Good morning, everyone, and thank you for joining us. I am pleased to present Tate & Lyle's results for the year ended March 31, 2022. This has been a landmark year for Tate & Lyle, as we successfully repositioned the company as a growth-focused specialty food and beverage solutions business. At the same time, financial performance has been strong and we have taken a number of steps to progress our strategy and build strong foundations for future growth. Before I get into the details of the presentation, I would like to welcome Dawn to Tate & Lyle. She takes on the role of CFO at an exciting time for the business. In her first few weeks with us, she is already making a significant contribution. The agenda for today's presentation is on the screen. I will begin with an overview of the year.
Dawn will run through the financial results, and then I will come back to talk about the outlook and give you an update on our strategic progress. Finally, Dawn and I will be happy to take your questions. On the first of April, we passed a major strategic milestone by completing the sale of a controlling stake in our Primary Products business in Americas to KPS Capital Partners. This transaction creates two strong businesses, each well-positioned to realize their potential. Tate & Lyle is a global Food & Beverage Solutions business focused on higher growth markets, and a new joint venture called Primient as a leading plant-based business, serving food and industrial markets. Tate & Lyle received gross cash proceeds of $1.4 billion from the transaction. Last month, we returned GBP 500 million to shareholders via a special dividend and associated share consolidation.
KPS has a proven track record of successfully creating value in manufacturing and industrial businesses. We have worked closely with KPS to complete the transaction and position Primient for future success. From our ongoing interest in Primient, we expect to receive an attractive cash dividend stream and see value creation from our equity investment. 20-year agreements are in place, which provide supply and economic security for both businesses. In the two months since the transaction was completed, these agreements are operating well. As a result of this transaction, the reporting of our financial results this year is a little more complex than usual, requiring us to split our reporting between continuing and discontinued operations. Putting this complexity aside, what clearly shines through is the strong performance of the new Tate & Lyle, and this gives me great confidence in the future growth potential of the business.
Tate & Lyle is very much a purpose-led company. I have always believed that purpose and performance go hand in hand, and that's certainly been true of Tate & Lyle this year. Our purpose has continued to be our North Star, helping us navigate the uncertainties and challenges of a constantly changing world. Looking forward, as the new Tate & Lyle, we want to be more ambitious with our purpose and to positively impact the world through the science of food. That is why we've evolved our purpose statement from improving lives for generations to transforming lives through the science of food, and it's also why we are making a commitment today to be net zero by 2050. Our three purpose pillars of supporting healthy living, building thriving communities, and caring for our planet have not changed and remain at the heart of everything we do.
The new Tate & Lyle is a purpose-led, growth focused business, driven by science and obsessed with serving our customers. We are a global leader in sweetening mouthfeel and fortification with the ability to create solutions for customers which meet the growing consumer demand for healthier food and drink. We have an established track record of innovation and scientific excellence under our global business with a strong presence in developed markets and a platform for accelerated growth in the higher growth markets of Asia, the Middle East and Africa, and Latin America. Our strong balance sheet provides significant flexibility to invest in both organic and inorganic growth, with substantial progress made in the last 12 months. In short, the new Tate & Lyle is a high-quality, growth-focused specialty business operating in exciting segments of the food and beverage market.
We have significant growth potential, and this is shown in our financial results for last year. The new Tate & Lyle, which comprises Food & Beverage Solutions and sucralose, performed very well last year. We delivered double-digit revenue growth across all regions and double-digit profit growth despite significant cost inflation. Our investment in innovation continues to generate strong returns. With revenue from new products growing by 35% and particularly strong performance from our stevia sweetener solutions. Like most businesses, we experienced significant cost inflation, which we mitigated through top-line growth, pricing, productivity, and cost discipline. We continue to invest for long-term growth with investments in capacity expansion and acquisitions, and we are making good progress on our purpose targets. Looking briefly at the financial results. The new Tate & Lyle, our continuing operations, grew revenue by 18% and profit before tax by 14%.
Diluted earnings per share were 4% higher. For total operations or the group as a whole, adjusted profit before tax was in line with the prior year due to weaker performance from the discontinued operations. Adjusted diluted earnings per share were 4% lower. Net debt at the 31st of March, 2022, the day before the sale of Primient completed, was GBP 209 million higher at GBP 626 million. What is most encouraging is that the strong top-line growth in the new Tate & Lyle was delivered across all our regions. In Food & Beverage Solutions, North America increased revenue by 16%. Asia, the Middle East and Africa, and Latin America increased revenue by 25%, and revenue in Europe was 19% higher.
