LONDON (dpa-AFX) - Tate & Lyle Plc. (TATE.L, TATYY.PK), a provider of ingredients and solutions to the food and beverages industries, reported that its profit for year ended 31 March 2018 increased to 265 million pounds or 56.5 pence per share from 256 million pounds or 54.4 pence per share in the prior year.
Adjusted earnings per share from continuing operations at 50.1 pence were 6% higher or 7% in constant currency.
On a statutory basis, profit before tax from continuing operations increased by 53 million pounds to 286 million pounds.
Adjusted profit before tax from continuing operations was 11% higher than last year (13% in constant currency), at 301 million pounds. Adjusted earnings per share from continuing operations increased by 3.0 pence to 50.1 pence as increased profits were partially offset by a higher adjusted effective tax rate of 21.9%.
Sales from continuing operations of 2.710 billion pounds were 2% lower or 1% lower at constant currency reflecting the impact of lower corn costs.
The Board recommended a 0.5 pence or 2.5% increase in the final dividend to 20.3pence per share. This increased final dividend makes a full year dividend of 28.7 pence per share, up 2.5% on the prior year. Subject to shareholder approval, the proposed final dividend will be due and payable on 1 August 2018 to all shareholders on the Register of Members on 22 June 2018.
For the year ending 31 March 2019, the company expects growth in earnings per share in constant currency to be in a mid-single digit range, albeit towards the lower end due to energy and transport cost inflation in North America and a strong year of Commodities performance in fiscal 2018.
Looking further ahead, the company expects growth in earnings per share to accelerate, organic return on capital employed to improve and strong cash generation to support our progressive dividend policy.
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