REG - Tristel PLC - Trading Update

TristelAnnouncement

22/07/2024 07:00

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RNS Number : 1821X  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
(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 (http://www.investors.tristel.com/)
 Liz Dixon, Chief Financial Officer

 Walbrook PR Ltd                        Tel: 020 7933 8780 or tristel@walbrookpr.com
 Paul McManus                           Mob: 07980 541 893
 Charlotte Edgar                        Mob: 07884 664 686

 Cavendish Capital Markets Limited      Tel: 020 7220 0500
 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 (ClO(2)) chemistry. The Company is a market leader in manual
decontamination of medical devices, supplying hospitals under the Tristel
(https://tristel.com/) brand, and under the Cache
(https://thecachecollection.com/) 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 (https://tristel.com)

 

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