Treatt delivered a superb year of growth. Adj PBT was £20.9m. While this was ahead of our latest forecast (INVE £20m), estimates have been rising through the year: our starting PBT forecast in Nov-20 was £15m. YOY the Group delivered a revenue advance of 14%, but PBT was up by 41%. EPS were 26.7p (fd) (+37%) and the full year dividend 7.5p (+25%). Whilst FY21 was an unusual year, the strong result was not COVID-led; if anything, total beverage consumption has been impacted by the pandemic. However, Treatt was swift to deploy its well-positioned range of ingredient solutions in the stronger retail channels. Healthier living categories (29% of sales) led the way with 64% growth. On a wider measure, non-citrus (56% of sales) grew by 29%. This move towards higher value added lines lifted the gross margin by 480bps, and the EBIT margin by 340bps to 17.2%. Debt increased to £8.1m (ex leases) in FY21 due to the heavy UK capex and investment in w/capital. Remaining capex (over the next 2 yrs) is smaller and will be mostly offset by the proceeds from the old site. There are some cash exceptionals to cover the move between the old and new facility. In October the Group opened its new UK HQ, marking the start of the next phase. With the new HQ it is investing more in higher skilled people and it plans to increase R&D to capitalise on emerging trends and new markets. As is usual at this early stage of the new fiscal year we make no changes to forecasts. The Group anticipates revenue progress across FY22 but does flag a return to the typical 2H weighting - Q1 last year was unusually strong so we might not see much 1H progress. We are reflecting increased operating costs (senior hires and new HQ depreciation) in our EBIT line, but still project profit growth.