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(Sharecast News) - Treatt said on Friday that it has made a good start to the new financial year, trading in line with management expectations.
In an update ahead of its annual general meeting, the company said first-quarter sales rose 9% versus the same period a year earlier. It hailed particularly encouraging progress in Citrus, where margins have improved across several of its key value-added products, driven by the execution of Treat's procurement and pricing strategies.
"The group continues to implement strong cost discipline, and foreign exchange impacts were successfully managed by the group's revised hedging and currency management strategy," it said.
The company - which makes and supplies natural extracts and ingredients for the flavour, fragrance and consumer product industries - said the vast majority of UK production has now transitioned to the new UK facility, with production capacity set to at least double once the process is fully completed. This is expected to be in the autumn.
"The group is well-invested to fulfil its medium-term growth ambitions, with a good pipeline of opportunities in new and existing customer partnerships, including in Coffee," it said. "The board therefore looks forward to the remainder of this financial year and beyond with confidence."
