TANK’s a lot as Tristel doubles dividend on record figures and key approvals
The share price soared almost 8 per cent (35p) to just under 485p as the company – based in Snailwell near Cambridge – tipped out the contents of its goodie bag.
Tristel exceeded internal targets by delivering 20 per cent revenue growth to a record £20.9 million and a 44 per cent increase in pre-tax profits to £3.4m.
The company, which makes infection prevention products utilising proprietary chlorine dioxide technology, also doubled the interim dividend payment to 5.24p a share. It has no debt and cash of £10.8m – up from £8.4m at the same stage of the previous year. Overseas sales were 13 per cent ahead to £12.7m.
During the period the company hailed the first manufacture and launch of Tristel ULT into the United States ultrasound market.
Chief Executive Paul Swinney was thrilled by “a record performance on all levels, alongside first sales into the North American market,” adding: "Looking forward, we expect to make our second FDA submission, a 510(k) for Tristel OPH, our ophthalmic device high level disinfectant, in time for an approval by the end of 2024.
“Post period end, all reviews under both UK and EU Medical Device Regulations for TANK and Capsule, the newest additions to the Cache range, have been successfully concluded and a positive recommendation for UKCA and MDR certification has been made. This enables us to expand into the largely untapped sporicidal surface disinfection market.
"This six-month period represents the highest sales and profit performance that the company has experienced in its 30-year history, including during the early COVID era when demand for our products was unprecedented. I am thrilled that the company continues to thrive and grow, with a pipeline of new product launches planned for the near term.”
Post period end, Tristel received confirmation that all reviews under UK and EU approvals procedures for its TANK ClO₂ Sporicidal Disinfectant system have successfully concluded and positive recommendations have been made. The decisions allow Tristel to accelerate sales activity throughout Europe.
