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Treatt returns to FY profit growth as revenues rise
(Sharecast News) - Extracts and ingredients manufacturer Treatt said on Tuesday that it returned to full-year profit growth thanks to a "resilient" revenue performance. Treatt said revenues had grown 5% to roughly £147.0m in the twelve months ended 30 September, while pre-tax profits was seen in line with expectations at approximately £17.0m, an 11% year-on-year jump.
The London-listed firm the improved performance was partially due to "successful pricing actions" to recover raw material inflation, as well as "strong cost disciplines and other self-help measures" to mitigate the impact of customer de-stocking.
Year-end net debt was approximately £10.5m, down from £22.4m a year earlier and reflecting the group's record cash generation throughout the year.
Chief executive Daemmon Reeve said: "We delivered positive growth in sales and profit for the year, reflecting the significant price increase programme and ongoing resilience in our beverage end markets.
"With our unique value-add products, in conjunction with the new site transition now complete, we are confident in Treatt's long-term prospects."
As of 0920 BST, Treatt shares had surged 15.47% to 489.0p.
Reporting by Iain Gilbert at Sharecast.com
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