Annual Report

Our purpose commitments

Our purpose - Improving Lives for Generations - is why we do what we do.

Purpose wheel of Improving Lives for Generations

 

This year we set new commitments and targets to show how we live our purpose. These include:

 

Supporting healthy living purpose icon

By 2025, we’ll have helped improve the lives of over 250,000 people by supporting programmes that promote healthier lifestyles and activities.

 

Building thriving communities purpose icon

By 2025, we’ll have provided over 3 million nutritious meals for people in need.

 

Caring for our planet purpose icon

By 2030, we’ll have delivered a 30% absolute reduction in scope 1 and 2 CO2e emissions, and a 15% reduction in scope 3 emissions. They will be science-based targets, meaning they support the goals of the Paris Agreement on Climate Change.

 


Highlights from our strategic report

Smiling woman eating bowl of noodles with chopsticks
We've sharpened our focus on customers, becoming the 'go to' partner for reformulation and sugar reduction.

We've accelerated innovation and launched 11 new products in the last year alone. And we've simplified the organisation, achieving savings of US$87m in the first two years of our productivity programme.

Man serving healthy bowl of food to woman
Population growth, urbanisation, climate change and, more recently, Covid-19, are all making major changes to people’s lifestyles and how they eat and drink.

These trends present opportunities and risks for Tate & Lyle as we pursue our aim not just to feed people, but to feed them well.

Food technician in hairnet by industrial equipment
In our Food & Beverage Solutions division, we are working to build leading positions in three categories: beverage, dairy, and soups, sauces and dressings. This is alongside other regional focus categories.

In our Primary Products division, we are seeking to optimise the product and category mix, drive efficiency and diversify into new and growing markets.
Team of scientists in a lab
New products delivered revenue of £113m last year and the value of our innovation pipeline grew by 18%. 36 new patents were granted this year too.

Andrew Taylor, President of Innovation and Commercial Development, explains how we put our innovative expertise to work for our customers.
Corn field adjacent to a farm site
We have set ambitious new environmental targets for 2030 covering carbon emissions, water, waste and sustainable agriculture. In 2019 we entered a ground-breaking partnership with Truterra™ to support sustainable farming practices for 1.5 million acres of US-grown corn, equivalent to all the corn we buy globally each year.
Tate & Lyle employees in PPE on site
We operate a Group-wide programme to identify, analyse and assess risks, and to determine what actions we need to take to manage, control and monitor them.

This includes both short-term risks to our business and longer-term challenges facing the world, such as climate change.
Our financial results

£2,882m

Revenue

£296m

Profit before tax

57.8p

Adjusted diluted earnings
per share¹

£247m

Adjusted free cash flow ¹

1 Adjusted results and a number of other terms and performance measures used in this Annual Report are not directly defined within accounting standards. For clarity, we have provided descriptions of the various metrics and their reconciliations to the most directly comparable measures reported in accordance with IFRS, and the calculations, where relevant, of any ratios in Notes 1 and 4.


Chairman's statement

Chairman Gerry Murphy
A good year for Tate & Lyle had a very tough ending as Covid-19 tested all of us. I am exceptionally proud of our team’s magnificent response in caring for our colleagues, our communities and our customers.
Gerry Murphy
Chairman

Chief Executive's review

Nick Hampton, CEO
This year’s results are a testament to the hard work of everyone at Tate & Lyle. Although the incredible challenges of Covid-19 are unprecedented in my lifetime, we are well-placed to weather this period and emerge an even stronger company.
Nick Hampton
Chief Executive

2020 Annual Report

Past Annual Reports