Tate & Lyle has reported full-year profit and sales growth in line with expectations.
The global food ingredients giant said sales increased 5% to £3.256bn during the year ending 31 March, while adjusted pre-tax profit climbed 4% to £329m.
The company said it had achieved profitable growth despite “a number of headwinds” including a step change in fixed costs associated with the restart of a Splenda sucralose factory in McIntosh, Alabama.
“I am pleased to report that the underlying business continues to perform well and that despite having entered the year facing a number of headwinds we have made progress,” said Tate & Lyle CEO Javed Ahmed.
Analysts said there were few surprises in the results.
“Constant currency sales and profit metrics were very much in line with our forecasts, save that the sucralose result was slightly better, with volumes down 1% in full-year 2013 relative to our negative 2%,” said Investec analyst Martin Deboo.
Shares in Tate & Lyle rose 1% to 858p in early trading on Thursday.