Key Headlines
• 13%2 increase in Group adjusted PBT with volume growth in both business divisions
• £10m increase in Speciality Food Ingredients adjusted operating profit to £104m:
– 3% volume growth, return to growth in North America (+1%), good growth in other regions
– 4%2 profit growth after investments to grow business over longer term
• £29m increase in Bulk Ingredients adjusted operating profit to £93m:
– 16%2 profit growth in core, driven by strong execution, good demand and firm margins
– £10m profit from Commodities (2016: loss of £3m)
• 14% increase in sales from New Products3 to US$58m
• £33m higher Group reported PBT with improved trading and currency benefit
• Adjusted effective tax rate 23.5% (2016: 18.3%); rate for fiscal 2018 expected in upper end of 21-24% guided range
• 6%2 increase in adjusted diluted earnings per share from continuing operations to 27.6p
• Net debt at £371m, £81m lower than 31 March 2017 with stronger adjusted free cash flow
• Interim dividend increased by 0.2p to 8.4p
And later;
Dividend
An increase in the interim dividend for the six months to 30 September 2017 of 0.2p to 8.4p has been approved by the Board, reflecting the Board’s confidence in the business while at the same time continuing to rebuild cash cover. This will be paid on 5 January 2018 to all shareholders on the Register of Members on 1 December 2017. In addition to the cash dividend option, shareholders will continue to be offered a Dividend Reinvestment Plan (DRIP) alternative.
https://www.investegate.co.uk/tate---38 ... 0000Z5159/