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Treatt Half-Year 07 Results
Posted: May 25, 2007
Treatt plc (Bury St. Edmunds, England) has announced half-year 2007 (ended March 31) revenue of 19.23 million pounds, an increase of 11% over the same period 2006. Profit before tax fell 11% to 1.44 million pounds and EBITDA decreased by 4% to 2.07 million pounds. The company suffered from a weaker US dollar, which reduced gross profit by almost 0.5 million pounds.
R.C. Treatt’s, the Group’s UK operating subsidiary, sales grew by 16% in the first six months, with second quarter sales up 50% over quarter one. Treatt USA’s profits are down on last year, although turnover grew by 6.5% in US dollars for the period.
At the end of February, Treatt acquired 50% of Earthoil Plantations Ltd. and 50% of Earthoil Kenya Pty EPZ Ltd. for 2.6 million pounds. Treatt has the option to acquire the remaining 50% of the issues share capital of Earthoil from 2012.
Of the results, Treatt plc chairman Edward Dawnay said, “After a slow start to the financial year, the Group recovered strongly in the second quarter with sales up by 40% over Q1 and contribution increasing by 50%. The Group’s UK subsidiary has continued to perform well, whilst in the United States there has been continued investment in new product innovation and development. The acquisition of 50% of Earthoil is an exciting development for the Group, which is expected to open up significant new opportunities for growth.”