Tate & Lyle Plc (TATYY.PK,TATE.L) said its full-year pre-tax profit rose to 379 million pounds from last year's 245 million pounds.
Earnings per share rose to 64.3 pence from 34.7 pence in the prior year.
Adjusted profit before tax increased 23 percent to 323 million pounds from a year earlier. On a constant currency basis, adjusted pre-tax profit grew 26 percent.
Sales were up 14 percent year-over-year to 3.09 billion pounds. On a constant currency basis, sales rose 16 percent.
Javed Ahmed, Chief Executive, said,
"Tate & Lyle performed well with steady growth across a number of our markets supported by exceptionally strong returns from co-products in the first half. This was a year of working hard to achieve a number of our business transformation milestones while at the same time delivering profitable growth..."
Moving ahead, overall, taking into account the current level of economic uncertainty and despite a step change in fixed costs associated with the investment necessary to transform the business, the company expects to make progress during this financial year.
Further, the Board is recommending a 5.3% increase in the final dividend to 17.8 pence. The proposed final dividend will be due and payable on 3 August 2012 to all shareholders on the Register of Members at 29 June 2012.
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by RTT Staff Writer
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