Treatt plc, (TET.L), a supplier of flavor, fragrance, and cosmetic ingredients, Monday reported an increase in its pre-tax profit for the first half of the year, in spite of lower revenues. The firm pinned the results to the Group's newly adopted strategies which include re-alignment of resources across the Group to support sales efforts, the establishment of a global Group sales structure, a heavy investment in R&D and new product development and tight control of costs.
For the six-month period, pre-tax profit was 2 million pounds, a 29 percent increase from the last year's figure of 1.6 million pounds. Post taxation, the profit for the period increased to 1.4 million pounds from 1.03 million pounds reported during the same period previous year. Earnings per share for the first half of the year increased by 40 percent to 14.1p from 10.1p during the corresponding period last year.
EBITDA for the period rose 25 percent up to 3 million pounds from 2.4 million pounds reported last year.
Revenues dipped to 33.6 million pounds from 36 million pounds generated during the comparable period last year.
The Board has also declared an increase in the interim dividend of 8 percent to 5.5p per share, payable on October 18 to all shareholders on the register at close of business on September 13.
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