The price of shares in FTSE 250 ingredients business Tate & Lyle (LON:TATE) has fallen by 2.83% to 675.55p (as of 13:20 BST) after saying that demand patterns across a number of key markets had changed during April. With hospitality venue closing, bulk sweetener volumes in the US were down by more than a quarter and demand in other product categories also declined. Management said that these factors had been partially mitigated by cash control measures including recruitment freezes, stopping non-essential discretionary spending, and re-prioritising capital expenditures.
CEO Nick Hampton commented: “I am delighted with our performance over the last financial year and the progress we are making executing our strategy and living our purpose.
I am also very proud of the way we have responded to the unprecedented challenges of Covid-19. From the outset of the pandemic, our priority has been to look after our employees and local communities, keep our operations running and support our customers. The fact that all our manufacturing facilities have remained fully operational during the pandemic and customer orders have continued to be fulfilled, often at very short notice, is a testament to the commitment and skill of all our employees.
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“.