The Treatt PLC Board has declared an interim dividend of 2.55 pence per share (2022 interim: 2.50 pence per share). This reflects a balance of the Board's understanding of the importance of dividend payments to shareholders, effective financial discipline and transitioning towards a healthy long term dividend cover of up to 3 times. The interim dividend will be payable on 10 August 2023 to shareholders on the register at close of business on 30 June 2023.
Other financial highlights include:
Record H1 revenue with 14.6% growth across the product portfolio (8.5% in constant currency)
Strong performance in citrus and good momentum in both China and coffee
Pricing actions and cost discipline implemented to recover raw material inflation
Profit before tax and exceptional items of £7.3m, up by 15.0% (H1 2022: £6.3m)
Inventory reduction of £7.7m since FY22 notwithstanding record high orange oil prices
Net debt reduced to £17.7m (FY22: £22.4m) despite normal working capital build in first half
Good momentum into H2 and expect to report full year profit before tax and exceptionals in line with Board expectations
