TET news15 Aug 2022 17:10
Elsewhere in London, Treatt shares slumped 31% after the natural extracts and ingredients supplier cautioned on annual profit.
The company expects pretax profit before exceptional items in the financial year ending September 30 to land between GBP15.0 million and GBP15.3 million, down from GBP20.9 million in the year prior.
Treatt said its margins have been hit by the devaluation of the pound against the dollar, with its UK business making a portion of its sales in US dollars and using foreign currency exchange contracts to manage risk. In addition, tea category sales will be lower than the year before, due to reduced demand and consumer confidence in the US, which has reduced margins.