Sugar producer Tate & Lyle has recorded a 5% increase in sales to £3.256 billion and a 4% rise in adjusted pre-tax profit to £329 million during the year ended 31 March.
Tate & Lyle chief executive Javed Ahmed said that the company's "underlying business continues to perform well and that despite having entered the year facing a number of headwinds we have made progress."
Such 'headwinds' during the year included the 'step change in fixed costs associated with the relaunch of the company's SPLENDA Sucralose facility in McIntosh, Alabama' along with 'business transformation initiatives'.
Commenting on the results, Javed said, "Three years ago we set out to build a high quality business, one capable of generating sustained growth over the long term. We are on track to deliver this but we are not there yet. While we have more work to do, I believe we now have a solid foundation from which we can build."
Shares in Tate & Lyle rose 1% to 858p in early trading on Thursday.
