Treatt PLC (LSE:TET), which has agreed to be taken over by Natara, a company controlled by private equity group Exponent, has releaed a trading update showing lower revenue and profit for the year to September.
Revenues are expected to come in at roughly £130.6 million, down 14.5% from the previous year, while profit before tax and exceptional items is anticipated to fall 47.6% to around £10 million.
The group reported that revenues declined across its product categories due to high citrus oil prices and softer demand in the North American market due to weaker consumer confidence.
Net debt at 30 September was £5.9 million, up from £0.7 million a year earlier, following a £5 million share buyback completed during the year.
On Monday, the Treatt board threw its support behind an increased and final takeover offer from Natara of 290p a share, up from the 260p offer made in early September, now valuing Treatt at about £173.8 million.