Tristel pushes on with global growth as sales and profits beat expectations
Tristel has put its foot on the gas to accelerate international expansion after revenue and profits soared in the year to June 30.
The Newmarket headquartered company makes infection prevention and contamination control products.
Turnover was 19 per cent ahead to £20.3 million with overseas sales up 43 per cent to £9.6m. Pre-tax profit before share-based payments increased 24 per cent to £4.1m. The standard dividend per share for the full year was hoisted 21 per cent to 4.03p. Tristel ended the year with net cash of £5.1m (2016: £5.7m) and remains debt free.
The acquisition of its Australian distributor’s business looks like a master stroke but sales growth is truly worldwide. Chief executive Paul Swinney said: “We are pleased with the progress made this year. Sales and profitability exceeded both market expectations and our internal plan.
“The drivers were growth in our overseas operations, favourable exchange rates and the acquisition of our Australian distributor’s business.
“The North American regulatory programme is progressing well, with our first submission made to the EPA. We were disappointed to learn in early October that there will be delay to the approval timetable but this does not change our expectation of first sales in North America in financial year 2018-19.
“Our investment in MobileODT involves us for the first time in an emerging healthcare market – point-of-care diagnostic devices connected to smart phones that require high-level disinfection. We believe this represents a significant future opportunity for Tristel.”
Tristel has also recruited financial ace Tom Jenkins to the board as a non-executive director.
He qualified as a chartered accountant with Arthur Anderson in 1998 and has 16 years’ experience supporting ambitious growing businesses.
He worked in corporate finance at Dresdner Kleinwort Benson and Bear Stearns before moving into broking, where for six years he was head of equity capital markets at finnCap and a board member. In 2015, he joined BGF as an investor in their quoted team.
• PHOTOGRAPH SHOWS: Tristel chief executive Paul Swinney