Tate keeps dividend flat as profits fall 2%

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Outgoing chief executive Iain Ferguson described the move as "a need to balance the interests of our equity investors with those of our debt holders."

Leaving the dividend unchanged means that the total payout for the year rises by just 1.3% to 22.9p.

After five profit warnings in two years, today's 2% fall in underlying profits to £247million was pretty much as the market expected. But Ferguson, who will hand over to Reckitt Benckiser's Javed Ahmed, claimed "these are sound results in challenging markets".

Revenues were 254% higher at £3.55 billion but profits were dented by exceptional charges of £134million. The largest charge - £94 million - related to mothballing the group's sucralose plant in the US as it takes all production to its Singapore plant. Tate shares fell 7¾p to 284½p.

Ferguson said: "Market conditions have proved challenging but our focus on food and beverages - over 70% of our sales - gives us a measure of resilience."