StockMarketWire.com - Ingredients supplier Treatt said it expected to report a modest rise in annual profit, even as its revenue slipped.
Pre-tax profit before exceptional items was expected to increase to around £14 million, which the company said was in line with its pre-Covid expectations.
Treatt didn't provide a comparative profit figure. Last year, it reported a full-year profit before exceptional items of £13.3 million.
Revenue was expected to be in region of £109 million, Treatt said, representing a year-on-year fall of 3%, both at actual and constant exchange rates.
Revenue had been hurt by a substantial fall in orange oil raw material input costs, which slumped by more than 50%.
Excluding orange oil related products, revenue grew 4%.
Gross profit in the citrus category rose as the business continued to transition away from traded and minimally processed products to 'more added-value customer solutions', Treatt said.
'In addition, the group experienced increased demand for citrus co-products used in industrial and household cleaning products, as new cleaning protocols across the globe drove demand,' it added.
Story provided by StockMarketWire.com
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