Tate & Lyle Reports Solid Progress
Tate & Lyle, a leading global provider of food and beverage solutions and ingredients, has reported solid financial progress in delivering sales from continuing operations up 2% to £2.75 billion for the year ended 31 March 2019. The group’s Food & Beverage Solutions business maintained momentum, Sucralose performed strongly and its Primary Products division achieved volume in line with the prior year despite challenging market conditions.
On a statutory basis, profit before tax from continuing operations decreased by £46 million to £240 million driven predominantly by a net exceptional charge of £58 million (2018 – gain of £2 million). Adjusted profit before tax from continuing operations at £309 million was £13 million higher than the prior year (4% in constant currency).
Nick Hampton, chief executive of Tate & Lyle, comments: “I am encouraged by our progress over the past year. The group delivered solid financial results and we are starting to see real momentum from the three priorities I set out last year to sharpen the focus on our customers, accelerate portfolio development and simplify our business.”
He adds: “For the year ending 31 March 2020, we expect continuing progress in Food & Beverage Solutions and gains from productivity initiatives to offset both lower Sucralose profits and continued market challenges in Primary Products. As a result we expect earnings per share growth in constant currency to be broadly flat to low-single digit.”
