Tristel shares rise on trading boost
Bug busting technology specialist Tristel saw its UK share price lift almost 13 per cent on early trading after revealing strong cashflow, increased revenues and a return to profitability.
Based in the Cambridge tech cluster, the business makes infection prevention, contamination control and hygiene products.
Following the trading update for the six months to December 31, the London stock rose almost 13 per cent and 6p to 51p. CEO Paul Swinney said trading was ahead of previously upgraded expectations.
Tristel addresses three distinct markets – human healthcare, animal healthcare and contamination control, with three distinctively branded product ranges; Tristel, Anistel and Crystel.
Tristel has had a strong first half and expects to report encouraging performances from all business segments. Following a better than expected December, revenue will be more than £6.4m (2012 £4.4m) and pre-tax profit in excess of £0.7m (2012 adjusted pre-tax loss of £0.6m) exceeding levels indicated in the AGM trading update issued in December.
The company said it had benefited from strong operational cashflow in the first half of the year and net cash at December 31 was £1.4m compared to net debt of £0.4m at the end of 2012. Tristel will announce its interims on March 3.
Swinney said: “We are delighted with the progress made in the first half of this financial year, in particular the growth seen in sales of Tristel’s products used to disinfect non & single lumened instruments, hospital surfaces and within aseptic units.
“We continue to build upon these successes with confidence that they will continue into the second half and beyond.”