Tristel PLC – TSTL – Half-year Report

Tristel PLC – TSTL – 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 2020.

 

Financial highlights

·      Revenue up 15% to £16.8m (2019: £14.6m)

·      Overseas sales up 20% to £10m (2019: £8.3m), representing 60% of total sales (2019: 56%)

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

·      PBT before share-based payments up 13% to £3.4m (2019: £3.0m). Unadjusted PBT of £3.1m (£2.8m)

·      EPS before share-based payments up 5% to 6.18p (2019: 5.89p). Unadjusted EPS of 5.62p (2019: 5.37p)

·      EBITDA before share-based payments up 14% to £4.9m (2019: £4.3m)

·      EBITDA margin before share-based payments of 29% (2019: 29%)

·      Interim dividend of 2.62p per share (2019: 2.34p), up 12%

·      Cash of £7.3m (2019: £4.2m)

 

Operational highlights

·      Approval received for Duo range of products in India. Appointed national distributor

·      Successful start for new subsidiary in Malaysia with initial six-month sales of £0.24m

·      Board changes: Caroline Stephens (ex-J&J) joined as INED

·      Completed Usability and Human Factors Engineering Study for USA FDA De Novo submission

 

Commenting on current trading, Paul Swinney, Chief Executive of Tristel, said: “We are pleased with our progress in the first half. Sales growth has been at the top end of our target range of 10-15% and margins have continued to improve.

 

“We continue to make good progress in our USA regulatory project. We have recently completed the Usability and Human Factors Engineering study which represents an important milestone on our path towards completing our De Novo submission.

 

“The second half will be the third consecutive six-month period to be impacted by the pandemic. Unlike the previous two halves, we have started this one in lockdown in many of our key markets. Sales of our medical device disinfectants during the first seven weeks of 2021 are lower than budget due to the impact of COVID-19 on patient examinations. We are very confident that by the end of calendar 2021, the ENT, gynaecology, urology, cardiology, and ophthalmology departments where our products are used will have returned to pre-pandemic levels of activity. Whether this will happen in the UK and Europe before our June year-end is unclear at present.

 

“However, the growth prospects for the Group are as strong as ever and we look to the future with confidence.”

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