27 January 2023
TREATT PLC
(“Treatt” or “the Group”)
AGM Trading Update
Treatt, the manufacturer and supplier of a diverse and sustainable portfolio of natural extracts and ingredients for the beverage, flavour and fragrance industries, announces the following trading update for the period to 31 December 2022, ahead of its Annual General Meeting to be held later today at 10:30am in the Group’s UK Headquarters at Skyliner Way, Bury St Edmunds.
Treatt has made a good start to the new financial year, with trading in line with management expectations. Q1 sales were 9% ahead of the prior year (3% at constant currency) with particularly encouraging progress in Citrus, where margins have improved across several of our key value-added products, driven by the execution of our procurement and pricing strategies. The Group continues to implement strong cost discipline, and foreign exchange impacts were successfully managed by the Group’s revised hedging and currency management strategy.
The vast majority of UK production has now transitioned to the new UK facility, and UK production capacity will at least double once the process is fully completed, currently anticipated in the autumn.
The Group is well-invested to fulfil its medium-term growth ambitions, with a good pipeline of opportunities in new and existing customer partnerships, including in Coffee. The Board therefore looks forward to the remainder of this financial year and beyond with confidence.
Treatt plc +44 (0)1284 702500
Daemmon Reeve Chief Executive Officer
Ryan Govender Chief Financial Officer
Joint Brokers
Investec Bank Plc +44 (0)20 7597 5970
Patrick Robb
David Anderson
Peel Hunt LLP +44 (0) 20 7418 8900
George Sellar
Mike Burke
Financial PR
MHP +44 (0) 20 3128 8789
Tim Rowntree
Simon Hockridge
Catherine Chapman