Infection control firm targets US double whammy
Tristel, which makes infection prevention, contamination control and hygiene products from its base in the Cambridge science & technology cluster, has stepped up commercialisation in the US.
The AIM-quoted business currently has no presence across the Atlantic but aims to fix that fast – along with moves into other uncharted territories. It has identified two specific products for US markets and started talks with the FDA.
Chief executive Paul Swinney (pictured) revealed the US push with its interim results for the six months to December 31.
He said: “We are pleased to report strong half-on-half profits growth, which has translated into an increase in cash and a substantial increase in the interim dividend.
“Overseas sales accounted for 36 per cent of total revenue and increased by 20 per cent during the period. Our international expansion continues with many regulatory approvals awaited, not only in healthcare markets in which we already sell, but also in countries in which we have no presence. This includes the United States.
“Two products have been selected for our approach to the US market and we are in dialogue with the FDA in preparation for a full regulatory approval submission during 2016.”
Revenue for the six months was up eight per cent to £8 million with overseas sales 20 per cent ahead to £2.9m; exports now represent 36 per cent of total sales. Pre-tax profit before share based payments increased 36 per cent to £1.5m and the interim dividend of 1.14p per share is an increase of 95 per cent.
Tristel reports a significant increase in operational cash flow with net cash at period end of £4.3m – up from £2.9m at the same stage of 2014.
Tristel’s lead technology is a proprietary chlorine dioxide formulation and the company addresses human healthcare via hospital infection prevention through the main brand plus control of contamination in critical environments and veterinary practice infection prevention via two other products.