Tate & Lyle has reported a 19% increase in revenue in the first half of its financial year, with its Food & Beverage Solutions arm reporting a 19% increase in revenue.
The group also saw a 48% increase in its New Products division, and a 17% gain in its Sucralose business.
Profit before tax rose 20%, with the business saying that its strategic transformation is 'progressing well'.
'A Year Of Significant Change'
“In a year of significant change as we re-position Tate & Lyle as a growth-focused speciality food and beverage solutions business, the group delivered a strong first half performance despite inflationary headwinds," commented Nick Hampton, chief executive. "Food & Beverage Solutions had an excellent half and we made good progress on the priorities we set out at the start of the year.
"Consumer demand for healthier food and drink continues to strengthen across our markets and this was reflected in the performance of Food & Beverage Solutions which delivered strong volume and double-digit revenue growth across all regions."
The group said that it remains 'well on course' to complete the sale of a controlling stake in its Primary Products business in the Americas in the first quarter of next year.
It also recently delivered on its environmental commitment to eliminate the use of coal in all operations four years ahead of target.
Looking ahead, Tate & Lyle said that it is 'well positioned' to deliver mid single-digit organic revenue growth and an annual operating margin expansion of at least 50 to 100 basis points per year, over the next five years, boosted by increased investment in innovation.
"We are entering a new, ambitious and exciting chapter for Tate & Lyle and I look forward to the future with great optimism," said Hampton.
Tate & Lyle recently announced the opening of a new Technical Application Centre in Dubai.