Tate & Lyle profits hit by Covid lockdown
Tate & Lyle
617.50p
16:40 28/03/24
-0.40%
-2.50p
Lower demand for ingredients used by restaurants and other venues saw food supplier Tate & Lyle report lower first-half profits on Thursday.
Food Producers & Processors
7,630.60
17:14 28/03/24
-0.56%
-43.21
FTSE 250
19,884.73
17:14 28/03/24
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FTSE 350
4,383.21
17:14 28/03/24
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FTSE All-Share
4,338.05
16:50 28/03/24
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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.