Tate & Lyle’s shares have dropped 9.48% to 407p following a trading update. 

The FTSE 250 constituent, which produces food ingredients for manufacturers and the food and drink industry, said revenue for the first half is now expected to be 3–4% lower.

EBITDA is also projected to be down by a ‘high-single-digit percentage’, as slower market demand offsets early gains from its CP Kelco combination.