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Treatt hikes dividend, upgrades guidance as first-half profit jumps 73%
StockMarketWire.com
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Ingredients and flavouring supplier Treatt upgraded its annual guidance and increased its divided as it reported a 73% jump in first-half profit.
Pre-tax profit for the six months through March rose to £9.7 million, up from £5.6 million year-on-year, as revenue climbed 14% to £60.8 million.
Treatt declared a full-year dividend of 2p per share, up 8.7% year-on-year.
It said pre-tax profit before exceptional items for the full year was expected to be at least £20.0 million, exceeding current market consensus of £18.0 million.
Pre-tax profit before exceptional items in the fist half rose 71% to £10.4 million.
The company said its margins had expanded, thanks to growth in higher value-added categories and improved citrus product mix.
Sales had jumped 57% in the 'healthier living' categories of tea, health & wellness and fruit & vegetables.
The core citrus product category reported materially improved margins from a recovery in raw material prices and increasing demand for more value-add, solution-driven ingredients.
'Our performance over the half has been remarkable in what remain challenging times,' chief executive Daemmon Reeve said.
'We are optimistic about demand returning from the re-opening of hospitality across more geographies in the coming months and the boost from our UK relocation, which gives us much to look forward to and further enhances the future prospects for our business.'
Story provided by StockMarketWire.com
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