Low prices for citrus products continue to weigh on Treatt (TET). The ingredients maker expects to report a 1 per cent increase in revenue to £113m for its financial year to September 2019, or a decrease of 2 per cent at constant currency due to foreign exchange headwinds. Sales growth was hurt by a “very significant fall in certain citrus raw materials prices”, with orange oil prices more than halving over the year, contributing to a 10 per cent decline in revenue in the citrus division.
But growth in other products such as tea, health and wellness, and fruits and vegetables, helped to offset this decline at group level, with non-citrus sales up 16 per cent. Natural flavourings now represent around 80 per cent of Treatt’s portfolio, although the remaining synthetic flavour and fragrance market saw “healthy” growth of 16 per cent.
