Leading global food provider Tate & Lyle announced it had seen “strong top-line growth” in the year ended 31 March after its profit before tax grew by 14% to £145 million.
The company’s annual results showed adjusted revenues from continuing operations were up 18% year-on-year at £1.37 billion. Pre-tax profits from discontinued operations were down 9% at £146 million.
Adjusted diluted earnings per share were down 4% at 56p, while Tate & Lyle also declared a 21.8p per share full-year statutory dividend, down 29% year-on-year.
The firm also claimed it delivered ‘significant acceleration’ in innovation, with 35% new product revenue growth. It stated it had managed cost inflation throughout the period thanks to pricing, productivity and cost discipline.
READ MORE: Tate & Lyle acquires ingredient-tech company Nutriati
“New Tate & Lyle delivered double-digit organic revenue growth across all regions and double-digit profit1 growth despite significant inflation across the supply chain,” Tate & Lyle chief executive Nick Hampton said.
“We also passed a major strategic milestone by refocusing the Group on our faster-growing speciality food and beverage solutions business.
“To do this during a global pandemic, while serving our customers, accelerating innovation and living our purpose is a testament to the resilience, ambition and agility of all my colleagues.”
Hampton continued: “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.
“We have emerged from the pandemic a stronger, more ambitious business, and are excited about our future growth potential.”
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