DAVY VIEW

With Treatt’s October 10th year-end trading update capturing the key headlines, this morning’s release contained little new news. Noteworthy is an improvement in operating margin despite a contraction in gross margin. The outlook statement is relatively generic, with the medium-term target for adjusted net operating margin remaining at 15%. Treatt will host a conference call at 09:00, which will be the first formal opportunity to hear from new CEO David Shannon.