Tate & Lyle maintains its 2016 full year dividend

DividendMax Ltd.

Tate & Lyle maintains its 2016 full year dividend

Financial Highlights

  • Speciality Food Ingredients margin expansion, with adjusted operating profit up 10% (5% in constant currency)
  • New Products6 sales increased by 34% in constant currency
  • Bulk Ingredients adjusted operating profit up 1% (3% lower in constant currency) with strong core business profit growth offsetting significant Commodities weakness
  • Balance sheet strengthened with net debt reduced by £121m to £434m
  • Return on capital employed down to 11.3% (90 bps) reflecting Eaststarch re-alignment and capital expenditure
  • Adjusted diluted earnings per share up 2.5p (8%) at 34.5p
  • Final dividend proposed at 19.8p, making an unchanged total dividend of 28.0p, as previously indicated

Javed Ahmed, Chief Executive, said:

“This has been a year of solid financial performance and strong project delivery. Both business divisions delivered margin expansion and we completed the major structural change initiatives needed to further strengthen the business and drive higher quality earnings. We also made progress against the 2020 Ambition we outlined in November 2015.

“Turning to the outlook for the 2017 financial year, subject to currency movements, we are confident the Group will continue to make progress in line with our plan and towards our 2020 Ambition.”

Companies mentioned