Tate & Lyle's pre-tax profit for the full-year to March 31 rose 16% to £295m on sales up from £3,339m last year to £3,720m.

The group added that it would aim to raise value-added product profits by 30% this year. It also announced a new £140m investment in a new US corn wet mill in Ford Dodge, Iowa.

Sir David Lees, chairman of Tate & Lyle, said: “This time last year we said that we viewed the future with confidence. The success of our value-added strategy makes it entirely appropriate to repeat that message.”