Tristel progressing in China, Hong Kong and US
Tristel, which makes infection control and anti-contamination products, is growing its sales forces and commercial thrust in China and Hong Kong and getting closer to winning a key approval in the US.
Paul Swinney, CEO of the Newmarket business, revealed the progress with excellent results for the year to June 30, which saw the share price rise more than three per cent to 302.40p. Broker FinnCap has reiterated its 325p stock forecast.
Swinney reported turnover up 18 per cent to £26.2 million and pre-tax profit before share-based payments 19 per cent ahead to £5.6m.
Overseas sales increased 26 per cent to £14.4m – representing 55 per cent of total sales.
Dividend per share for the full year increased 21 per cent to 5.54p; 4.58p). The company has net cash of £4.2m (2018: £6.7m) after spending £4.7m on acquisitions. The business remains debt free.
The company’s new 23,000 sq ft warehouse in Newmarket and 14,000 sq ft warehouse in Antwerp are fully operational.
Swinney said: “We made solid progress during the year. Top-line growth was driven by our overseas operations and this trend should continue with the acquisition of four of our main European distributors during the year and shortly after the year-end.
“We were also pleased with nine per cent sales growth in the UK which was higher than in recent years. Our direct involvement in the French ultrasound market has been very timely with the publication of new guidelines in the early summer.
“We have built a seven-strong salesforce to take advantage of buoyant demand conditions. Our progress in developing both sales and the sales team in China and Hong Kong is encouraging, focusing our efforts in the near term on the private hospital sector whilst we wait for new ultrasound disinfection guidelines to be published which will impact the public sector.
“We are advancing our De Novo submission for Duo to the USA Food and Drug Administration and are awaiting feedback to our most recent pre-submission request to the agency. We expect to receive this before the end of 2019.”