Tate & Lyle increases revenue by £127m and says growing demand for products is "here to stay"

A British ingredients manufacturer has reported a £127m increase in revenue for 2020.

Tate & Lyle, based in London, saw revenues rise from £2,755m in 2019 to £2,882m in 2020.

The company said that it had experienced a 10 per cent jump in food and beverage solutions profit, and that demand for its products is growing during the pandemic.

It also said that since the end of its financial year - 31 March - trading had been “mixed”, with food and beverage solutions performing well but primary products being impacted by the closure of out of home eateries.

Nick Hampton, chief executive of Tate & Lyle, commented: “This has been another year of consistent delivery.

“We made good progress executing our strategy with strong revenue and profit growth from food and beverage solutions and profit growth from primary products in more challenging markets.

“I am very proud of the way we have responded to the unprecedented challenges of COVID-19.

“Our purpose has been at the heart of our response, ensuring we care for our colleagues, their families and local communities as well as playing our part in supporting the food supply chain.

“Throughout the pandemic, we have continued to work very closely with our customers and support them as they have adapted to a rapidly changing operating environment.

“I want to thank all my colleagues for their extraordinary commitment, courage and agility in the face of COVID-19, and for truly living our purpose during these most difficult of times.

“At the start of our 2021 financial year, with lockdowns in the US and Europe, trading in April was mixed.

“Food and beverage solutions performed well in the month but reduced out-of-home consumption in the US significantly impacted primary products.

“As the length and extent of the pandemic remains uncertain, we are not issuing guidance for the year ending 31 March 2021.

“In the year ahead our priorities are clear - to look after our people and communities, strengthen our relationships with customers, continue to progress our strategy and maintain our financial strength.

“Tate & Lyle is a resilient business that meets challenges head-on. The fundamentals of our business remain sound despite the challenges of Covid-19.

“Our high-quality portfolio of ingredients and solutions enable consumers to enjoy healthier and tastier food products and drinks.

“Demand for these products is growing and this trend is here to stay. Combined with our financial strength, this gives me confidence we will navigate this period successfully and that our future prospects remain strong.”