit was £233m, up from £126m. Sales was £2.75bn, up from £2.36bn. Dividend was 28p a share, unchanged.

Ahmed said Speciality Food Ingredients performed well delivering profit growth and margin expansion, and continued to strengthen its focus on commercial execution, particularly in North America where volume growth remains challenging.

The innovation pipeline is healthy with New Product sales exceeding US$100 million for the first time.

Cash generation was especially pleasing with adjusted free cash flow more than three times higher than the prior year, supporting improved dividend cover and a strong balance sheet.

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