Bury St Edmunds: Treatt on track for financial prediction level despite Covid-19
Treatt, one of the largest businesses to commit to trading in Suffolk Park in Bury St Edmunds , is on track to record a £14million profit - which is in line with pre-Covid predictions.
The company, which produces and supplies ingredients for food and drink industries, today released its quarter three report for trading.
This showed annual revenue is anticipated to be in the region of £109million, a decrease of 3 per cent.
Daemmon Reeve, chief executive, said: "We have delivered a strong performance in spite of the difficult backdrop during the year.
"I thank our colleagues across the group for their skill, flexibility and determination in what has been an extraordinary period."
Treatt is in the process of moving into the Suffolk Park estate, near Moreton Hall, but the company has now delayed the move until next year.
Their revenue for the year was impacted by the fall in orange oil raw material input costs, which slumped by more than 50 per cent in a one year period. Hospitality restrictions because of the coronavirus have also led to the sector being affected.
However, Treatt is 'cautiously optimistic' for the next financial year, and is buoyed by 16 per cent revenue growth in their health and wellness category.
The company has seen growth on its coffee platform and also wants to build in the alcoholic seltzer market.
Mr Reeve added: "Our strategy has built resilience into our business model and we are strongly positioned to benefit from key consumer trends.
"These include the preference for natural products, a growing interest in health and wellness, and premiumisation. As such, we remain confident in the long-term prospects for the business."