StockMarketWire.com - Flavoring ingredient provider Treatt booked a 28% fall in annual profit owing to a loss on the disposal of a businesse sin Kenya, though its underlying performance improved.

Net profit for the year through September fell to £8.8m, down from £12.2m on-year, and included a loss recorded on the discontinued Earthoil operation.

Pre-tax profit before exceptional items rose 5.2% to £13.3m, as revenue edged up 0.5% to £112.7m.

Treatt declared a full-year dividend of 5.50p per share, up 7.8% on-year.

The rise in underlying profit came as Treatt boosted sales in non-citrus categories, offsetting a fall in citrus raw material prices.

'I am pleased to report that the group delivered solid results for the year,' chief executive Daemmon Reeve said.

'The strength of our strategy shone through strongly as we increased our profitability in the face of citrus market headwinds.'

'To have decoupled our financial performance from external market factors which were once a dominant feature of Treatt's financial performance augers well for our future.'

'We are driving ahead with confidence and whilst it is still early in the new financial year, the group continues to perform in line with the board's expectations for the year ending 30 September 2020.'




At 8:34am: [LON:TET] Treatt PLC share price was -9.5p at 428.5p



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