LONDON (ShareCast) - (Sharecast News) - Tate & Lyle warned on Wednesday that it anticipates a slowdown in market demand to weigh on its near-term performance, with interim group revenues now expected to be 3% to 4% lower in constant currency terms and underlying earnings seen a "high-single digit percent" lower.
For the six months ended 30 September, Tate & Lyle said revenue in the Americas was expected to be "slightly lower", reflecting "softer consumer demand", while Europe, Middle East, and Africa will see a mid-single digit percentage decrease. Asia Pacific revenues were expected to be broadly in line.

For the full year, Tate & Lyle now expects both revenue and EBITDA to decline by a "low single-digit percent" compared to pro forma comparatives.

Chief executive Nick Hampton 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.

"Looking ahead, the fundamental growth drivers of our business remain strong. Consumer demand for healthier and more nutritious food and drink continues to grow."

As of 0840 BST, Tate & Lyle shares had sunk 9.37% to 407.49p.



Reporting by Iain Gilbert at Sharecast.com

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE