The Tate & Lyle Board is recommending a final dividend of 12.9p (2023 - 13.1p) per share. This brings the full year dividend to 19.1p (2023 - 18.5p), an increase of 3.2%. In February 2023, in their Capital Markets Event, we announced their policy of paying interim dividends at the level of one third of the previous year's full-year dividend, accordingly an interim dividend for the six months to 30 September 2023 was paid of 6.2p (30 September 2022 - 5.4p) per share. Subject to shareholder approval, the proposed final dividend will be due and payable on 2 August 2024 to all shareholders on the Register of Members on 21 June 2024. In addition to the cash dividend option, shareholders will continue to be offered a Dividend Reinvestment Plan alternative.
Other financial highlights include:
Revenue (2)% due to lower volume from soft consumer demand, customer destocking and prioritising margin
Adjusted EBITDA up 7%, benefiting from proactive mix management, productivity savings and cost discipline
Strong productivity performance with savings of US$41m delivered in first year of five-year ambition
Adjusted profit before tax up 18%, from FBS growth, increased Primient share of profit, lower finance charges
Free cash flow of £170m, £49m higher driven by strong cash conversion from working capital discipline
Organic return on capital employed improved by 40bps; on reported basis decreased 20bps to 17.4%
