In the latest trading update announced on 23 February 2017 the Board reported that momentum in the business had gathered pace and consequently the results for the six months to 31 March 2017 ('Half Year') were expected to show substantial progress when compared to the prior year. The Board also reported that it believed that profit before tax for the full year ending 30 September 2017 would substantially exceed its previous expectations.

Since that announcement, trading has continued to be strong and whilst the Group has benefitted from the effect of a stronger US Dollar, underlying revenue growth continues to gain momentum, with Half Year revenue expected to show an increase in excess of 25% over the prior year period, of which approximately 10% can be attributed to the effects of currency movements.

New business wins and a strong performance across all our categories, particularly in Sugar Reduction, Tea and Citrus, which are areas of strategic focus, together with the impact of current foreign exchange rates have combined in an order book which has increased materially compared with the same time last year.

As announced on 23 February 2017 the impact of higher raw material prices, increased order book and the strengthening of the US Dollar has resulted in net debt at the Half Year increasing to approximately £12m, being some £3.6m higher than the same time last year. Historically, the Group reports a net trading cash outflow in the first six months of the year and a net trading cash inflow in the second half of the year, and the Board would expect a similar pattern in the current financial year.

Outlook

Following a strong performance across the Group in March 2017 and clear signs that the momentum described above, which is being delivered by our 2020 Strategic Plan, is continuing into the second half of the current financial year, the Board now expect to exceed its revised expectations for the full financial year ending 30 September 2017.