- Food and beverage ingredients supplier Tate & Lyle has announced double-digit profit growth in its food and beverage solutions business, up 10% to £162m, and has maintained its full-year dividend.

In its full-year results for the year ended 31 March 2020, the company reported 5% revenue growth in food and beverage solutions, while Sucralose profit was slightly ahead, up 1% to £63m.

In primary products, profit climbed 3% to £158m despite challenging market conditions.

A 23% increase in group statutory pre-tax profit was due to exceptional lower costs, while Tate & Lyle’s adjusted pre-tax profit rose 4% during the year.

The company said its final dividend remained unchanged at 20.8p, making a full-year dividend of 29.6p, up 0.7% on the previous year.

In an update on trading in April, the company reported that food and beverage solutions volume remained in line with the comparative period and that Sucralose volume was 18% higher.

Primary products bulk sweetener volume was 26% lower in April and industrial starch volume 9% lower.

Chief executive Nick Hampton said: 'This has been another year of consistent delivery. We made good progress executing our strategy with strong revenue and profit growth from food and beverage solutions and profit growth from primary products in more challenging markets.

'Food and beverage solutions delivered revenue growth in each region with revenue from new products 15% higher.'

The company announced that no employees have been furloughed and no government aid sought but that it had taken action in March to reduce costs by freezing all discretionary salary increases and halting recruitment of all but essential new staff.

At 8:06am: [LON:TATE] Tate Lyle PLC share price was +7.9p at 641.5p

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