Treatt plc Half Year Results to March 2024

14 May 2024




Solid H1 2024 performance, with profit growth and sales accelerating in Q2

Treatt Plc (‘Treatt’ or the ‘Group’), the manufacturer and supplier of a diverse and sustainable portfolio of natural extracts and ingredients for the beverage, flavour and fragrance industries, announces its half year results for the six months ended 31 March 2024 (the “Period”).


Half year ended31 March 2024Half year ended31 March 2023Change
Gross profit margin27.8%28.2%-40bps
Operating profit before exceptional items£8.2m£7.7m+5.9%
Operating profit margin before exceptional items11.3%10.1%+120bps
Profit before tax and exceptional items£7.6m£7.3m+4.5%
Profit before tax£7.1m£6.6m+7.9%
Adjusted basic earnings per share9.35p9.04p+3.4%
Basic earnings per share8.72p8.15p+7.0%
Dividend per share2.60p2.55p+2.0%


·     Revenue acceleration in Q2 2024, growing by 5.1% (7.7% in constant currency) with order patterns normalising and new business wins, a contrast to Q1 2024, typically the quietest quarter, which was impacted by destocking as expected

·     120 basis point improvement in operating profit margin from embedded cost discipline and self-help measures annualising, in line with our goal of sustainably increasing margin

·     Net debt of £10.3m reduced 41.6% versus H1 2023. Good cash generation expected in H2 2024

·     Interim dividend up 2.0%, reflecting performance and progression towards 3x dividend cover

·     The Board continues to expect to report full year profits in line with its expectations

·     Good momentum into H2 2024 with a solid order book and healthy sales pipeline giving tangible line of sight on H2 2024 delivery

Commenting on the results, Interim Group CEO, Ryan Govender, said:

“These results show a good growth in profit and operating margins. After the expected impact of destocking softened in Q1 2024, momentum in the second quarter was stronger as volumes grew, and we recorded our highest ever monthly revenue in March. We are pleased with our progress in China, with new opportunities being won with large local brands there. We also grew our higher margin premium categories, especially in tea. There are plenty of active new business opportunities, providing confidence for H2 2024. Momentum in the order book going into H2 2024 is good with a healthy sales pipeline which we are encouraged by.”

Analyst and investor conference call

An in-person presentation for analysts and investors will be held at 9.30 a.m. today, 14 May 2024. For details and to confirm attendance, or for webcast information, please contact MHP at A recording will be made available after the event.

In accordance with DTR 6.3.5 please find below the unedited full text of the half year results.

A copy of the half year results will be submitted to the National Storage Mechanism and will shortly be available for inspection at It will also be available on the Treatt website at



Treatt plc                           +44 (0)1284 702500

Ryan Govender                 Interim Chief Executive Officer

Alison Sleight                      Interim Chief Financial Officer

Joint Brokers                        

Investec Bank Plc              +44 (0)20 7597 5970

Patrick Robb                      

David Anderson

Peel Hunt LLP                     +44 (0) 20 7418 8900

George Sellar

Financial PR

MHP                                      +44 (0) 20 3128 8789

Tim Rowntree

Eleni Menikou

Catherine Chapman                       

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