Tate & Lyle Sugar Volumes Hit As Out-Of-Home Takes A Back Seat
British food ingredients maker Tate & Lyle on Monday said demand for its sugars and syrups used by restaurants, cinemas and other public facilities fell in April as thousands of businesses remained closed by coronavirus lockdowns.
The company said 'bulk sweetener' volume was 26% lower, but demand for ingredients used in packaged food was higher as consumers stocked up on items during the pandemic.
Volume for its industrial starch also fell 9%.
Ahead Of Forecast
Tate & Lyle expects to report results slightly ahead of its forecast for the year ended March 31, as it was not significantly hit by the pandemic in March.
“I am delighted with our performance over the last financial year and the progress we are making executing our strategy and living our purpose," said Nick Hampton, chief executive.
"Tate & Lyle is a resilient business that meets challenges head-on. I am confident that with the strength of our portfolio, people and operating capabilities we will navigate this period successfully and that our future prospects remain strong.”