Tate & Lyle April volumes slump as Covid-19 lockdowns bite

(Sharecast News) - Tate & Lyle said US bulk sweetener volume fell 26% in April as bars, cinemas, restaurants and sporting events were either shut or cancelled as part of the coronavirus lockdown.
Industrial starch volume was 9% lower reflecting reduced demand for paper and packaging following the closure of schools, offices and a general decline in economic activity, the company said on Monday. Commodities were also impacted as ethanol prices decreased sharply.

Panic shopping by Europe and North America consumers earlier in the month helped lift demand for ingredients used in packaged and shelf-stable foods, Tate & Lyle said. This was offset later by lower demand for products consumed out-of-home, such as in the food service sector in North America.

Tate & Lyle added it expected to announce full year results slightly ahead of guidance.