Tristel PLC – TSTL – Final Results

Tristel PLC – TSTL – Final Results

Tristel plc (AIM: TSTL), the manufacturer of infection prevention and contamination control products, announces its audited results for the year ended 30 June 2020. The Group has delivered a solid performance, achieving both growth in revenue and pre-tax profit, coupled with high cash generation.

Financial Highlights

• Turnover up 21% to £31.7m (2019: £26.2m)

• Overseas sales up 32% to £19m (2019: £14.4m), representing 60% of total sales (2019: 55%)

• Gross margin increased to 80% from 79% in 2019

• Pre-tax profit before share-based payments up 27% to £7.1m (2019: £5.6m). Unadjusted £6.6m (2019: £4.7m)

• Pre-tax margin before share-based payments increased to 22% (2019: 21%). Unadjusted 21% (2019: 18%)

• EPS before share-based payments up 11% to 12.35p (2019: 11.08p). Unadjusted up 25% to 11.38p (2019: 9.14p)

• Dividend per share for the full year increased by 12% to 6.18p (2019: 5.54p)

• Strong operating cashflow of £7m (2019: £5.5m)

• Net cash of £6.2m (2019: £4.2m)

 

Operational Highlights

• Successful integration of Tristel Italia srl, acquired for £0.6m in July 2019

• Additional 23,000 sq. ft. warehouse and office building completed and occupied

• Progress towards North American market entry, with continuing data generation for FDA submission, a supplemental submission made to the EPA to improve label claims for two products already approved, and first submission made to Canada Health

• Regulatory approval received in India for Tristel Duo for Ultrasound. The Company is in late stage negotiations with GE Healthcare India and Genworks Health, a Wipro GE investee company, for the two companies to distribute Duo and other approved Tristel products throughout the country. National distribution agreement signed with GE Healthcare Russia for ultrasound market

Paul Swinney, Chief Executive of Tristel plc, said: "We delivered another very sound performance in a year turned on its head by COVID-19, the impact of which was a reduction of £0.5m in medical device decontamination sales and an increase of £2m in hospital surface disinfectant sales.

 

"During the first quarter of the current financial year we have experienced a gradual recovery in demand for our medical device products in all our markets as hospitals resume levels of non-COVID care. Since February, we have acquired a significant number of hospital customers for our surface disinfectant products. We expect this build-up of our hospital surface disinfection business to continue throughout this and future years. It is a key strategic focus of the Company

 

"All our twelve overseas subsidiaries had record years. Together with the contribution of our 35 international distributors, 60% of global revenue was generated outside of the United Kingdom - the highest level ever. Our Malaysian subsidiary started trading in July and we will commence sales in India this year. We have made our first submission for regulatory approval to Health Canada, and we are progressing well with our FDA submission. International expansion will continue to be a key growth driver for the Group.

 

"We must recognise that further lockdowns, whether in the UK or in any of our other major markets, might temporarily interrupt our Group's forward momentum, but our business model has shown its resilience during the past nine months, and we remain optimistic for the year's trading outlook."

No Comments

Post a Comment