Overall, revenue in Food & Beverage Solutions was up 19%, 17% from organic growth and 2 percentage points from acquisitions. Over the last two years through the pandemic, Food & Beverage Solutions has grown volume by an average of 5% per year and revenue by an average of 9% per year, underlining the strong demand for our solutions. In May 2020, we announced new long-term targets and commitments to demonstrate how we are living our purpose. In the second year of measurement, we made good progress on our first two purpose pillars, supporting healthy living and building thriving communities. Let me pick out a few highlights. Over the last two years, our no or low-calorie sweeteners and fibers have helped to remove four million tons of sugar from people's diets. That's 16 trillion calories.
By offering online nutrition education, supporting physical activity programs, and providing access to essential hygiene supplies, we helped 70,000 people live healthier lives. Progress on our targets of reaching gender equality in leadership roles by 2025 continued. We have expanded this target from our top 60 leadership roles to all our 500 management roles. In the new Tate & Lyle, 42% of those 500 roles are now held by women. I am particularly proud that over the last two years, we have provided just under three million meals to people in need through our food bank partners. The pandemic significantly increased the level of food insecurity among some of the most vulnerable people in our communities. Ensuring families have enough nutritious food to eat has never been more important. Turning to caring for our planet, our third purpose pillar.
Over the last two years, our Scope 1 and Scope 2 absolute greenhouse gas emissions have reduced by 12%. Last year, we completed two major projects at production facilities in North America to replace coal boilers with more efficient gas-fired systems. As a result, we delivered on our commitment to eliminate coal from our operations four years ahead of schedule. For the new Tate & Lyle, our Scope 3 absolute greenhouse gas emissions were 5% lower, and we are setting a new target to have zero Scope 2 emissions by 2030, with all the electricity we purchase coming from renewable sources. We made significant progress on our waste targets, with 91% of waste from the new Tate & Lyle beneficially used, mostly to generate energy or as a nutrient on farms. Our sustainable agriculture program for corn performed well, and we expanded our stevia program in China.
This program, which we run in partnership with Earthwatch and the Nanjing Agricultural University, helps stevia growers minimize their environmental impact and achieve improved economic returns. During the year, we carried out an analysis of what a pathway to net zero carbon emissions would look like for Tate & Lyle. We undertook comprehensive Scope 1 and 2 decarbonization reviews at our four largest facilities and an in-depth review of our Scope 3 emissions. On the basis of this work, I am delighted that we are making a commitment for Tate & Lyle to be carbon net zero by 2050. We recognize that advances in technology, changes in policy, and many other factors will evolve as we move towards 2050. What won't change is our determination to deliver on our commitments. We continue to make good progress building a strong platform for future growth.
We are seeing positive top-line momentum across the business, and innovation continues to accelerate with new product revenue now 14% of Food & Beverage Solutions revenue. Acquisitions are also strengthening our key platforms. In March, we announced we had agreed to acquire Quantum Hi-Tech, a leading dietary fiber business in China. In April, we acquired Nutriati in the U.S., an ingredient technology business developing chickpea protein and flour. The integration of the stevia and tapioca businesses we acquired in the prior year is progressing well. Finally, reflecting our confidence in the growth opportunity ahead of us, we are increasing capital investment to build growth capacity. Overall, I am delighted with our performance and the progress we are making delivering our strategy, which I will expand on later. For now, I will hand over to Dawn to talk to the financial results. Over to you, Dawn.
Thank you, Nick, and good morning, everyone. I'm delighted to be here. My first four weeks with Tate & Lyle have been very exciting. I've had a really warm welcome from everyone and have been impressed by the talented and experienced people I've met. I've enjoyed seeing the strong passion for the business and an organization where purpose clearly sits at the heart of the business, as well as one that puts customers at the forefront of key decisions. Having spent more than 25 years in the food industry, many as a customer of Tate & Lyle, I know that these qualities are exactly what our customers are looking for, and more importantly, what they need. The resilience and agility the business has developed in navigating the pandemic and cost inflation, as well as completing the Primient disposal successfully, is also impressive.
