The Treatt plc Directors are to propose a final dividend of 5.35p per share (2021: 5.50p), which represents an increase in the total dividend for the year of 4.7% to 7.85p (2021: 7.50p). If approved by shareholders at the Annual General Meeting, the final dividend will be payable on 16 March 2023 to all shareholders on the register at the close of business on 3 February 2023.
Other financial highlights include:
Strong revenue growth of 13% (9% in constant currency) with sales growth across all product categories, except hard tea
Coffee now reported as a separate category with sales of £1.1m and encouraging pipeline
Profit before tax and exceptional items of £15.3m in line with revised Board expectations
Year-end net debt of £22.4m (1.21x closing net debt to adjusted EBITDA) reflects capital investment in the UK relocation and investment in prudent inventory levels to mitigate supply chain risks (statutory measure: 1.16x closing net debt to EBITDA)
Vast majority of UK production has transitioned to the new UK facility and UK production capacity will at least double once process is fully completed (anticipated in FY23)
Improved processes around sales pricing and cost recovery, with new FX management systems implemented