Full year results for the year ended 31 March 2022
Issued: Thursday 9 June 2022
Strong top-line growth, accelerated innovation and major strategic milestone passed
HEADLINES
- Continuing operations (new Tate & Lyle) delivered +18% revenue and +14% profit1growth
- Significant acceleration in innovation with +35% New Product revenue growth
- Effective management of cost inflation through pricing, productivity and cost discipline
- Major strategic divestment re-positions Tate & Lyle as growth-focused food & beverage solutions business
- Acquisition of leading dietary fibre business in China significantly strengthens fortification platform
- Double-digit reduction in GHG emissions in last two years2and new carbon net zero commitment by 2050
- Strong balance sheet enables investment for growth and payment of £500m special dividend in May 2022
FINANCIAL SUMMARY3
|
|
Adjusted results4 |
Statutory results |
||||
|
|
2022 |
2021 |
vs 2021 |
2022 |
2021 |
vs 2021 |
|
Continuing operations |
|
|
|
|
||
|
Revenue |
£1,375m |
£1,211m |
+18% |
£1,375m |
£1,211m |
+14% |
|
Profit before tax |
£145m |
£134m |
+14% |
£42m |
£90m |
(54%) |
|
Diluted earnings per share |
24.9p |
25.2p |
+4% |
5.5p |
19.1p |
(71%) |
|
Free cash flow |
£72m |
£153m |
(£81)m |
|
|
|
|
|
|
|
|
|||
|
Discontinued operations |
|
|
|
|
||
|
Profit after tax |
£146m |
£169m |
(9%) |
£210m |
£164m |
29% |
|
|
|
|
|
|||
|
Total operations |
|
|
|
|
||
|
Diluted earnings per share |
56.0p |
61.2p |
(4% ) |
50.2p |
53.8p |
(7%) |
|
Net cash from operating activities |
|
|
£103m |
£369m |
(£266)m |
|
|
Net debt |
£626m |
£417m |
|
|
|
|
|
Dividend per share |
|
21.8p |
30.8p |
(29%) |
||
NICK HAMPTON, CHIEF EXECUTIVE SAID:
“This has been a landmark year for the company. New Tate & Lyle delivered double-digit organic revenue growth across all regions and double-digit profit 1 growth despite significant inflation across the supply chain. We also passed a major strategic milestone by refocusing the Group on our faster growing speciality food and beverage solutions business. To do this during a global pandemic, while serving our customers, accelerating innovation and living our purpose is a testament to the resilience, ambition and agility of all my colleagues.
Tate & Lyle is now a focused global leader in sweetening, mouthfeel and fortification, and very well-placed to benefit from growing consumer demand for healthier food and drink. Our strong balance sheet allows us to invest in organic and inorganic growth and the acquisition of Quantum Hi-Tech, a leading dietary fibre business in China, demonstrates our ability to further strengthen our portfolio and deliver on our growth agenda.
We entered the 2023 financial year with strong top-line momentum, innovation gathering pace and our productivity programme continuing to deliver benefits. Customer demand remains high and while the conflict in Ukraine has caused significant inflation in raw material, energy and logistics costs globally, we are taking actions to mitigate these pressures including supplementary pricing.
For the year ending 31 March 2023, we expect further progress with adjusted profit before tax in line with market expectations and revenue growth reflecting top-line momentum and the pricing through of higher input costs.
In the near term, our focus remains on continuity of supply, serving our customers and maintaining our financial strength and strategic progress. We have emerged from the pandemic a stronger, more ambitious business, and are excited about our future growth potential.”