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Treatt Releases Financial Results for 2010
Posted: December 7, 2010
Treatt announced its preliminary financial results for the year ended September 30, 2010. The company’s group revenue increased by 12% to £63.3 million, from £56.3 million in 2009, and it had a group operating profit after FX up by 26% to £4.9 million, from £3.9 million in 2009.
The announcement also included a chairman’s statement, noting the company’s strong year and operating profit increase despite a weakening of demand toward the end of the 2009 financial year and the first quarter of 2010. However, this weakening was offset by a sharp increase in demand staring in January 2010, helping the company reach record levels of volume and sales in the third quarter of 2010.
The year saw a significantly improved performance by Treatt USA, assisted by growth in specialty sales, which increased by double digits again, climbing by 15% (2009: 14%) across a wide range of products. U.K.-based R.C. Treatt saw its total revenues increase by 12% to £43.6m (2009: £38.9m), continuing to enjoy strong sales growth, particularly in the Far East (where sales increased by 25%) and in aroma chemicals (where sales grew by 16%). And Earthoil results showed some progress in 2010, with sales growth of 9%. Underlying Earthoil’s performance, its South African subsidiary continued to underperform and was therefore the subject of a management buy-out during the year.