3rd Mar 2014 11:29
LONDON (Alliance News) - Tristel PLC Monday raised its interim dividend as it swung into a pretax profit as revenue rose in the half-year ended December 31, 2013, and administrative expenses dropped.
Tristel posted an interim dividend of 0.36 pence, up from 0.08 pence in the previous year.
The biotechnology company swung into a pretax profit of GBP724,000, up from a pretax loss of GBP2.7 million in the previous year, as revenue rose to GBP6.4 million from GBP4.4 million, and exceptional costs of GBP2.0 million did not recur. In 2012 Tristel posted GBP2.0 million in exceptional costs including redundancy costs, impairment charges and provisions against bad debt and obsolete inventory.
The company said that it has shifted its business away from its declining legacy endoscopy products towards more diversified products like its Chlorine dioxide technology.
"The progress that we have made during the first half is a continuation of the recovery that started in the second half of last financial year and reflects the reshaping of the business that we have undertaken over the past two years," said Chief Executive Paul Swinney in a statement.
Revenue growth as driven by sales of its decontamination products, which grew 86% in the UK and 40% in overseas markets, led by sales of its Tristel Wipes system.
Tristel said that its first-half results were encouraging, but did not reflect its ambition.
Shares in Tristel were trading up 2.3% at 41.95 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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