21st Oct 2024 12:25
(Alliance News) - Tristel PLC on Monday said annual profit surged nearly 40% higher, thanks to higher sales volumes for its disinfectant products and UK price hikes.
The Newmarket, England-based maker of infection prevention products said pretax profit for the financial year that ended June 30 grew 39% to GBP7.1 million from GBP5.1 million the year before. Revenue rose 16% to a "record" level of GBP41.9 million from GBP36.0 million.
In particular, Tristel medical device disinfectant revenue increased 18% to GBP36.3 million from GBP30.8 million last year, driven by the number of diagnostic procedures in which the products were used.
"Higher sales volume accounted for GBP2.2 million of the GBP5.9 million revenue growth, and price increases accounted for the remaining GBP3.7 million", the company said. This represented an average price increase of 11%, due to UK supply agreements requiring fixed pricing for future years.
Tristel declared a final dividend of 8.28 pence, up 5.1% from 7.88p the year before. This brought the total dividend for the year to 13.52p per share, up 29% from 10.50p last year.
The company said it remained committed to its three-year plan, to June 30, 2025, which involved achieving sales growth between 10% and 15% per annum, and an earnings before interest, tax, depreciation and amortisation margin of at least 25%.
Tristel expects to see further growth across all of its markets in financial 2025, and said it was particularly focused on building US sales momentum, following its recent US Food & Drug Administration approval for its ultrasound product, Tristel ULT.
Matt Sassone replaced Founder Paul Swinney as chief executive officer during the recent year.
"I am delighted to take on the role as chief executive of Tristel and at a stage when we can build on our growing and well-established global footprint for our products and technology," Sassone said.
"It is clear from my first weeks in the role that we have in place the foundations for further success: we have a hugely talented team, we have differentiated and innovative products that are already well-established as market-leading, and we have a host of exciting commercial opportunities to deliver further growth.
"It is no wonder that as a board we remain very confident about the outlook for the company."
Shares in Tristel were down 1.9% at 387.50 pence each in London on Monday afternoon.
By Emily Parsons, Alliance News reporter
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