Bury St Edmunds: Profits more than double at Treatt
PROFITS at flavour, fragrance and cosmetic ingredients firm Treatt plc posted yesterday have more than doubled during the first half of its current financial year.
The Bury St Edmunds-based company said yesterday that its profit before tax for the six months to March 31 had increased from �1.5million at last year’s half-way stage to �3.7m.
Group revenue increased by 29%, from �28m to �36m, with all three of its operating companies continuing to build on momentum achieved during last year’s second half.
Treat also reduced the deficit on its pension fund, to �400,000 from �1.6m at the same stage a year ago.
Earnings per share increased by 173%, from 9.4p to 25.7p, and the interim dividend will rise by 17%, from 4.1p per share to 4.8p.
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Company chairman James Grace said that its American arm, Treatt USA, had continued the strong growth it showed last year, its global business, RC Treatt, which is based the UK and exports to almost 100 countries, had maintained its “steady growth” and Earthoil, the group’s organic and fair trade business, had doubled sales, in terms of both volume and value, to make a positive contribution to the results for the first half.
He added: “The board believes that although results in the second half of the year may not be as strong as those in the first half, full year results remain on course to meet its revised expectations. However, there is always the possibility that some raw material prices may have peaked, in particular orange oil, and that there may therefore be some impact on margins if prices begin to fall.”
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