4th Nov 2021 10:06
(Alliance News) - Tate & Lyle PLC on Thursday said it has benefitted from an improved trading environment in the first half of its current financial year, resulting in strong growth in its Food & Beverage Solutions unit.
The London-based supplier of food and beverage ingredients said revenue for the six months to September 30 rose to GBP656 million from GBP592 million a year earlier, but pretax profit slipped to GBP21 million from GBP58 million, with exceptional costs totalling GBP67 million.
"Consumer demand for healthier food and drink continues to strengthen across our markets and this was reflected in the performance of Food & Beverage Solutions which delivered strong volume and double-digit revenue growth across all regions," said Chief Executive Nick Hampton.
Tate & Lyle increased its dividend for the half year to 9.0 pence, up 2.3% year-on-year from 8.8p.
Going forward, Tate & Lyle said it continues to work on completing the sale of a controlling interest in the Primary Products business in the Americas and some joint venture interests to KPS Capital Partners LP in the first quarter of the 2022. The transaction was first reported on July 12.
Tate & Lyle shares were trading 7.1% higher in London on Thursday at 695.20 pence each.
By Evelina Grecenko; [email protected]
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