Treatt has released a FY update confirming it has seen continued good momentum in 2H and that it expects to deliver FY21 PBT in line with its previously upgraded expectations (a record year with 36% PBT growth). The Group is also encouraged that the order book for the new FY is ahead yoy. As we are only 2 weeks into FY22, however, we make no changes to forecasts. Revenue will be c.£124m, which is 14% growth on FY20 (+18% on const. currency), again led by the healthier living categories, which in total grew by 64%. The strongest growth came from tea (+113%) which is now rebounding as the on-trade has reopened, but health and wellness was also ahead by 29%, whilst fruit & vegetables showed growth of 60%. The Group continues to see strong growth from the alcoholic seltzer market, despite some slowdown in the category itself. It has a broadly spread portfolio of customers which its serves directly and through the flavour houses. Citrus (44% of revenue) was largely unchanged in the year, but with a mix of value added lines driving the margin ahead. Whilst freight costs have been rising the Group is not majorly exposed due to compact shipment sizes, and it has prudently increased inventory to allow for some longer shipment times. The new UK HQ is open with many of the administrative staff now based there. The commissioning of plant and machinery for the manufacturing functions is underway and the majority of these operations should also be in situ by mid-2022. The most complex aspects of manufacturing will move across in mid-2023, completing the transfer. The old site has been sold for £5.5m. Net debt at the end of the year was in line with our expectations at c.£6m, after a further £9.5m of capex in the UK. .