Ingredients firm Tate & Lyle has reported a 18% increase in revenue and a 22% increase in EBITDA in its financial year to 31 March.
The group said that its profit performance was driven by 'mix management, pricing, productivity savings and cost discipline', which helped to offset inflation.
Profit for the year stood at £320 million (€368.2 million).
The group's Food & Beverage Solutions arm reported a 19% increase in revenue in the period, while profit in this division was 21% higher.
Elsewhere, its Sucralose business reported a 2% increase in revenue in the period, with EBITDA down 5% in this division.
'Strategic Progress'
“It has been an excellent first year for the new Tate & Lyle, with strong financial performance," commented Nick Hampton, chief executive.
"Our key financial measures were all met, with group revenue and adjusted EBITDA showing double-digit growth and productivity savings well ahead of target."
Elsewhere, Hampton praised the "strategic progress" made by the group, including the acquisition of a dietary fibre business in China and the recent brand relaunch, which was introduced in January.
Read More: Tate & Lyle Launches New Brand Identity
Looking Ahead
For the year to end-March 2024, the group is expecting to report revenue growth of 4% to 6%, and adjusted EBITDA growth of 7% to 9%.
"The re-positioning of Tate & Lyle continues at pace," Hampton added. "With our clear strategic focus and strong scientific and solutions capabilities, we are well-placed to progress our strategy."
Read More: Tate & Lyle Appoints New Chief Human Resources Officer
© 2023 European Supermarket Magazine – your source for the latest A-brand news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
