The Tate & Lyle Board has approved an interim dividend for the six months to 30 September 2022 of 5.4p (2021 - 9.0p). The interim dividend represents a 40% per share reduction from the prior year's interim dividend. After the effect of the share consolidation implemented in May 2022, this reduction is in-line with the previously communicated approach and reflects the smaller consolidated earnings base following the sale of the controlling stake in Primient, and is consistent with the step down in the final dividend for the year ended 31 March 2022. An underlying growth of 2.5% has been applied to the interim dividend. This dividend will be paid on 4 January 2023 to all shareholders on the Register of Members on 25 November 2022. As well as the cash dividend option, shareholders will be offered a Dividend Reinvestment Plan alternative.
Other financial highlights include:
Strong first half performance with Group revenue +20% and adjusted operating profit +29%
Good progress delivering growth strategy as newly focused speciality food and beverage solutions business:
− Food & Beverage Solutions revenue +21% including inflation price-through and mix management
− New Products revenue +19% benefiting from focus on innovation and customer collaboration
− Integration of Quantum Hi-Tech acquisition, a leading dietary fibre business in China, progressing well
Managing impact of cost inflation through strategic mix management, pricing, productivity and cost discipline
Adjusted profit before tax +10% with strong Tate & Lyle and significantly lower Primient joint venture profits
Strong balance sheet and cash delivery underpins investment for growth
Outlook for year to 31 March 2023 - adjusted profit before tax to be in-line with current market expectations
