Interim Results

Treatt Plc ("Treatt" or "the Group")
                                    
Interim Results

CHAIRMAN'S STATEMENT

Trading for the six months to 31 March 2002 was satisfactory, with Group
turnover increasing 7 per cent to £14,454,000 (2001: £13,489,000) though
profit  before tax fell by 4 per cent to £1,255,000 (2001:  £1,312,000).
Earnings  per share have consequently decreased to 8.6 pence  per  share
(2001:  9.2  pence  per share).  The Board has declared  a  3  per  cent
increase in the interim dividend to 2.7 pence per share (2001: 2.6 pence
per share) which is payable on 4 October 2002 to all shareholders on the
register at close of business on 6 September 2002.

The  year  started  slowly, due to the tragic events of  September  11th
2001, with trading in the first quarter well down on the same period for
last   year.    In  contrast,  the  second  quarter  saw  a  significant
improvement  in  business activity, which in part  was  attributable  to
additional  turnover  derived from the recent  increase  in  orange  oil
prices.

After  6 months trading, Florida Treatt reported increased sales, up  17
per  cent  on last year, despite the slow start.  As already  mentioned,
orange oil contributed significantly towards this effort, but sales from
the  TreattaromeTM  range  of  natural distillates  also  showed  strong
growth.

As  a result of a strategy review for the Far East region we closed  the
Singapore  Treatt sales office in March 2002.  Instead,  sales  will  be
handled directly in the UK, by R.C. Treatt.  The resulting closure costs
of £41,000 are a one-off expense and have been fully provided for in the
interim results.

Our capital equipment investment plan is continuing as expected. The new
development in Lakeland Florida, as previously mentioned, is going ahead
as planned and is currently on time and on budget.  The evaluation of  a
replacement business I.T. system to support our future growth has  taken
considerable management time, but we have now finalised this process and
we  have  identified an Enterprise Resource Planning  system  that  will
integrate all of our business systems Group-wide and will best suit  the
future needs of the Group.

The Group's balance sheet strengthened further with net assets per share
of  £1.69  (2001: £1.58 per share).  Based upon our current  projections
the cash outflow in the second half of the year should be minimal.

Prospects
The  order  books for both R.C. Treatt and Florida Treatt  are  stronger
than  this  time  last  year. The prospects for  the  full  year  remain
satisfactory.   The period ahead will be demanding for  both  management
and staff, as we aim to complete the development of our new facility  at
Lakeland,  Florida  and  initiate the  first  phase  of  our  Enterprise
Resource Planning system implementation.

People
Following  Ron  Fenn's resignation from the Board, we are  delighted  to
announce the appointment of Peter Thorburn, as a non-executive director.
Peter  was  formerly  a  Vice  President of  International  Flavors  and
Fragrances Inc., an industry leader in our sector.  Peter is resident in
Florida  and will offer the benefit of his experience to the  management
team at Florida Treatt.

Edward Dawnay
Chairman
20 May 2002

For further information:

GCI Financial                           020 7072 4200
Philip Robinson/Geoff Callow

                               TREATT PLC
                           INTERIM STATEMENT
                 For the six months ended 31 March 2002
                                                                          
                     GROUP PROFIT AND LOSS ACCOUNT
                                                                   
                                                                   
                                                                   
                                                                          
                                                    Six months  Year ended
                                                       ended
                                         31 March     31 March 30 September
                                             2002         2001        2001
                                       (Unaudited)  (Unaudited)   (Audited)
                                Notes      £'000        £'000       £'000
                                  
                                                                          
Turnover                           3      14,454       13,489      27,664
Cost of                                 (10,233)      (9,483)    (19,234)
Sales
                                           ______       ______      ______
Gross                                      4,221        4,006       8,430
profit
                                                                        
Net operating costs                      (2,889)      (2,667)     (5,560)
                                           ______       ______      ______
Operating                                  1,332        1,339       2,870
profit
                                                                          
Net interest payable and similar           (77)         (27)        (38)
charges
                                           ______       ______      ______
Profit on ordinary activities             1,255        1,312       2,832
before taxation
                                                                          
Tax on profit on ordinary         5       (384)        (380)       (875)
activities
                                           ______       ______      ______
Profit on ordinary activities               871          932       1,957
after taxation
                                                                          
Dividends                                  (273)        (263)       (818)
                                           ______       ______      ______
Transfer to reserves                        598          669       1,139
                                           ______       ______      ______
                                                                          
Dividends per share                        2.7p         2.6p        8.1p
                                                                          
Earnings per share                                                      
             -  Basic               6        8.6p         9.2p       19.4p
             -  Diluted             6        8.5p         9.2p       19.3p
                          GROUP BALANCE SHEET
                                                                          
                                             As at       As at       As at
                                          31 March    31 March 30 September
                                              2002        2001        2001
                                        (Unaudited) (Unaudited)   (Audited)
                                             £'000       £'000       £'000
                                                                          
Tangible fixed assets                      7,989       5,949       7,663
                                                                          
Current                                                         
assets
   Stocks                                   10,013       8,230       8,480
   Debtors                                   6,379       5,212       5,525
   Cash at   - restricted                    1,827           -       2,201
  bank
             - unrestricted                    233         684         778
                                             2,060         684       2,979
                                            ______      ______      ______
                                            18,452      14,126      16,984
Creditors: amounts falling due                                 
in one year
   Bank overdrafts                        (1,086)       (251)           -
   Other creditors                        (4,574)     (3,670)     (4,791)
                                            ______      ______      ______
                                           (5,660)     (3,921)     (4,791)
                                            ______      ______      ______
Net current                                12,792      10,205      12,193
assets
                                                                          
