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Treatt Names New CEO, Latest Results Impacted by Orange Oil Prices
Posted: August 17, 2012
Treatt plc has named Daemmon Reeve group chief executive officer. He has overall responsibility for Treatt plc and its group subsidiaries. The announcement follows Hugo Bovill's departure from the company.
Reeve has worked with RC Treatt, the group’s principal operating subsidiary, for 19 years and most recently, held the position of CEO of Treatt USA.
Reeve will continue to be based in the United States but will spend a significant amount of time in the United Kingdom, according to the company.
“I am honored to be appointed group CEO of Treatt and am looking forward to driving the business forward with the assistance of our professional and dedicated teams, and continuing to build on the company’s growth and success," said Reeve.
Meanwhile, the company has reported financial results for the period spanning April 1 to Aug. 15, 2012. Treatt USA has continued to perform well, the company noted, while RC Treatt’s results have shown an improvement compared to a tougher first half of the financial year.
Raw material price volatility, notably orange oil, has impacted results. Orange oil prices have fallen in price by around 70% in the past 18 months, the company notes, which is significant because sales of orange oil-related products represent approximately 25% of group sales.
Sales and margins at Earthoil, the Group’s cosmetics ingredients division specializing in organic and fair trade products, "have remained in line with expectations," Treatt says.