Sweeteners manufacturer Tate & Lyle Plc. (TATYY.PK,TATE.L) reported that profit before tax for the year ended 31 March 2013 declined to 309 million pounds from the previous year's 379 million pounds.
Profit for the year attributable to owners of the company decreased to 277 million pounds from the prior year's 305 million pounds, with earnings per share declining to 58.5 pence from last year's 64.3 pence.
Adjusted diluted earnings per share from continuing operations were 57.0 pence, compared to 54.7 pence lastyear, an increase of 4% (5% in constant currency) as a result of higher operating profits, marginally lower net finance expense and the reduction in the effective tax rate.
Annual sales from continuing operations increased to 3.256 billion pounds from last year's 3.088 billion pounds.
The Board has recommended a 5.6% increase in the final dividend to 18.8 pence, compared to 17.8 pence paid last year, making a full year dividend of 26.2 pence (2012 - 24.9 pence) per share, up 5.2% on the prior year. Subject to shareholder approval, the proposed final dividend will be due and payable on 2 August 2013 to all shareholders on the Register of Members at 28 June 2013.
For year ending 31 March 2014, Overall, the company expect to deliver another year of profitable growth.
In Speciality Food Ingredients, the company expects to deliver good sales and profit growth with volume growth across all major product categories for year ending 31 March 2014.
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