Tate & Lyle reports resilience, but not immunity, to downturn
In its interim management statement released today, the ingredients firms said that customer de-stocking in early January looks to be coming to an end. Companies were tending to run-down existing stocks rather than place new orders
However orders are lower than in the first half of the financial year, which ends on March 31. Operations during the full year are now expected to come in at the lower-end of expectations and in line with last year’s results.
“Our focus on the food sector gives us a measure of resilience, although not immunity, to the current conditions in the global economy. We are a well-financed business and are confident of our ability to deliver positive cash flows and weather the prevailing economic storms,” said the statement.
