Tristel full-year results top market expectations

21st Oct 2024 12:49

(Sharecast News) - Infection prevention products manufacturer Tristel announced its audited results for the year ended 30 June on Monday, surpassing market expectations.

The AIM-traded company said it achieved record revenues and strong profit growth, driven by robust sales of its proprietary chlorine dioxide-based products.

Pre-tax profits grew 38.5%, supported by solid cash generation, with the company remaining debt-free and holding £11.8m in cash and short-term investments at year-end.

Revenue increased 16% to £41.9m, up from £36m in 2023, while gross margins rose to 80%.

Adjusted pre-tax profits climbed 32% to £8.2m, and reported pre-tax profits were up 39% to £7.1m.

The firm's adjusted earnings per share grew 50% to 15.34p, with a 29% rise in the full-year dividend to 13.52p per share.

Looking at its core business, Tristel said the sale of its own-brand products for medical device decontamination made up 87% of total sales, while Cache brand products for surface disinfection made up 8%.

Operational highlights included the first sale of Tristel ULT in the US ultrasound market, regulatory approvals in Canada, and the approval of new product lines in the UK and Europe.

The company said it was continuing to focus on growth, with post-period developments including the submission of its Tristel OPH product to the US Food and Drug Administration (FDA).

"I am delighted to take on the role as chief executive of Tristel and at a stage when we can build on our growing and well-established global footprint for our products and technology," said chief executive officer Matt Sassone.

"It is clear from my first weeks in the role that we have in place the foundations for further success: we have a hugely talented team, we have differentiated and innovative products that are already well established as market-leading, and we have a host of exciting commercial opportunities to deliver further growth.

"It is no wonder that as a board we remain very confident about the outlook for the company."

At 1302 BST, shares in Tristel were down 0.81% at 391.8p.

Reporting by Josh White for Sharecast.com.