Tristel goes for the burn in US after record performance
Cambridgeshire bug buster Tristel is scaling its commercial push in the United States on multiple fronts.
The Snailwell, Newmarket business chose a UK trading update confirming record turnover and higher profits as the vehicle to share its American growth roadmap.
The manufacturer of infection prevention products said results for the year to June 30 were in line with expectations, with strong growth across the business.
Tristel will report record turnover of £22.2 million (2017: £20.3m) and pre-tax profit before share-based payments of at least £4.4m (£4.1m). Revenue from overseas markets contributed 51.3 per cent of the group total – also a record level.
The company has continued to generate significant levels of cash with balances of £6.7m at year end – up from £5.1m. The company has no debt.
The US end of the business is starting to excite brokers and shareholders alike.
CEO Paul Swinney and his team are building on the EPA approval granted in April and the company is filing an additional submission to expand the allowable microbiological efficacy claims (20 additional micro-organisms) to enhance the competitive advantage of its Duo product.
It is also in the process of filing registrations in the first five selected States, and is adding a second foam-based product format to its registration. This product is branded Jet in the UK and overseas markets and utilises the same chemistry as Duo. Manufacturing scale up is underway at Parker Laboratories.
The company has lodged a pre-submission review with the FDA in accordance with the guidance given by the agency in the initial consultation meeting in April 2016.
The data set presented to the FDA represents a substantial portion of the final submission that the company continues to expect to make by the end of the calendar year.
The FDA will provide a written response to the pre-submission review 90 days from receipt. This response will be used by the company to guide its final submission.
The company continues to invest in future growth opportunities. These include gaining new regulatory approvals to access new geographical markets (in particular the United States) and to extend Tristel’s presence in its existing geographical markets.
Tristel is also making strategic investments to position it in the emerging world of digital healthcare. The board continues to examine all aspects of the business, including its distributor network, seeking further opportunities to enhance Tristel’s long term earnings.
• PHOTOGRAPH SHOWS: Tristel CFO Liz Dixon with CEO Paul Swinney