Tate & Lyle PLC (TATE.L, TATYY.PK), a prominent supplier of food and beverage ingredients, announced on Thursday that its profit before tax for fiscal year 2024 surged by 48%, reaching £226 million, compared to £152 million the previous year.
Earnings per share increased by 1% to 46.5 pence from the prior year.
The company's adjusted profit before tax amounted to £287 million, up from £255 million a year earlier. Adjusted earnings per share rose to 55.5 pence.
Annual revenue declined by 6% to £1.65 billion. Adjusted revenues experienced a 2% decrease, attributed to reduced volume driven by soft consumer demand, customer destocking, and a focus on margin prioritization.
Additionally, the Board has proposed a final dividend of 12.9 pence per share, culminating in a full-year dividend of 19.1 pence per share, marking a 3.2% increase from the previous year.
Looking ahead to fiscal 2025, the company anticipates a slight reduction in revenue compared to the prior year, with EBITDA expected to grow between 4% and 7%.
