Tristel shares rise as it beats profit targets
Global growth has helped infection control technology business Tristel plc beat profit targets and sent its UK share price almost nine per cent higher on early trading.
The company, based near the Cambridge innovation cluster, manufactures infection prevention, contamination control and hygiene products.
A bullish trading update for the year, showing profits ahead of already upgraded expectations, pushed up its stock to 52.75p.
Tristel addresses three distinct markets with a suite of products – human healthcare, animal healthcare and contamination control.
Tristel said in its interim statement on March 3 that it had experienced a strong start to the second half across all areas of the business.
The company is now confident that the momentum evident throughout the first half will continue through to the end of the financial year and beyond, resulting in pre-tax profit for the year of no less than £1.5m (2013: £0.4m adjusted pre-tax profit) – ahead of current market expectations.
It said the balance sheet also continued to strengthen with cash balances exceeding £2.2m (£1.5m at December 31).
Tristel Chief executive, Paul Swinney said: “The momentum that we have built since the beginning of 2013 is gathering pace both in the UK and overseas markets and across all three product portfolios.
“Over the past three years the business has undergone a transformation to focus upon innovative consumable products which are essential within the healthcare setting. One recent success has been our inclusion in the NHS Scotland framework agreement for surface disinfectant products.”