Treatt has reported its H123 results, covering the six months to 31 March. It had already released a detailed trading update, so there are no real surprises in the group numbers. H123 revenue growth was 14.6%, or 8.5% at constant currency. This implies Q223 revenue growth of 21%, or 14% at constant currency, reflecting the January price increases. Volumes were broadly flat in H1, excluding the voluntary ceding of some low-margin Citrus business. PBT was £7.3m (up 15%), slightly ahead of the £7.1m indicated in the trading update. Gross margin was +70bps, reflecting TET’s pricing power, a production process that is not energy-intensive, and the lack of packaging, with the latter two points enabling it to avoid some of the bigger cost inflation issues. Administrative costs were up 11% in constant currency, reflecting the investment in people and production facilities to support future expansion. TET does not expect further above-inflation increases and has been reducing headcount (down 7% since Sept-22). Operating margin was up 20bps. The strongest revenue performance by major category was Citrus (+33%), driven by value-added sales to existing FMCG beverage customers. This growth was despite TET deliberately shedding some low-margin business. Fruit & Vegetables (+23%), Health & Wellness (+3%) and Coffee (up fivefold from a low base) all grew. Tea was flat, with growth expected in H2. Volumes in Synthetic Aromas, which relate primarily to food ingredients, were down sharply due to customer de-stocking. However, the impact on profits was largely offset by price increases and lower costs, and volumes are expected to normalise in H2. Herbs, Spices & Florals revenue was down 10% due to raw material quality constraints, which are also expected to normalise in H2 (and price increases helped to maintain margins). China was the strongest market, with constant currency sales +37% in H1 despite only benefitting from one quarter of re-opening after the Covid lockdowns.