Tate & Lyle PLC (LSE:TATE) saw its share price rise 2% after it posted strong financial results for financial the year just gone and said current trading was in line with market expectations.
The ingredients company also highlighted a 100 basis point improvement in return on capital employed, now standing at 17.5%, alongside a £47mln rise in free cash flow to £119mln.
Tate & Lyle is also planning to hike the final dividend by 2.5% to 13.1p per share.
Looking ahead to the next financial year, Tate & Lyle anticipates a revenue growth of 4% to 6% and an adjusted EBITDA growth of 7% to 9% in constant currency.
In the results statement, the company's CEO Nick Hampton said: "With our clear strategic focus and strong scientific and solutions capabilities, we are well-placed to progress our strategy and deliver on the five-year financial growth ambition."
At 8.05am, Tate & Lyle shares were changing hands for 801.5p, up 17p.