Tristel shares increase on “solid performance”

Tristel shares (LON: TSTL) were up on Monday morning after the group shared results for the year ending 30 June 2020.

The group delivered a “solid performance” with a 21% increase in turnover to £31.7m – up from £26.2m in the year previous.

Overseas sales at the manufacturer of infection prevention and contamination control products grew 32% to £19m whilst dividend per share for the full year increased by 12% to 6.18p.

Operational highlights for the year ending 30 June include progress towards North American market entry, regulatory approval received in India for Tristel Duo for Ultrasound, and an additional 23,000 square foot warehouse and office building completed and occupied.

Pre-tax profit at Tristel before share-based payments surged 27% from £5.6m to £7.1m.

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 GBP0.5m in medical device decontamination sales and an increase of GBP2m 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.”

Tristel shares (LON: TSTL) opened 3.14% higher and are currently trading +3.01% at 513,00 (0939GMT).