Sweet success for Tate & Lyle with double digit growth and dividend boost

Food and beverage ingredient firm Tate & Lyle has achieved double digit growth in FY21.

In its results for the year ending March 31, the company saw profits in its food and beverage business increase by over 12 per cent to £177m.

The firm, which expanded internationally over the past year despite the pandemic,has increased its dividend by 5.8 per cent to 22.0p, making a full year dividend of 30.8p - up 4.1 per cent.

Nick Hampton, Tate & Lyle chief executive, commented: “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.

“Food & Beverage Solutions delivered another year of strong top-line growth and double-digit profit growth. The pandemic is accelerating consumer demand for healthier food and drink and with its leading capabilities in sweetening, mouthfeel and fortification, Food & Beverage Solutions is well-placed to capitalise on this trend.

“Primary Products delivered resilient performance with profit higher despite a significant reduction in out-of-home consumption in North America. This reflects a record year of profits from Commodities as well as a focus on customer service, operational performance and rigorous cost discipline.

“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.”