Treatt has delivered profits a shade ahead of expectations, with an adj PBT of £13.3m vs our forecast of £13.2m. This was a 5.2% increase on the prior year and was achieved despite lower prices in citrus (-£1.8m on gross profit) and FX headwinds (-£0.8m). Adjusted EPS (fd) for the continuing businesses were flat yoy at 17.6p, after taking into consideration the higher number of shares in issue. The full year dividend was 5.50p (+7.8%). There were some modest losses below the line for a business in Kenya, now treated as discontinued. The group had already issued guidance on its revenues in the pre close and these showed only modest progress of 0.5% (or a small decline of 1.9% in constant currency). However, this was a blend of a 9.9% decline in citrus revenues (54% of the group) due to orange/lemon oil price deflation, and 16.3% growth in non-citrus products. Tea, health & wellness and fruit & vegetables remained key growth areas. Growth in these newer markets has helped the group better manage the volatility in citrus and, as they are higher margin products, this helped lift the gross margin by 70bps to 25.4%. The group’s cashflow was strong in the year, with a £5.9m inflow assisted by a £4m improvement in working capital. This resulted in net cash balances of £16m at the year end. Capex was a little over £10m, primarily reflecting the US expansion plus some modest outlay in the UK. The bulk of the UK (new HQ) spend will fall into FY20. We are forecasting £33.5m for capex in FY20E and hence we expect to see the group move into a net debt position. The group remarks it is trading in line with expectations at this early stage of the year. It sees continued opportunities in the US, with the increased capacity, as well as in China where it has seen good traction. We make no changes to forecasts.