Group revenue continued to grow, with an increase for the year of 13.4% to £56.31m (2008: £49.64m). Over the last two years, group revenue has risen by 48%. Group earnings before interest, tax, depreciation and amortisation increased by 11.5% to £5.01m (2008: £4.50m) with profit before tax for the year up by 14.3% to £3.50m (2008: £3.06m).
Basic earnings per share has increased by 26.3% to 24.5 pence (2008: 19.4 pence) and net assets per share have increased by 5.3% to 217.0 pence per share (2008: 206.1 pence per share).
During the year, the group had a strong positive cash flow, generating a total cash inflow of almost £7m and reducing total group debt from £15.8m to £8.9m. As a result, the total gearing ratio has fallen from 73% to 39% and the debt/equity ratio has reduced from 70% to 31%.
Group operating profit after foreign exchange translation differences increased by 9.5% to £3.9m (2008: £3.6m). As has been the case in previous economic downturns, the group has performed well over the last year, with its main UK operating business, RC Treatt, putting in a particularly strong result.
However, following a strong 2008, Treatt US had a much more difficult time in 2009 while the group’s organic and fair trade business, Earthoil, continued to improve markedly with sales growth of 42%.
Overall, the group benefitted from the sharp strengthening of the US dollar, which occurred towards the end of the previous financial year and in the first quarter of this year.
Source: Treatt plc
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