Global ingredients firm Tate & Lyle has reported a 14% growth in sales to almost £3.1bn in its full-year results.
For the year ended 31 March 2012, the company increased its adjusted operating profit by 8% to £348m and reduced its net finance expense from £58m to £25m, following the repayment of a $300m bond last June.
Tate & Lyle recorded a 10% rise within its speciality food ingredients business to £887m, with sales volumes up 4%, while its bulk ingredients division accumulated sales of £2.2bn, up 15%.
Javed Ahmed, chief executive of Tate & Lyle, 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.
“In the current financial year, we expect to make further progress as we build upon the investments we have made and continue to take the steps necessary to transform the business.”
Sales of starch-based speciality ingredients rose by 14% to £494m, with volumes up 4%, and its high-intensity sweeteners such as Splenda Sucralose and fruit-based Purefruittm grew in volume by 13%, with a 6% increase in value sales to £197m.
Last October, the firm signed an agreement with Eminate, a subsidiary of The University of Nottingham, for its novel salt reduction technology Sodalo and reported, in the announcement of its FY11/12 financial results, that it was expecting to launch a range of products later this year.
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