Tate & Lyle profits surge on higher prices

(Sharecast News) - Food and beverage maker Tate & Lyle posted a surge in annual profits and sales, driven by higher prices on the back of soaring inflation. The company on Wednesday said pre-tax profit came in at £152m versus £42m a year earlier. Revenue was up 27% to £1.75bn and free cash flow was £119m, £47m higher reflecting strong conversion.

For the year to March 2024, Tate & Lyle said it expected revenue growth of 4% to 6% and adjusted core earnings to rise by 7 - 9%.

Reporting by Frank Prenesti for Sharecast.com