Bury St Edmunds: Ingredients company Treatt lifts expectations following strong sales growth
- Credit: Archant
Flavour, fragrance and consumer goods ingredients specialist Treatt today lifted its expectations for the current year, and for 2014 and 2015.
In a trading update, Bury St Edmunds-based Treatt said sales in May were expected to reach an all-time high, with the order book for the rest of the third quarter and the final quarter of the year to September 30 looking “promising”.
Company chairman Tim Jones (pictured) said the trend, combined with cost savings and a new strategy targeting multi-national customers, meant prospects for the next two years were also improved.
This positive commercial environment, coupled with the continuing impact of the board’s new strategy, and the lower overheads and improved margins it is delivering, means that the board expects the group to exceed its expectations for the current financial year ending September 30, 2013,” he said.
“Looking further ahead, the strategic creation of a global sales structure, which is clearly focused on selling value-added ingredient solutions with its emphasis on multi-national consumer goods companies, is already leading to significant new opportunities for growth.
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“We are particularly focused on developing new and exciting products for the beverage sector where the possibilities for growing sales are material.”
Today’s update follows half-year results from the company which showed a 30% increase in pre-tax profits for the six months to March 31.
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Mr Jones added: “The continuing transition of product mix towards added-value manufactured ingredients should enable the group to target higher margin business.
“The board believes that this, coupled with significant cost saving measures, some of which have already been implemented but have not yet delivered their full-year impact, should deliver the long-term sustainable growth in earnings intended.
“Consequently, the board believes that the momentum now in the business and the benefits from the initiatives outlined above will extend beyond the current financial year and that the prospects for the business for the years ending 30 September 2014 and 2015 are also improved.”