Tate & Lyle revenue sinks, but still brought home around £2.8bn
Food and beverage ingredient supplier Tate & Lyle saw its revenue sink £75m in the year to 31 March, the group said in a statement this morning, but still raked in around £2.8bn.
The British-headquartered firm saw strong demand for its new products, with the newcomers raking in 21 per cent more revenue, worth £133m. Meanwhile, overall profits grew slightly by £4m.
“Despite all the challenges thrown at us by the pandemic, we progressed our strategy, grew our profits, strengthened our financial position and increased our dividend,” chief executive Nick Hampton said.
“The past year has tested us like no other, and our performance has demonstrated the resilience, quality and agility of Tate & Lyle. We are emerging stronger from the pandemic and I am more confident than ever in the long-term growth potential of our business.”
Tate & Lyle enjoyed a solid year in 2020 when the pandemic spurred kitchen creativity and home baking. However, since the surge in demand, revenue and profits have slowed.
The CEO continued, mentioning two Asia-based acquisitions to strengthen its ‘sweetener and texturant’ portfolios in its food and beverage solutions branch.
The firm, which is 100 years old this year, ended the financial year with net debt of £417m, down from £451m in the same period in 2020.
The full year dividend per share rose 4.1 per cent to 30.8p per share, from 29.6p the year before.