Alongside this, the business is in a very good financial position with a strong balance sheet. All these things give me confidence coming in as CFO. Turning now to our financial performance, let me start by reminding you of the reporting changes that result from the disposal of the Primient business. As Nick said earlier, we have separated the business into continuing and discontinued operations. The continuing business includes food and beverage solutions and sucralose. It has been adjusted to include the retained European primary products business and some stranded costs. Comparatives have been adjusted accordingly. I will focus mainly on the continuing business and on adjusted measures. Items with percentage growth are in constant currency unless I indicate otherwise.
In terms of financial highlights, the group delivered a good financial performance overall, with higher profits in the continuing business or new Tate & Lyle offsetting lower profits from discontinued operations. In new Tate & Lyle, revenue was 18% higher. Profit before tax was 14% higher, and free cash flow was GBP 72 million for the year. In discontinued operations, profit after tax was 9% lower, and in total operations, diluted earnings per share was 4% lower, and return on capital employed was 240 basis points lower at 14.9%. Let's dig deeper into some of the key performance drivers. Let's start with Food & Beverage Solutions. Revenue growth was strong at 19% growth.
This was driven by three things, volume growth of 5%, price mix, which delivered 12 percentage points of growth, and acquisitions that contributed 2 percentage points of growth. Volume growth overall was driven by continued strength in in-home consumption, along with the recovery in out-of-home consumption. Price mix came mainly from pricing, which contributed 9 percentage points of growth. This reflects the pricing through of inflation and corn costs. Positive mix, including the benefit from new products, contributed a further 3 percentage points of growth. Profit grew by 7% in the year. This was 12% before reporting changes to include Primary Products Europe. Profit growth was driven by strong mix management, productivity and cost discipline. This was offset by higher losses in Primary Products Europe, selective growth investments for the future, and the impact of pricing through of inflation.
Looking from a regional perspective, in North America, top line momentum continued. Volume was up 2% and revenue was 16% higher. This was driven by the continued consumer trend to adopt healthier choices and by strong growth from new products, which increased by more than 40% in the region. In Asia, Middle East, Africa, and Latin America, volume increased by 15% with revenue 25% higher. Revenue growth was strong across the region and especially in Latin America, where growth was accelerated. This was due to the increase in demand for sugar reduction solutions as customers addressed front-of-pack labeling rules. In Europe, volume was 4% higher and revenue was 19% higher. This was due to accelerating consumer trends in both sugar and calorie reduction, resulting in higher growth in our sweeteners and fibers portfolio.
As a result, we saw strong performance across the beverages, bakery and confectionery categories. Revenue from new products continues to be strong and grew at 35% in the year, and Nick will cover this in more detail later. Let's move on and take a look at sucralose. Volume increased by 15% and revenue grew by 13%. This reflected higher demand in beverages as out of home consumption recovered. We also optimized production at our facility in Alabama. This unlocked both higher volume and productivity related cost savings, and as a result, profit at GBP 61 million was 15% higher than the prior year. Looking now at the key factors driving profit before tax growth.
As previously explained, operating profit increases of +12% in Food & Beverage Solutions and +15% in sucralose translated into increases in absolute profit of GBP 22 million and GBP 9 million, respectively. Central costs were flat year-on-year as we absorbed inflation and continued to invest in future growth. In the retained Primary Products Europe business, losses increased by GBP 11 million, reflecting the combination of both weaker sweetener prices and higher corn prices. Interest costs were in line due to flat average borrowings versus the prior year. Overall, this resulted in profit before tax increasing by 14% in constant currency. Finally, the impact of foreign exchange was to decrease profits by GBP 9 million to GBP 145 million, driven by the average U.S. dollar exchange rate being 5% lower than the prior year.
In continuing operations, we saw cost inflation of GBP 100 million during the year. This came from different sources, including energy, labor and consumables, as well as transportation and supply chain. We offset this inflation through a combination of pricing, productivity, cost discipline and broader volume mix improvements. Of these, pricing was the most important part. We passed through price increases in 2022 calendar year contracts, where our aim was to at least maintain absolute unit margin. Since then, we have seen further cost inflation, which we are addressing through supplementary pricing. Nick will talk about this later in more detail. Productivity is an important part of our culture, and I will also come on to share more about our progress with the productivity program we launched four years ago.
