Treatt’s FY22 trading update was in line with the reduced guidance issued on 15 August, ie adjusted PBT of £15–15.3m. Revenue growth of 13% is in line with market expectations and the dividend policy remains unchanged. Revenue growth spanned all categories with the exception of tea, as per the August statement. Health and Wellness and Synthetic Aroma witnessed particularly strong growth. The over-hedging, which was highlighted in August and caused part of the downgrade to profits, has now been corrected. While the economic environment remains uncertain, management is encouraged by prevailing consumer trends, particularly in beverages, and is hence confident that the business can revert to its trajectory of growth. Our forecasts are unchanged, with the exception of net debt, and our fair value remains 630p.