Record exports put Tristel on top of the world
Shares in Tristel, the Cambridge Cluster bug busting company, were up more than 2.2 per cent (11p) on the UK’s main market today after a thumping set of results for the year to June 30.
Record exports helped to boost turnover by 21 per cent to £31.7 million for the manufacturer of infection prevention and contamination control technology.
Overseas sales were up 32 per cent to £19m and represented 60 per cent of total sales while pre-tax profit before share-based payments was 27 per cent higher to £7.1m. The company has net cash of £6.2m.
Chief executive Paul Swinney 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 £0.5m in medical device decontamination sales and an increase of £2m 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 12 overseas subsidiaries had record years. Together with the contribution of our 35 international distributors, 60 per cent of global revenue was generated outside of the UK – 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.
“We must recognise that further lockdowns, whether in the UK or in any of our other major markets, might temporarily interrupt our group’s forward momentum, but our business model has shown its resilience during the past nine months, and we remain optimistic for the year’s trading outlook.”