By Scott Kanowsky
Investing.com -- Tate & Lyle PLC (LON:TATE) shares rose on Thursday after the food and beverage ingredients supplier posted a 14% jump in full-year adjusted pre-tax profit to £145M.
The London-listed company said strong customer demand helped offset "significant inflation" in raw material, energy, and logistics costs globally due to the conflict in Ukraine.
Tate & Lyle also said it expects to deliver adjusted pre-tax profit in line with market estimates in its next fiscal year.
"In the near term, our focus remains on continuity of supply, serving our customers and maintaining our financial strength and strategic progress,” said Tate & Lyle CEO Nick Hampton in a statement.
He added the company refocused on its food and beverage solutions division, following a deal last year to sell a controlling stake in its commercial sweeteners unit to private equity firm KPS Capital Partners.
"We have emerged from the pandemic a stronger, more ambitious business, and are excited about our future growth potential," Hampton said.