By Frank Prenesti
Date: Thursday 05 Nov 2020
LONDON (ShareCast) - (Sharecast News) - 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.
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