Treatt (TET) has issued a trading update covering FY24 (to 30 September). Revenue growth was 5%, or 7% at constant currency. H224 revenue growth was 16%, or c.18% at constant currency, due to new business wins and a normalisation in industry demand (after the de-stocking in H223). FY24 revenue is now expected to be c.£155.2m, 2% above our previous forecast of £152.0m. Key growth drivers included Citrus, up 30% in H2 after a softer H1, and China, up 27% in FY24 after only +1% in H1 (implying +50% in H2). This strong growth in China has encouraged TET to approve a new innovation facility in Shanghai to increase its ability to tailor its products to local tastes, in collaboration with its growing number of local customers. The weaker areas were coffee, where TET revenues were down but the commitment to the category remains strong, and some premium beverage categories in the US as consumers traded down. TET remains on track to meet FY24 PBT expectations, guiding to c.£18.8m versus our (unchanged) forecast of £18.9m. This has been achieved despite an FX headwind of close to £1m, and investment in expanding the size of the sales force, with new heads in continental Europe and the US regions. TET ended FY24 with net debt of only £0.7m, £3.5m better than our forecast of £4.2m, as careful cash management becomes embedded in the business. We believe that its pipeline of fast payback investment opportunities would be the best use of its strong balance sheet in the short to medium term. We understand that TET had a good exit rate (and an encouraging pipeline) into FY25, but leave our forecasts unchanged, particularly given the possibility of a further (modest) FX headwind at the current GBP/USD rate.