StockMarketWire.com - Flavour and ingredients supplier Treatt said it expected to post a 1% rise in annual revenue after growth was limited by a steep fall in citrus raw-material prices.

Revenue for the year through September was expected to nudge up to around £112.7m, which would represent a decrease of 2% on a constant currency basis.

Citrus prices had fallen by more than 50% over the year, while lemon oil prices had also been under pressure.

Still, Treat said it had 'performed well' in the second half.

'Consequently, the board expects to report profit before tax and exceptional items for the year ended 30 September 2019 in line with its expectations,' the company said.

Treatt also said that it had made significant progress with two principal strategic investment projects, being the expansion of its US facility and relocation of its UK facility.

'We successfully completed the further development of our US facility, doubling the capacity in our non-citrus natural tea, health & wellness and fruit & vegetable categories as well as quadrupling the size of our US technical and innovation centre as we invest more in R&D to drive further product innovation,' it said.

'In addition, and as we reported last month, the main contractors have begun work on our new UK facility which we expect to transition across to in the latter half of 2020.'

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