British food science operation Tate & Lyle blamed a weak customer demand and inflation for a fall in volumes and revenues.
In an update this morning, the public company revealed a three per cent loss in revenue in its food and beverage solutions arm during the three months to last December.
Nick Hampton, chief executive said: “Tate & Lyle delivered resilient performance in challenging market conditions. In Food and Beverage Solutions, volume and revenue were lower than the comparative period.
“This was due to a combination of softer consumer demand and customer de-stocking, reduced inflation pass through, and some customers phasing orders into the fourth quarter when new calendar year contracts, which included the pass through of input cost deflation, came into effect. Sucralose delivered an improved performance.”
The firm – which is different entirely from the golden syrup brand sharing the same name, with the listed version offloading that side of the business in 2010 – makes sweeteners and other taste enhancers.
Looking ahead to the 2024 financial year, the firm said it expects customer contracts to deliver a return to volume growth, noting an uptick in demand in January.
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