Tate & Lyle delivers 'strong' FY top-line growth

9th Jun 2022 07:29

(Sharecast News) - Food and beverage ingredients provider Tate & Lyle said on Thursday that it had seen "strong top-line growth" in the year ended 31 March, with both revenue and profits growing on an adjusted basis.

Tate & Lyle said adjusted revenues from continuing operations were up 18% year-on-year at £1.37bn, while pre-tax profits from continuing operations were 14% higher at £145.0m. Pre-tax profits from discontinued operations were down 9% at £146.0m.

Adjusted diluted earnings per share were down 4% at 56.0p, while Tate & Lyle also declared a 21.8p per share full-year statutory dividend, down 29% year-on-year.

The FTSE 250-listed firm said it also delivered a "significant acceleration" in innovation, with over 35% new product revenue growth, and stated it had effectively managed cost inflation throughout the period thanks to pricing, productivity, and cost discipline.

Chief executive Nick Hampton said: "This has been a landmark year for the company. New Tate & Lyle delivered double-digit organic revenue growth across all regions and double-digit profit 1 growth despite significant inflation across the supply chain.

"For the year ending 31 March 2023, we expect further progress with adjusted profit before tax in line with market expectations and revenue growth reflecting top-line momentum and the pricing through of higher input costs."

Elsewhere, Tate & Lyle revealed it had completed the recently announced acquisition of Chinese prebiotic dietary fibre business Quantum Hi-Tech (Guangdong) Biological.

As of 0815 BST, Tate & Lyle shares were up 2.42% at 763.0p.

Reporting by Iain Gilbert at Sharecast.com