London, UK—Tate & Lyle PLC have reported their full-year results for the year ended March 31, 2020, and have announced their environmental goals.
Highlights from the year’s results, according to a press release:
- Revenue of £2,882 million, up 2% from 2019’s revenue
- 4% increase in adjusted profit before tax
- Dividend per share of 29.6p, up 0.7% from 2019
- Diluted earnings per share of 57.8p, up 8% from 2019
- 10% increase in Food & Beverage Solutions profit
- 23% increase in Group statutory profit before tax, due to lower exceptional costs
The press release also noted that the company has taken measures to protect employees while keeping operations running.
Nick Hampton, Chief Executive, said in the release: “This has been another year of consistent delivery. We made good progress executing our strategy with strong revenue and profit growth from Food & Beverage Solutions and profit growth from Primary Products in more challenging markets.
“I am very proud of the way we have responded to the unprecedented challenges of Covid-19,” he continued. “Our purpose has been at the heart of our response, ensuring we care for our colleagues, their families and local communities as well as playing our part in supporting the food supply chain. Throughout the pandemic, we have continued to work very closely with our customers and support them as they have adapted to a rapidly changing operating environment. I want to thank all my colleagues for their extraordinary commitment, courage and agility in the face of Covid-19, and for truly living our purpose during these most difficult of times.
“In the year ahead our priorities are clear – to look after our people and communities, strengthen our relationships with customers, continue to progress our strategy and maintain our financial strength,” he concluded.
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In a separate press release, Tate & Lyle announced that by 2030, they intend to hit the following targets:
- 30% absolute reduction in Scope 1 and 2 CO2e emissions, with an ambition to reach 20% reduction by 2025.
- 15% absolute reduction in Scope 3 CO2e emissions.
- 100% of its waste to be beneficially used, with an ambition to reach 75% by 2025.
- 15% reduction in water use.
The company intends to eliminate use of coal from its operations by 2025, and to maintain sustainable acreage equivalent to the volume of corn Tate & Lyle buys globally each year, and through partnerships accelerate the adoption of conservation practices.
Hampton added: “There has never been a greater need for businesses to address the climate change crisis. One of the key pillars of our purpose of Improving Lives for Generations is to care for our planet and with our new environmental targets and commitments we are taking decisive action to protect our planet’s natural resources for the benefit of future generations.”