Trading Update

Tristel PLC

22 July 2024

 

Tristel plc

("Tristel" or the "Company")

Trading Update

Revenues and pre-tax profits ahead of market expectations

Tristel plc (AIM: TSTL), the manufacturer of infection prevention products, announces a trading update for the year ended 30 June 2024, having delivered a strong trading performance ahead of market expectations and the Company's own performance targets.

Demand for Tristel's infection prevention products continues to be very robust across all the Company's geographical markets which now include the USA and Canada. Consequently:

·     Revenues for the year were up 16.4% to £41.9m (FY 2023: £36.0m), ahead of market expectations and above the Company's performance target for revenue growth (an annual average of 10-15% over three years).

·     Adjusted profit before tax* will be no less than £8.0m, ahead of market expectations and 29% ahead of last year (FY 2023: £6.2m).

·     Tristel continues to be debt free and cash generative. Cash balances on 30 June 2024 were £11.6m (30 June 2023: £9.5m).

Paul Swinney, CEO of Tristel plc, comments: "This is my last trading update before I hand over the reins to our incoming CEO in early September and I am delighted to report to shareholders that the business has delivered another strong trading performance and growth ahead of both analyst expectations and our own growth targets.

"In June last year we achieved the major milestone of obtaining approval from the US Food and Drug Administration for our Tristel ULT disinfectant for ultrasound instruments. During the first half of FY 2024 we set up manufacture of the product with our North American partner Parker Laboratories. During the second half, Parker's distribution network built opening inventory positions and during the final quarter of the year we onboarded a growing number of hospital users.

"In January 2024 we received approval for Tristel ULT from Health Canada. We exhibited at numerous conferences across North America during the year and a notable case study was published in May by one of our early adopters, US urologist Dr Matt Allaway:

https://www.parkerlabs.com/wp-content/uploads/2024/04/AllawayWhitePaper_8_LOCKED.pdf

"This is an exciting transition point for our Company as I pass the CEO baton on to Matt Sassone. Tristel has become a leading global player in a specific niche of the global infection prevention industry: the decontamination of non-lumened heat sensitive medical devices. The niche sweeps up many of the diagnostic tools used in hospitals ranging from ultrasound probes to small endoscopes. Looking to the future, we are confident that we will also become a leading player in the hospital surface disinfection market with our unique chlorine dioxide chemistry. We are all very excited for the Company's future prospects."  

* adjusted for share-based payments.

For further information please contact:

Tristel plc	Via Walbrook PR
Paul Swinney, Chief Executive Officer	www.investors.tristel.com
Liz Dixon, Chief Financial Officer
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus	Mob: [phone]
Charlotte Edgar	Mob: [phone]
Cavendish Capital Markets Limited	Tel: [phone]
Geoff Nash / Charlie Beeson (Corporate Finance)
Sunila de Silva (Corporate Broking)

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") EU no.596/2014. Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. 

About Tristel plc

Tristel plc is a global infection prevention company focussed on the manufacture and supply of products using its unique proprietary chlorine dioxide (ClO₂) chemistry. The Company is a market leader in manual decontamination of medical devices, supplying hospitals under the Tristel brand, and under the Cache brand provides products for sporicidal surface disinfection, in a format which is a sustainable alternative to commonly used pre-wetted plastic wipes.

Tristel's head office and manufacturing facility is located in Snailwell, near Cambridge, and operates globally employing approximately 250 people across 14 subsidiaries selling into 40 countries.

The Company has been listed on the London Stock Exchange's AIM market since 2005 (AIM: TSTL).

For more information about Tristel's product range please visit: https://tristel.com

 

END