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Treatt yet to see coronavirus hit on trading, raises interim dividend

The ingredients producer said it is difficult to provide guidance amid the pandemic but trading remains in line with expectations

Treatt  plc - Treatt yet to see coronavirus hit on trading, raises interim dividend

Treatt PLC (LON:TET) said trading has not been by the coronavirus pandemic to date and raised the interim dividend by 8%.

The ingredients producer said it is difficult to provide guidance, though trading is currently in line with expectations, as consumer habits in its markets may change, with at-home consumption rising steeply as the on-trade' and out-of-home markets plunge.

READ: Treatt higher as it predicts stronger performance from citrus business in second half

However citrus raw material prices have been stabilising during the first half of the financial year, which is expected to have a positive impact in the second period.

The firm expects further benefits from the re-opening of the Chinese markets and the momentum in tea, health & wellness and fruit & vegetables categories.

In the six months to 31 March, revenue dropped 5% to £53mln for profit before tax down 2% to £6mln because of higher citrus prices.

The interim dividend was hiked 8% to 1.84p per share, to be paid in August.

At the end of the period there were £6mln in the bank, with £25mln in borrowing facilities.

Shares rose 2% to 502p on Tuesday in early trading.

Quick facts: Treatt plc

Price: 495 GBX

LSE:TET
Market: LSE
Market Cap: £297.84 m
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