UK ingredients group Tate & Lyle plc has booked a 23% jump in full-year adjusted pre-tax profits, which were boosted by higher sales and lower finance costs.
In a regulatory announcement today (31 May), the company said adjusted pre-tax profits rose to GBP323m (US$500.8m) in the year to 31 May, up from GBP263m last year.
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During the period, the group said net finance expenses more than halved, dropping from GBP58m last year to GBP25m this year.Adjusted operating profit rose by 8% to GBP348m in the year, boosted by “good” sales gains which were partially offset by higher input costs. Group sales rose by 16% to GBP3.09bn.
The adjusted profits did not include one-off items, which included the reversal of impairment charges and led to a net gain of GBP68m. This was partially offset by transformation costs of GBP15m.
Statutory pre-tax profits were GBP379m, up 54.7% on the year. Operating profit was a third higher at GBP404m. Net profit jumped 85% to GBP309m.
“This was a year of working hard to achieve a number of our business transformation milestones while at the same time delivering profitable growth,” CEO Javed Ahmed said. “In the current financial year we expect to make further progress as we build upon the investments we have made and continue to take the steps necessary to transform the business.”
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