Performance Headlines
- Group adjusted profit before tax up 28% at £103m (2014 ‒ £80m)
- Speciality Food Ingredients adjusted operating profit up 28% at £76m (2014 – £59m), improved mix and strengthened executional discipline
- Volume from New Products increased by 50%
- Bulk Ingredients adjusted operating profit 9% lower at £42m (2014 – £47m), impact of difficult commodity markets
- Global supply chain performance strengthening
- Adjusted free cash flow £32m higher at £92m (2014 ‒ £60m)
- Interim dividend maintained at 8.2 pence per share
Progress on change projects
- Re-alignment of European Eaststarch joint venture completed on 31 October 2015
- Commenced restructuring of European operations in November 2015 to re-align cost base
- Change projects, including re-focus of SPLENDA® Sucralose and extension of Speciality Food Ingredients capacity, on track
Ambition to further strengthen the business mix by 2020
- 70% of Group profits from Speciality Food Ingredients
- 30% of Speciality Food Ingredients sales from Asia Pacific and Latin America
- $200m of sales from new products
Javed Ahmed, Chief Executive, said:
“We have made an encouraging start to the year. Speciality Food Ingredients performed well as volume momentum built throughout the first half, as anticipated, and our new products targeted at the health and wellness space grew strongly. Bulk Ingredients performed steadily despite the impact of sharply lower ethanol margins. Overall, with our change programmes progressing as planned and executional disciplines strengthening across the business, we remain on track to deliver the guidance for the full year we set out in May, and for future growth.”
