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Tate & Lyle holds final dividend, foregoes guidance for new year

In the year to 31 March, revenue rose 2% to £2.8bn for profit before tax up 4% to £331mln

Tate & Lyle - Tate & Lyle raises dividend, foregoes guidance for new year

Tate & Lyle PLC (LON:TATE) has maintained its final dividend but is not issuing guidance for the year to next March.

The food products firm reiterated that trading in March showed limited impact from the pandemic, while April led to significant changes in demand patterns.

READ: Tate & Lyle hit by lower demand for sugar in coronavirus lockdowns

To save cash, the ingredients producer has frozen all discretionary salary increases and non-essential spend as well as halting recruitment of all but essential new staff.

No employees have been furloughed and no government aid was sought so far.

In the year to 31 March, revenue rose 2% to £2.8bn while profit before tax was up 4% to £331mln. Net debt increased 25% to £451mln.

The dividend for the year rose by 0.7% to 29.6p after the maintained final payment.

Shares rose 1% to 643p on Thursday at the opening bell.

Quick facts: Tate & Lyle

Price: 639 GBX

LSE:TATE
Market: LSE
Market Cap: £2.99 billion
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