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Tate & Lyle profit slips as lower demand dents revenue in H1
StockMarketWire.com
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Food supplier Tate & Lyle reported a fall in profit as revenue dropped 4% in the first half of the year due to lower demand for products in out of home use, according to its interim results. The company posted a statutory pre-tax profit of £157 million down from £164 million in the first half of 2019. The fall in revenue was offset by 'strong' growth of new pipeline for its Food & Beverage Solutions business, which grew by 9% to £98m, the company said. According to the results, in April and May demand for products in out of home use fell, but in June and during the second quarter, demand improved as lockdowns eased. Out-of-home demand remains below pre-pandemic levels but the company has experienced stronger in-home consumption. At 8:08am: (LON:TATE) Tate Lyle PLC share price was +26.8p at 659.8p
Story provided by StockMarketWire.com
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