Key Points
- Group adjusted profit before tax in line with February guidance, 30% lower at £224m (2014 ‒ £322m):
- Costs from operational and supply chain disruption of £20m
- SPLENDA® Sucralose adjusted operating profit lower by £46m (£43m in constant currency)
- European Bulk Ingredients adjusted operating profit lower by £17m
- Speciality Food Ingredients adjusted operating profit 29% lower in constant currency at £149m (2014 – £213m)
- Bulk Ingredients adjusted operating profit 19% lower in constant currency at £133m (2014 – £172m)
- Business re-alignment announced on 21 April 2015 to further focus on and strengthen Speciality Food Ingredients:
- Re-focus SPLENDA® Sucralose on rigorous value-based strategy and consolidate production into one facility: impairment charge of £113m included in total exceptional charges of £142m (2014 ‒ £14m)
- Re-align Eaststarch European joint venture by acquiring full ownership of the more speciality-focused plant in Slovakia and exiting the predominantly Bulk Ingredients plants in Bulgaria, Turkey and Hungary. We will receive €240m in cash on completion of the transaction
- Implementation of new supplementary disclosure framework to provide more detail on business performance, including new disclosure on Innovation; volume from new products nearly doubled in the year
- Two major new product launches: DOLCIA PRIMA™ Allulose and CLARIA® Functional Clean-label Starches
- Speciality Food Ingredients completed two ‘bolt-on’ acquisitions in Asia Pacific and Latin America
- Proposed final dividend of 19.8p, making a total dividend of 28.0p (2014 – 27.6p), up 1.4% on prior year
- The Board intends to maintain the total dividend payment at 28.0p for the year ending 31 March 2016
