Treatt has issued a pre close statement for FY19. It expects to report PBT (adj) in line with its expectations. We make no changes to our FY19E forecasts. In the year, the group has seen increasing deflation in some of its key raw materials, in particular citrus oils (orange oil prices are down by more than 50%). Citrus revenues (54% of group) will be down 10%, but offset by good progress in other key areas of tea (+42%), health & wellness/sugar replacement (+23%), and fruit & vegetables (+35%). Overall, citrus has impacted the revenue line by -5%, so reported revenues will show only a 1% increase to £112.7m. The group is well practised in dealing with such raw material fluctuations and has been able to protect profitability. Across the year, FX movements have also been negative – by c£600k - so to deliver a forecast increase in PBT of 5% is a solid result. The group typically benefits from a strong dollar, so, if rates remain at current levels, this should be a helpful factor in FY20. Cash performance has been strong, with net cash of £15.8m at y/end. This was an inflow of £5.8m, after the US capex, but was assisted by favourable w/cap. During the year, the group completed its capacity expansion in the USA and recently announced the appointment of the main contractor for the new UK HQ. Building work should be underway soon, scheduled to complete in summer 2020. This is c. 6mths behind the original timing, and the transition between the old and new sites will run into FY21. We marginally tweak our FY21E numbers to reflect this, reducing PBT by 2% from £15.35m to £15.05m.