Tate & Lyle Reports Sales and Profit Growth

Before you go, we thought you'd like these...
Before you go close icon

LONDON -- This morning Tate & Lyle -- the global provider of ingredients to the food, beverage, and other industries -- released its final results for the year to March 31, and its share price is down 2.2% as of 8:20 a.m. EDT despite some encouraging news.

The company reported that adjusted pre-tax profit was up 4% to £329 million on group sales that increased 5% to £3.26 billion. The speciality food ingredients division took the lead in sales, reporting growth of 7% to £947 million, while bulk ingredients saw its adjusted operating profit rise by 6%, to £182 million.

Adjusted diluted earnings per share increased by 4% to 57 pence, and the board has recommended a final dividend of 18.8 pence, bringing the total payout for the year to 26.2 pence per share, up 5.2% on last year's 24.9 pence. With its share price at 830 pence at the time of writing, Tate & Lyle currently yields a shade over 3%.


Commenting on the results, chief executive Javed Ahmed said:

I am pleased to report that the underlying business continues to perform well and that despite having entered the year facing a number of headwinds we have made progress. The opening of our new global Commercial and Food Innovation Centre in Chicago has significantly enhanced the level of engagement with our customers, and we have also made headway developing the innovation pipeline and bringing new products to market. Looking ahead, we will continue to build on the foundations we have laid and expect to deliver another year of profitable growth.

Tate & Lyle has certainly rewarded shareholders over the past few years: Its share price is up 25% on this time last year, 37% on two years ago, and almost 100% over the past five years.

If you already own shares in Tate & Lyle, you should read our newly updated special report. It analyzes eight dividend-paying winners identified by ace fund-manager Neil Woodford, who boasts an exceptional track record when it comes to selecting stock market stars. The report, compiled by The Motley Fool's crack team of analysts, is totally free and comes with no further obligation. So download your copy now.

The article Tate & Lyle Reports Sales and Profit Growth originally appeared on Fool.com.

Jon Wallis has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners