LONDON (Alliance News) - Treatt PLC on Tuesday said its profit decreased in its recently-ended financial year, hurt by restructuring and expansion costs.
The ingredient supplier said pretax profit declined 1.7% to GBP11.5 million in the year to the end of September from GBP11.7 million reported a year ago.
Adjusted pretax profit, which excludes depreciation of UK assets and relocation expenses, grew by 8.1% to GBP12.6 million.
Revenue rose 11% to GBP112.2 million from GBP101.3 million year-on-year, with citrus, tea and sugar sales up 9%, 8% and 63%, respectively.
Treatt said it sold its non-core subsidiary Earthoil Plantations for GBP11.3 million to provide an additional growth capital. The company said it is focusing on its 2022 strategic plan, based around its core markets.
Treatt upped its final dividend to 3.5 pence a share from 3.35p paid the year before. For the year, the company lifted its dividend by 6.3% to 5.10p from 4.80p.
Looking forward, the company said it plans to expand in the US by growing its sales team in Florida.
"I am delighted to report another year of strong growth for Treatt," said Chief Executive Daemmon Reeve.
"The group has had a steady start to the new financial year with a number of attractive opportunities in our pipeline of projects with both existing and new customers," added Reeve.
Treatt shares were trading 2.9% higher on Tuesday at 455.00 pence each.