Business
Trading Update
Trading Update.
About this update from Tate & Lyle Plc
[{"type":"text","content":"\n \n \n RNS Number : 7367L\n Tate & Lyle PLC\n 04 May 2020\n \n \n \n \n 4 May 2020 - Tate & Lyle PLC\n \n \n \n \n \n \n \n \n TATE & LYLE TRADING UPDATE FOR APRIL IN RELATION TO COVID-19\n \n \n \n \n \n Introduction\n \n \n Tate & Lyle will issue its results for the year ended 31 March 2020 on 21 May 2020. The Group performed well during the year with each trading division exceeding the prior year's performance. Accordingly, we expect to announce results slightly ahead of our guidance coming into the year. \n \n \n \n \n While trading in March showed limited impact from the Covid-19 pandemic, the lockdowns in place in many countries across the world throughout April, most notably in our largest markets of the US and Europe, have led to some significant changes in demand patterns for our products. This statement provides an update on trading in April based on the information currently available and the actions we are taking.\n \n Our priorities continue to be the health, safety and wellbeing of our colleagues, their families and the local communities where we operate, and to serve our customers in these difficult times. Strict hygiene and protective measures are in place across our business, we are working closely with our customers to respond quickly to their changing needs and all our manufacturing facilities have remained fully operational during the pandemic.\n \n \n Trading in April 2020\n \n Food & Beverage Solutions and Sucralose continued to perform well with volume for Food & Beverage Solutions in line with the comparative period and Sucralose 18% higher due to phasing of customer orders. Earlier in the month, demand was strong for ingredients used in packaged and shelf-stable foods as consumers in North America and Europe filled their pantries for consumption at home. As the month progressed, this was offset by lower demand for products consumed out-of-home, such as in the food service sector in North America.\n \n Primary Products volume was significantly impacted by the first full month of lockdown in the US. Bulk sweetener volume was 26% lower from reduced out-of-home consumption as bars, cinemas, restaurants and sporting events were either shut or cancelled. Industrial starch volume was 9...