Tate & Lyle has issued a warning for full year sales and earnings following a slowdown in demand and shares in the FTSE 250 company flee by more than 10% on Wednesday morning.
The sweetener and ingredients firm issued the profit alert and are forecasting revenues and underlying earnings in the year to 31 March to plummet to a “low single digit per cent.”
Nick Hampton, chief executive of Tate & Lyle, said, “While the level of customer engagement is high, we have seen a slowdown in market demand, particularly in the last two months, which in turn has slowed our recent performance.”
“Against this challenging backdrop, we are accelerating a series of steps to drive delivery of top-line growth.”
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