Tristel PLC – Half-year Report

Tristel PLC – Half-year Report

Tristel plc (AIM: TSTL), the manufacturer of infection prevention and contamination control products utilising proprietary chlorine dioxide chemistry, announces its interim results for the six months ended 31 December 2019, ahead of guidance at the December AGM.

Financial highlights

·    Revenue up 22% to £14.6m (2018: £12m)

·    Overseas sales up 30% to £8.3m (2018: £6.4m), representing 56% of total sales (2018: 53%)

·    Gross margin increased to 79% from 78% in 2018

·    PBT before share-based payments up 25% to £3.0m (2018: £2.4m). Unadjusted PBT of £2.8m (£2.2m)

·    EPS before share-based payments up 31% to 5.89p (2018: 4.5p). Unadjusted EPS of 5.37p (2018: 4.05p)

·    EBITDA before share-based payments up 34% to £4.3m (2018: £3.2m)

·    EBITDA margin before share-based payments of 29% (2018: 26%)

·    Interim dividend of 2.34p per share (2018: 2.04p), up 15%

·    Cash of £4.2m (2018: £4.5m), after £0.6m paid in July to acquire the remaining 80% of Tristel Italia srl.

Operational highlights

·    Successful integration of Tristel Italia srl;

·    Received further positive feedback from the FDA and data generation for our regulatory submission continues;

·    Completed the construction and fit-out of a second warehouse and office suite of 23,000 sq ft in Newmarket, Suffolk.

Commenting on current trading, Paul Swinney, Chief Executive of Tristel, said: “We are very pleased with our progress in the first half.  Sales growth has been above our target range of 10-15% and margins have improved also.

“Sales growth in our UK hospital division, which accounts for 86% of all UK sales, was up by 16% half-on-half.  NHS stock building in preparation for a no deal Brexit did not influence these results.  Two-thirds of the growth in UK hospital sales can be attributed to higher numbers of disinfection procedures across all the clinical areas we target, and one-third to product pricing.  Moreover, overseas sales continued to increase at a very healthy rate of 30%.  This growth was largely attributable to the establishment (through acquisition) of direct operations in Belgium, Netherlands, France and Italy. 

“We continue to advance our USA regulatory project and have received further helpful guidance from the FDA to enable us to progress the compilation of our submission dossier.    

“The development of our Board continues.  Dr Bruno Holthof took over the Chair from Paul Barnes at our December AGM.   

“We are currently experiencing Covid-19. This viral outbreak, together with the ever-present threat of anti-microbial resistance, will be a powerful influence on global healthcare systems for greater investment in infection prevention and control.  As a globally recognised infection prevention brand, with some of the world’s best-known disinfection technology, there are significant macro factors that will support Tristel’s continued progress”.

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