Total assets less current                 20,781      16,154      19,856
liabilities
                                                                 
Creditors: amounts falling due           (3,482)           -     (3,274)
after more
than one                                                        
year
                                                                 
Deferred                                    (225)       (147)       (225)
taxation
                                            ______      ______      ______
Net assets                                 17,074      16,007      16,357
                                            ______      ______      ______
                                                                          
Share                                       1,010       1,010       1,010
capital
Share premium account                      1,963       1,963       1,963
Profit and loss account                   14,101      13,034      13,384
                                            ______      ______      ______
Shareholders' funds                       17,074      16,007      16,357
                                            ______      ______      ______
                                                                          
The financial information set out in this document does not constitute
statutory accounts within the meaning of the Companies Act 1985.  The
figures for the year ended 30 September 2001 are an abridged version of
the Group's audited financial statements which have been delivered to
the Registrar of Companies.  These statements received an unqualified
audit opinion.  The figures for the six months ended 31 March 2002 and
2001 are unaudited.  This interim report was approved by the Board on 20
May 2002




                                                                        
                       GROUP CASH FLOW STATEMENT
                                                                   
                                                                          
                                                    Six months  Year ended
                                                       ended
                                          31 March    31 March 30 September
                                              2002        2001        2001
                                        (Unaudited) (Unaudited)   (Audited)
                                  Notes      £'000       £'000       £'000
                                                                          
Cash (outflow) / inflow from      1        (817)       1,525       3,821
operating activities
                                                                          
Returns on investments and                  (77)        (27)        (38)
servicing of finance
                                                                          
Taxation                                    (307)       (215)       (821)
                                                                          
Capital expenditure and                    (626)       (403)     (4,583)
financial investment
                                                                          
Equity dividends paid                      (264)       (251)       (782)
                                            ______      ______      ______
Cash (outflow) / inflow before           (2,091)         629     (2,403)
financing
                                                                          
Financing   -  Increase in debt                 -           -       3,402
            -  Issue of ordinary                -          36          36
           share capital
                                            ______      ______      ______
(Decrease)/increase in cash in    2      (2,091)         665       1,035
the period
                                            ______      ______      ______
                                                                          
Notes                                                                    
(1) Reconciliation of operating profit to cash                           
   (outflow)/inflow from operating activities
    Operating profit                     1,332          1,339       2,870
    Depreciation charges                   372            275         555
    Net (increase)/decrease in         (2,521)           (89)         396
   working capital and other items
                                         ______         ______      ______
    Cash (outflow)/inflow from           (817)          1,525       3,821
   operating activities
                                         ______         ______      ______
                                                                          
(2) Reconciliation of net cash flow to                                   
   (decrease)/increase in net (debt)/funds
    (Decrease)/increase in cash         (2,091)            665       1,035
   in the period
    Cash outflow from change in               -              -     (1,201)
   net debt
    Exchange and other non-cash               6             26           2
   movements
                                         ______         ______      ______
    (Decrease)/increase in net          (2,085)            691       (164)
   funds in the period
    Net debt at 1 October 2001            (423)          (259)       (259)
                                         ______         ______      ______
    Net (debt)/ funds at 31 March       (2,508)            432       (423)
   2002
                                         ______         ______      ______
                     NOTES TO THE INTERIM STATEMENT
                                                                          
                                                  Six months    Year ended
                                                     ended
                                         31 March   31 March  30 September
                                             2002       2001          2001
                                        (Unaudited) (Unaudited)     (Audited)
                                            £'000      £'000         £'000
                                                                          
(3) Turnover by destination                                              
             United Kingdom                 3,819      3,416         7,119
             Rest of Europe                 3,864      3,587         7,416
             The Americas                   4,015      3,763         7,179
             Rest of the World              2,756      2,723         5,950
                                           ______     ______        ______
                                           14,454     13,489        27,664
                                           ______     ______        ______
                                                                          
                                                                          
                                                                          
                                                                          
(4) Statement of recognised gains                              
   and losses
    Profit for the period before              871        932         1,957
   dividends
    Currency translation                                       
   differences on foreign
    currency net investments                  119         80          (40)
                                           ______     ______        ______
    Total recognised gains and                990      1,012         1,917
   losses
                                           ______     ______        ______
                                                                          
                                                                          
                                                                          
(5) Taxation has been provided at 30.5 per cent (2001: 29.0 per cent)
which is the effective group rate      currently anticipated for the
financial year ending 30 September 2002.

(6) (a) Basic earnings per share for the six months ended 31 March 2002
are based on the weighted average number of shares in issue in the
period of 10,102,749 (2001: 10,078,298) and earnings of £871,000 (2001:
£932,000) being the profit on ordinary activities after taxation.

(b) Diluted earnings per share for the six months ended 31 March 2002
are based on the weighted average number of shares in issue in the
period, adjusted for the effects of all dilutive potential ordinary
shares of 10,197,701 (2001: 10,133,107) and the same earnings as above.

(7) The interim financial statements have been prepared on the basis of
the accounting policies set out in the Group's 30 September 2001 annual
report.