Bury St Edmunds: Treatt lifts full-year forecast after strong first half
FLAVOUR and fragrance ingredients manufacturer Treatt today lifted its forecast for full-year profits as it reported a solid first-half performance.
Treatt, which is based in Bury St Edmunds, posted a pre-tax profit of �1.6million for the six months to March 31, on turnover of �36m, up 1% on last year’s first-half revenues of �35.8m.
The pre-tax total was short of last year’s first half haul of �3.7m, which was boosted a one-off windfall from orange oil stock profits, but was ahead of comparative figures for 2009 and 2010, of �1.4n and �1.5m respectively.
Treatt chairman Tim Jones said the group’s United States business, Treat USA, had continued to perform well, following a strong 2011, and Earthoil, its natural cosmetics ingredient division, had continued to grow during a “solid” first half.
As previously reported, the group’s UK operating business, R C Treatt, was less busy during the first quarter, due to de-stocking by some customers, but business had began to recover as expected during the second quarter, he said.
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Looking ahead, Mr Jones said that the improvement in the company’s performance had continued into the third quarter, with order book levels increasing across the business.
“The board, therefore, now believes that results in the second half of the year will result in its expectations for the full financial year ended September 30, 2012 being exceeded, particularly now that raw material ingredient market prices have begun to stabilise,” he added.
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The interim dividend will rise by 6% to 5.1p per share, from 4.8p last time.