25th Feb 2019 10:27
LONDON (Alliance News) - Infection and contamination prevention firm Tristel PLC hiked its interim dividend Monday after its profit and revenue both grew in a "pleasing" progress.
For the six months ended December, pretax profit widened 22% to GBP2.2 million from GBP1.8 million the year prior. This was after revenue rose 12% to GBP12.0 million from GBP10.7 million the year before.
"We are very pleased with our progress in the first half", Tristel Chief Executive Paul Swinney said. "Sales growth has been in the middle of our target range."
"Sales benefitted from just over one month's contribution of GBP400,000 from the Ecomed Group, whose audited and adjusted EBITDA for the calendar year 2018 of EUR1.17 million compares to a threshold target of EUR840,000, meaning that the conditions of the acquisition earn-out have already been met," Swinney added. "We expect a solid contribution from Ecomed Group in the second half and for the acquisition to be materially earnings enhancing in the years ahead."
In November 2018, Tristel acquired Ecomed Group - which includes Ecomed Services NV, Ecomed Nederland BV and Ecomed France Sarl - for up to EUR6.8 million in a cash and shares deal. Of this, EUR1.8 million is a deferred consideration.
"We continue to advance our USA regulatory project although the exact timing of further approvals remains hard to predict," Swinney continued. "This project commenced in 2015 and the cumulative investment made to end December 2018 has been GBP1.3 million, with costs of GBP100,000 incurred in the first half."
Tristel proposed a 2.04 pence per share interim dividend, up from 1.60p the year prior.
"We have put in place the best plans that we think possible to mitigate the potential effects of a no-deal Brexit and look forward with a high degree of confidence," Swinney said.
Shares in Tristel were 5.8% lower at 285.01 pence on Monday.
Related Shares:
Tristel