LONDON (dpa-AFX) - Tate & Lyle PLC (TATE.L, TATYY.PK), a supplier of food and beverage ingredients, reported Thursday that its fiscal 2023 profit before tax surged to 152 million pounds from last year's 42 million pounds.
Earnings per share were 30.8 pence, up from 5.5 pence a year ago.
Adjusted profit before tax was 253 million pounds, compared to prior year's proforma result of 199 million pounds. Adjusted earnings per share were 49.3 pence, compared to 24.9 pence a year ago.
Adjusted EBITDA climbed 22 percent from last year to 320 million pounds.
Revenue grew 27 percent to 1.75 billion pounds from prior year's 1.38 billion pounds. Adjusted revenues grew 18 percent.
Further, the company said its Board is recommending a 2.5 percent increase in the final dividend to 13.1p per share. Meanwhile, full year dividend is 18.5p per share, lower than the prior year amount of 21.8p.
Subject to shareholder approval, the proposed final dividend will be payable on August 2 to all shareholders on the Register of Members on June 23.
Looking ahead, Nick Hampton, Chief Executive said, 'The re-positioning of Tate & Lyle continues at pace. With our clear strategic focus and strong scientific and solutions capabilities, we are well-placed to progress our strategy and deliver on the five-year financial growth ambition announced in our Capital Markets Event in February 2023.'
For the year 2024, the company expects to deliver progress in line with five-year ambition to March 31, 2028 with, in constant currency revenue growth of 4 percent to 6 percent and adjusted EBITDA growth of 7 percent to 9 percent.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2023 AFX News
