Tate & Lyle profits hit by Covid lockdown

Lower demand for ingredients used by restaurants and other venues saw food supplier Tate & Lyle report lower first-half profits on Thursday.

The company said statutory pre-tax profits fell 4% to £157m in the six months to September 30. Revenues fell to £1.389bn from £1.476bn, while the interim dividend was held at 8.8p a share.

Tate & Lyle, which makes syrups and sugars, said out-of-home product demand fell in April and May, but improved in the second quarter as lockdowns eased.

It added that out-of-home demand remained below pre-pandemic levels but reported stronger in-home consumption.