Let's move on to talk through the remaining components of the continuing operations results, tax and exceptional items. The adjusted effective tax rate was 19.3%, 7.2 percentage points higher than the prior year. This tax rate primarily reflects the prevailing rates of corporation tax in the U.S. and U.K., the jurisdictions most applicable to the group's activities. The increase year on year relates to an exceptionally low tax rate in the prior year, which benefited from the release of provisions as certain open tax returns were closed. We anticipate the adjusted effective tax rate for the 2023 financial year to be slightly higher than the 2022 financial year. In terms of exceptional items, net pre-tax exceptional costs were GBP 93 million, the majority of which related to the separation and disposal of the controlling interest in Primient.
For this, we incurred costs totaling GBP 79 million, along with the impairment cost of certain plant and equipment assets of GBP 30 million. From a cash flow perspective, this translated into a total exceptional cash outflow of GBP 58 million in the year. Let's move on now to discontinued operations. This represents our disposed Primary Products business in Americas, along with the joint ventures of Almex and Bio PDO. Total volume was in line with the prior year, and operating profit was 16% lower. From a sweetener perspective, volume was in line as out-of-home consumption continued to recover following declines during COVID lockdowns. Industrial starch performed well with volume 8% higher. Profit from sweeteners and starches was 42% lower, reflecting the impact of operational disruption and inflation across both input costs and our global supply chain.
This was mitigated by commodities profit, which was up 52% at GBP 74 million. This was due to higher co-product recoveries, especially in corn oil and corn gluten feed. Our joint ventures performed strongly with our share of profit for the year 37% higher at GBP 35 million. Let's turn to the total operations and our productivity program. This program was set up in 2018 to deliver $150 million of benefits over a six-year period to March 2024. It's great to see that this program has exceeded its target and done this two years ahead of schedule. In the year, we delivered a total of $34 million of productivity benefits, $26 million from operations, and $8 million in SG&A savings.
This brings the total over the four years of the program to $158 million. Within continuing operations, next year, we are targeting $10 million of benefits. Productivity in our operations comes from a range of areas, including capital investments to increase efficiency and reduce energy costs and supply chain efficiencies coming from continuous improvement and procurement activities. If we move now to free cash flow. I'm going to spend some time talking through this area as our adjusted free cash flow for total operations was GBP 16 million, which was GBP 234 million lower than the prior year. If we look at the split of where this year-on-year decrease is coming from, one-third is coming from continuing operations and two-thirds is coming from discontinued operations.
The completion of the Primient disposal transaction was a major driver of the decline in both. Let me explain. Let's deal first with the continuing operations piece. Free cash flow generated in continuing operations was GBP 72 million, GBP 81 million lower than the prior year. Of this reduction, GBP 41 million or half related to increased working capital driven by the completion of the sale of Primient. Here, to help mitigate the risks of separating our IT systems, we took decisions to build inventory to ensure good service was maintained to customers. Higher CapEx and the broader impact of inflation also contributed to the overall decrease.
In discontinued operations, free cash flow was GBP 153 million lower than the prior year, with again, the Primient disposal the main driver. $120 million or GBP 92 million of higher working capital has already been recovered through increased disposal proceeds. Lower profits and the impact of inflation were further drivers of the year-over-year decline. While the inflationary environment in the short term is putting pressure on our working capital, cash delivery remains a key focus area for us, and our balance sheet is strong. Let's move on to the other items on the balance sheet. We invested GBP 75 million in capital expenditure in continuing operations during the year. Looking forward and consistent with our future growth aspirations, this is expected to increase to between GBP 90 million and GBP 100 million in the year ended March 31, 2023.
In terms of net debt, this increased by GBP 209 million to GBP 626 million the day before the Primient disposal was completed. After the balance sheet date, we have three significant one-time cash flows occurring. These are the consideration received from the Primient transaction, $1.4 billion, the payment of the special dividend, GBP 500 million, and the expected completion payment for the Quantum acquisition, $237 million. Following these one-time cash flows, we expect the net debt to EBITDA ratio to be less than 1x. This means we continue to have strong liquidity headroom with access on a pro forma basis to around GBP 1 billion through cash on hand and our revolving credit facility. From a dividend perspective, in May, we returned GBP 500 million to shareholders via a special dividend and an associated share consolidation.
