Tristel profits jump as US sales kick off

16th Oct 2023 07:48

(Sharecast News) - AIM-listed Tristel saw profits jump by over a third in the year to 30 June after smashing its internal growth targets, and said it has started shipping products to its first customers in the US after a recent FDA approval.

"The growth possibilities for the company are stronger than ever," said non-exec chai Bruno Holthof. The stock was up 4.4% at 412.5p by 1219 BST.

The company, which makes infection prevention products for hospitals like wipes, sprays and gels, said full-year revenues were up 16% at £31.1, with overseas sales rising 17% to £23.5m.

Gross margins improved from 880% to 81%, driving adjusted pre-tax profit to £2.62m, up 35% and slightly ahead of consensus forecasts.

The company declared a final dividend of 7.88p a share, double last year's, taking the total payout to 10.5p, up from 9.55p previously.

The biggest milestone of the year was the approval by the US Food and Drug Administration of the Tristel ULT high-level disinfectant for ultrasound probes, with a nationwide launch now underway.

"The enormous achievement of the year has been the FDA approval, which enables us to enter the largest healthcare market in the world," said chief executive Paul Swinney.

"We will also be able to leverage the significance of an FDA approval in countries that look to the USA regulator for their own practice. This includes Central and South America. We now have the opportunity to establish a global footprint for our products and technology."