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Treatt has maintained profits and sales expectations for the year thanks to strong momentum in the second half.
In a trading update for the year ended 30 September, the beverage ingredients manufacturer reported revenue growth of 16% in H2 driven by new business wins and normalisation of industry demand.
It means full-year revenues will be 5% higher than the previous 12 months at £155m.
Treat also expected adjusted EBITDA growth of 7% to £34.7m and a 9% rise in pre-tax profits before exceptional items to £19m.
Treatt noted continued growth momentum in China, where a new Shanghai innovation facility has been approved.
CEO David Shannon, who joined the business in June, said he was “pleased” with the performance.
“Revenue growth in the second half of the year in particular was strong, with sales pipeline conversion and demand normalising following industry destocking,” he said.
“With our value-add products, and available manufacturing capacity following the investments in recent years we will start to target greater customer reach in adjacent markets and new territories. We are confident in Treatt’s long-term prospects.”
Morning update
Waitrose has today revealed a multi-year partnership with Just Eat to expand its presence in the on-demand grocery and convenience sectors.
The supermarket will launch on the delivery platforn in 229 UK location in the coming weeks.
Executive director James Bailey said: “Partnering with Just Eat and stepping up our plans for new shops allows us to reach even more customers who want the same commitment to quality, taste and ethical standards whenever and wherever they want to enjoy great food.
“As demand for greater convenience has grown, so have expectations of convenience food - and that is a huge opportunity for us.”
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