Treatt - Strong start

As has become customary, Treatt has once again made a good start to the financial year and grown across multiple categories. This year’s adjusted PBT is likely to revert to a more normal H1/H2 weighting, as previously indicated by the company. This comes against a backdrop of an unusually strong H1 in the prior year. The move to the UK headquarters is progressing as planned. We leave our estimates unchanged at this early stage in the year, but note the board’s confident outlook.