Treatt updates on its FY22 performance, confirming that it is trading in line with previously issued guidance. It expects to deliver FY22 revenues of c.£140m, (+9% on constant currency) and PBT in the range of £15.0m to £15.3m. We make no changes to forecasts, including our assumption that profit growth resumes in FY23E. The revenue growth has been broadly based, with all areas ahead, with the exception of Tea, as communicated in August. This category we expect to be down by c.30%. The stronger growth has come from Citrus (+20%), Health & Wellness (+15%), Fruit & Vegetables (+8%) and Synthetic Aromas (+14%). With a different mix of business in FY22, the gross margin will be lower vs FY21. For the FY we expect a GM of c.28.5%. Operating expenses will be higher as a percentage of revenue, reflecting the recent investment in people, although these costs are expected to plateau now that this process is complete. Depreciation will, however, increase next year as the new site sees all manufacturing transferred across. The final distillation activities are expected to move across in summer 2023, as originally planned. The group reports that it has changed its FX management to be more frequent/ flexible, hedging the margin rather than revenue. The recent £/$ volatility has had no marked impact on the results, with translation benefits offsetting some additional transaction impact. Net debt closed the year higher at £23m, up from £9m. This reflects a tranche of UK capex, plus an outflow in working capital. Higher commodity costs account for some of this outflow, but the majority was a deliberate increase in stocks, in light of supply chain challenges. Stocks are expected to fall again next year.