Tate & Lyle has reported a drop in full-year profits, as the company undergoes a major restructuring.
For the year to 31 March, external, adjusted pre-tax profits fell 30% to £224m - in line with previous guidance from the company.
However, after allowing for restructuring costs, profits fell to £51m, from £277m the year before.
Tate & Lyle's chief executive, Javed Ahmed, said: "It has been a very challenging year for the group."
He added: "With the necessary actions underway we are firmly focused on improving our performance and continuing the evolution of Tate & Lyle into a global speciality food ingredients business, supported by cash generated from bulk ingredients."
In April, Tate & Lyle said it would exit its European bulk ingredients business and restructure its Splenda sucralose business in order to concentrate on its speciality food business.
During the year to March, Tate & Lyle said operating profits at its Splenda business fell by £45m, because of "price erosion in an extremely competitive market".
Lower sugar prices in the EU trimmed £13m off its operating profit in Europe, and Tate & Lyle said restructuring measures had cost it £118m.
Tate & Lyle said that adjusted pre-tax profits for the year ahead would be similar to the previous year.
- Published6 February 2015
