Tristel flags forecast-busting full-year results

22nd Jul 2024 09:11

(Sharecast News) - Infection prevention products manufacturer Tristel released a robust trading update for the year ended 30 June on Monday, with revenues and pre-tax profits surpassing market expectations.

The AIM-traded company recorded a 16.4% increase in full-year revenue, reaching £41.9m, compared to £36m in 2023.

That growth exceeded Tristel's performance target of an annual average revenue growth of 10% to 15% over three years.

The company's adjusted profit before tax was anticipated to be no less than £8.0 million, representing a 29% increase from the prior year's £6.2 million and also exceeding market expectations.

Tristel said it remained debt-free and continued to generate cash, with cash balances rising to £11.6m as of 30 June, up from £9.5m a year earlier.

The firm's strong financial performance was put down to robust demand for Tristel's infection prevention products across all its geographical markets, including the United States and Canada.

"This is my last trading update before I hand over the reins to our incoming CEO in early September and I am delighted to report to shareholders that the business has delivered another strong trading performance and growth ahead of both analyst expectations and our own growth targets," said chief executive officer Paul Swinney.

"This is an exciting transition point for our Company as I pass the CEO baton on to Matt Sassone.

"Tristel has become a leading global player in a specific niche of the global infection prevention industry: the decontamination of non-lumened heat sensitive medical devices."

Swinney said that niche "sweeps up" many of the diagnostic tools used in hospitals ranging from ultrasound probes to small endoscopes.

"Looking to the future, we are confident that we will also become a leading player in the hospital surface disinfection market with our unique chlorine dioxide chemistry.

"We are all very excited for the company's future prospects."

At 0912 BST, shares in Tristel were up 6% at 477p.

Reporting by Josh White for Sharecast.com.