The board is recommending a final dividend of 12.8 pence per share, reflecting the earnings base of the new Tate & Lyle. Overall, there are three key messages that I want to leave you with. The first one is that we have strong revenue growth momentum, delivering 19% growth in Food & Beverage Solutions, double digit growth across all regions, and 35% new products growth in the year. Secondly, we have demonstrated both agility and resilience in a challenging environment to deliver a robust financial performance with adjusted profit before tax up 14% in continuing operations. This is supported by strength in commercial execution alongside a culture of productivity and strong cost discipline. Thirdly, our strong balance sheet gives us flexibility to continue to invest for the future, both organically and inorganically.
It provides a solid platform on which to execute our growth strategy. With that, let me hand you back to Nick.
Thank you, Dawn, and once again, welcome to Tate & Lyle. I'm now going to talk to the outlook and then give you a brief update on our strategic progress. We will be holding a capital markets event later in the financial year when we will talk more about our strategy. Starting with the outlook. As our results show, we entered the 2023 financial year with strong top-line momentum, innovation gathering pace, and our productivity program continuing to deliver benefits. Importantly, customer demand remains strong. Since then, the conflict in Ukraine has caused significant inflation in raw material, energy, and logistics costs globally, especially in Europe. In response, we have implemented a program of supplementary price increases across our main markets to recover incremental input costs while continuing to focus on productivity and cost control.
With all this taken into account, for the year ending the 31st of March 2023, we expect further progress with adjusted profit before tax in line with market expectations and revenue growth reflecting top-line momentum and the pricing through of higher input costs. These are challenging times for many businesses, and our focus in the near term is on four priorities. Firstly, to ensure continuity of supply, and we have committed agreements in place for key production inputs such as corn and energy, covering the majority of the H1 of the 2023 financial year. The second priority is keeping very close to our customers to support them as best we can despite supply chain disruption. Thirdly, we are focused on maintaining our financial strength and lastly, on maintaining our strategic progress.
With that in mind, let me turn to an update on how we are progressing our strategy, starting with a look at some of the key consumer trends that are driving growth in the new Tate & Lyle's business. In general, we see four main consumer trends. The first is the desire for consumers to be in control of what they eat and drink. People want food that reflects their values and to understand what's in the food they are buying. Transparency about the sustainability of products, nutritional claims, and labeling are all increasingly important areas for consumers. The second is a trend we have been seeing for a while now, the desire for healthier food. Consumers are looking for products that are lower in sugar, calories, and fats, and which contain fiber to support gut health and immunity. They also increasingly want plant-based food.
The third trend is all about the pleasure and celebration of food. After two years of lockdowns and restrictions, consumers are looking to embrace new sensory experiences and indulge every now and then. Finally, as you would expect with the cost of living rising for people across the world, value and convenience are at the front of consumers' minds with value for money a key part of purchasing decisions. As the world emerges from the pandemic, convenience also remains important. For example, working from home has meant that people are snacking more often. We are well-placed to benefit from all these trends with our strong platforms across sweetening, mouthfeel, and fortification. Understanding how these trends are impacting our customers and the categories we operate in is central to how we develop our innovation pipeline and unlock growth for our customers.
It is also a key driver of our strategic growth framework. We have been successfully executing this framework over the last three years. It is based on four pillars with serving our customers at its core, and we have made strong progress in each of the pillars during the year. Innovation is central to our growth strategy, and it was very pleasing to see new products from our innovation pipeline once again performing well last year. During the year, 10 new products and more than 30 stevia sweetener solutions were launched from our pipeline. Revenue from new products grew by 35% in the year and by a compound annual growth rate of 24% over the last two years. Growth was led by the sweetener platform, which nearly doubled revenue as customers' demand for stevia-based solutions increased.
The mouthfeel platform, which grew revenue by 19% as consumers continue to look for products with cleaner labels. New product revenue is now 14% of Food & Beverage Solutions revenue, 16% excluding Primary Products Europe. We are making consistent progress towards our ambition to generate 20% of Food & Beverage Solutions revenue from new products by 2027. Growth from both new products and our existing portfolio is being driven by the trend towards conscious wellbeing I mentioned earlier as consumers look for products that are healthier but still taste great. What is encouraging is that this growth is broad-based across all our regions. For example, in Food & Beverage Solutions, revenue from our sugar reduction solutions grew 40% in the year with strong double-digit growth in each region.
