TRISTEL plc – Unaudited Interim Results for the 6 months ended 31 Dec 2010

TRISTEL plc – Unaudited Interim Results for the 6 months ended 31 Dec 2010

Tristel plc, the manufacturer of infection control, contamination control and hygiene products, announces its interim results for the six months ended 31 December 2010.
Financial highlights

  • Revenue up 13.4% to £4.565m (2009: £4.027m)
  • Overseas sales up 147% to £0.386m (2009: £0.156m) 
  • Gross margin increased to 65.5% (2009: 63.1%)
  • Pre-tax profit down 34% to £0.433m (2009: £0.656m) due to increased cost base relating to expansion
  • Basic EPS 0.93p (2009: 1.59p), reflecting profits and new shares issued during the period
  • Interim dividend of 0.435p net per share (2009: 0.425p), a 2.4% increase
  • Net cash £1.153m (2009: £0.843m)

Operational highlights

  • Diversification into hygiene and contamination control in Pharmaceutical and Personal care industries, with first sales achieved in January 2011 
  • Clean room manufacturing facility built on time and on budget
  • Established German branch with first sales achieved during the period
  • Equity fund raising of £3.9m completed on 23 November 2010
  • Funds utilised to repay debt, accelerate clean room build and fund entry into Pharmaceutical & Personal care industries

Commenting on current trading, Paul Swinney, Chief Executive of Tristel, said:
“We are pleased with sales growth in the first half.  We have focussed our sales efforts on hospital departments such as ENT, urology, ultrasound, as well as intensive care and isolation wards, and in these areas sales increased by 27.3%.  The overall rate of sales growth has been lower due to a decline in sales to our legacy business that focussed on digestive endoscopy.  Our drive into overseas markets continues to progress well with sales up 147% on last year, with export sales representing 8.4% of Group turnover in the period.  Overheads have been purposefully increased to provide the Group with the infrastructure and platform for future growth.”
“We have invested heavily in our expansion programme in the first half and look forward to an acceleration in turnover growth in the second half in accordance with our internal plan and market expectations.

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