Ingredients group Tate & Lyle has announced a 1% increase in full year sales, to £2.8 billion (€3.24 billion) noting that its Food & Beverage Solutions arm reported 'strong top-line growth' during the period.
Commenting on its performance, chief executive Nick Hampton said that the business "progressed our strategy, grew our profits, strengthened our financial position and increased our dividend", all despite the "challenges thrown at us by the pandemic".
On the performance of its Food & Beverage division, Hampton added that the pandemic is "accelerating consumer demand for healthier food and drink".
With the group's "leading capabilities in sweetening, mouthfeel and fortification, Food & Beverage Solutions is well-placed to capitalise on this trend," he noted.
Its Food & Beverage solutions business saw profits rise by 12% to £177 million (€205 million), bolstered by a 6% revenue increase. Its Sucralose business saw profits down 9%, however, due to pricing pressure and higher production costs, the group said.
Group adjusted profit before tax rose 6% to £335 million, up from £331 million last year.
According to Hampton, the group is continuing to "make good progress" on its strategy, recently acquiring two businesses in Asia to bolster its sweetener and texturant portfolios. In addition, its New Products arm posted double-digit revenue growth, the group said.
"Since we announced our strategic priorities in 2018, we have delivered three years of consistent progress and built a strong platform for future growth," he added.
"We are exploring the potential to separate our Food & Beverage Solutions and Primary Products businesses through the sale of a controlling stake in Primary Products to a long-term financial partner. This transaction would create two businesses, each able to focus on its own strategic and capital allocation priorities."
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