In particular, we saw an acceleration in demand for our solutions containing stevia, a natural and clean label sweetener. Latin America is showing particularly strong growth as customers in that region look to reformulate their products following front-of-pack labeling regulations that require products to show if they are high in sugar, fat, or salt. Across the world, consumers are also increasingly aware of the benefits of dietary fiber on gut health and how fiber can help build greater immunity. Revenue from our dietary fiber solutions increased by 29% globally with, once again, growth across all regions. To accelerate innovation further and to support our customers, we are also investing in infrastructure, capabilities, and technology. In October, we opened a new state-of-the-art customer innovation and collaboration center in Dubai to serve our customers in the Middle East. Last month, we opened another center in Santiago in Chile.
We now have 16 customer innovation and collaboration centers across the world where we work with our customers to reformulate their products for their local markets. We continue to build our in-house expertise in the fields of biochemistry and material science, and we are complementing this expertise with open innovation as we look to unlock exciting new ideas and opportunities for future growth. One example is the acquisition in April of Nutriati, a U.S.-based business producing plant-based chickpea protein and flour.
This acquisition, while relatively small, broadens our fortification offering and represents another step in expanding our portfolio and bringing new technologies into the business. Portfolio expansion, either organically or through acquisitions, is a key part of our growth strategy. In addition to Nutriati, we made strong progress during the year with the announcement in March that we had agreed to acquire Quantum Hi-Tech, a leading dietary fiber business in China.
Quantum is a great fit with our growth strategy. It makes prebiotic FOS and GOS fibers, which together represent around 25% of the global soluble fiber market. This market is growing at a compound annual growth rate of 6% globally, and 10% in China. Quantum's high-quality fiber products will significantly strengthen our fortification platform and expand our offering to customers. The business brings strong R&D expertise, further diversifies our substrate base away from corn, and extends our presence in the higher growth markets of China and Asia. The acquisition is expected to be revenue growth and margin accretive in its first year. A key pillar of our growth framework is building an integrated solutions approach for customers to strengthen our position as their partner for growth.
We do this by bringing together our category expertise and insights, our broad portfolio of products, and our technical capabilities to provide customers with the solutions they need. To better serve our customers in their key categories, we recently combined our global ingredients platform scientists with our regional application scientists to form a new global ingredient technology and application team. This team's role is to translate ingredient functionality into category applications and solve customer challenges at a local level. We are already seeing a positive impact from this change with the new team acting as a more effective bridge between our R&D team and creating solutions for customers. We are also continuing to invest in strengthening our customer-facing capabilities in areas such as sensory, prototyping, and category and consumer insights. Pilot programs are underway to further develop ways of working with customers and to build stronger solutions-based partnerships.
Stepping back for a moment, the performance of Food & Beverage Solutions last year and over the last four years clearly demonstrates the strong foundation the new Tate & Lyle has established for future growth. Over that time, Food & Beverage Solutions has delivered what we said it would, consistent top and bottom-line growth. On a compound annual growth rate, revenue is up 8%, adjusted operating profit is up 10%, and revenue from new products is 21% higher. Given that this four-year period covers not only a global pandemic, but also significant supply chain disruption and cost inflation, the resilience and quality of the new Tate & Lyle business shines through. The strong platform we have built and our plans to increase investment in innovation give me great confidence that we can sustainably deliver on our ambition for the next five years.
Our five-year ambition includes mid-single-digit organic revenue growth, annual operating margin expansion of at least 50-100 basis points per year on average, and to utilize our strong balance sheet to accelerate growth with further M&A. To conclude, we have successfully passed a major strategic milestone to reposition Tate & Lyle as a growth-focused business. The group as a whole, and the new Tate & Lyle in particular, delivered good financial performance in what was a year of significant change inside the business and significant challenges in the world around us. We are navigating through this difficult external environment with a focus on top-line growth, pricing, productivity, and cost discipline. I am also pleased to see significant progress on our purpose and environmental targets, and we continue to invest in new businesses, capacity, and innovation to deliver our growth agenda.
Looking forward, we have built a strong platform for growth as a focused global food and beverage solutions business. We have emerged from the pandemic as a stronger, more agile, more ambitious business, well-positioned to unlock the significant growth opportunities ahead. As I said earlier, this has been a landmark year for Tate & Lyle. To make this happen, we made some very big demands on our people. I would like to finish by thanking everyone at Tate & Lyle for their hard work in delivering a strong set of financial results, continuing to serve our customers, and living our purpose with great passion and belief while transforming the company. For all their support, as always, I am truly grateful.