Treatt (LSE: TET)

Currency in GBP

Last close As at 25/09/2023

GBP4.99

−8.00 (−1.58%)

Market capitalisation

GBP302m

Treatt provides innovative ingredient solutions from its manufacturing bases in Europe and North America, principally for the flavours and fragrance industries and multinational consumer goods companies, with particular emphasis on the beverage sector.

Treatt has migrated its business from that of a pure supplier to the food and beverage industries to being a valued partner in the development of new ingredients. Citrus, tea, fruit and vegetable flavours, and health and wellness (mainly sugar reduction) are core areas of focus, with the latter undergoing a structural growth trend.

Latest Insights

View More

Consumer | Update

Treatt — A strong start to the year

Consumer | Update

Treatt — Strong revenue growth, profit in line

Consumer | Update

Treatt — Back to steady growth

Consumer | Update

Treatt — Rebuilding confidence

Treatt_resized

Sector

Consumer

Equity Analyst

Milo Bussell

Associate Analyst, Consumer and Media

Key Management

  • Daemmon Reeve

    CEO

  • Ryan Govender

    CFO

  • Tim Jones

    Chairman

Balance Sheet

Forecast net debt (£m)

12.6

Forecast gearing ratio (%)

9

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (9.9) (24.9) (15.6)
Relative (13.0) (26.4) (21.5)
52 week high/low 724.0p/493.0p

Financials

Treatt’s H123 results suggested that the business is back to greater stability and resilience. Momentum is expected to continue into H2, with current sales growth mainly skewed to price as Treatt continues to recover increased costs. Cash management was also strong during H1. Treatt has made substantial investments in both its assets and people over the last few years to support future growth and the investment phase is largely complete. Management remains optimistic despite the dampened macroeconomic environment, as the market for natural and healthy products remains resilient.

Y/E Sep Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 124.3 24.9 22.7 27.1 18.4 22.3
2022A 140.2 19.5 16.5 25.4 19.6 N/A
2023E 154.2 24.3 18.0 21.6 23.1 10.6
2024E 163.5 25.9 20.4 24.2 20.6 13.8

Research

Outlook

Consumer

Treatt — Sweet upgrades

Update

Consumer

Treatt — Another strong update

Update

Consumer

Treatt — Another Treat(t)

Update

Consumer

Treatt — A strong and resilient performance

Update

Consumer

Treatt — Another solid performance

Outlook

Consumer

Treatt — What crisis?

Update

Consumer

Treatt — Demonstrating its resilience

edison tv

Consumer

Executive interview – Treatt

Update

Consumer

Treatt — Balanced portfolio shines through

Outlook

Consumer

Treatt — Zesty outlook

Update

Consumer

Treatt — A good start to the year

Update

Consumer

Treatt — Another positive half

Update

Consumer

Treatt — A more normal year

Update

Consumer

Treatt — Consolidating gains

Outlook

Consumer

Treatt — Going strong

Update

Consumer

Treatt — Reassuring confidence

Update

Consumer

Treatt — Growth continues apace

Update

Consumer

Treatt — A full year Treat(t)

Update

Consumer

Treatt — A brilliant half

Update

Consumer

Treatt — Another upward surprise

Update

Consumer

Treatt — Update 27 February 2017

Outlook

Consumer

Treatt — Update 18 January 2017

Update

Consumer

Treatt — Update 30 November 2016

Update

Consumer

Treatt — Update 11 October 2016

Update

Consumer

Treatt — Update 17 May 2016

Outlook

Consumer

Treatt — Update 5 January 2016

Further insights

insight

Consumer

Natural Flavourings

thematic

Consumer

IPO apocalypse

thematic

Consumer

Food tech – At the forefront of food innovation

thematic

TMT

ESG, moving beyond the box tick

thematic

Consumer

ConsumerWatch – July 2022

thematic

Consumer

Circular economy business models

thematic

Consumer

Moving from a vegan January to a sustainable one

thematic

Consumer

Meating Demand – The lean, green money-making machine

thematic

Consumer

Illuminator: August Update

thematic

Consumer

Deutsche Börse Eigenkapitalforum 2014 Research Guide