17th Oct 2018 10:35
LONDON (Alliance News) - Tristel PLC on Wednesday said profit remained unchanged in its recently ended financial year as it continued its investment in future growth.
The stock was down 7.4% on Wednesday at 259.24 pence per share.
The contamination control products manufacturer said pretax profit remained broadly flat at GBP4.0 million, while revenue rose to GBP22.2 million in the year to the end of June from GBP20.3 million reported a year prior.
Overseas sales grew during the year by 19% to GBP11.4 million, whilst UK sales advanced only marginally by 2% to GBP10.8 million.
During the year, Tristel said it continued to invest for future growth. The company said it spent GBP500,000 on product development and testing, up from GBP200,000 a year ago.
The company also said it invested GBP1.0 million in regulatory and product enhancement programmes and GBP200,000 in intellectual property protection.
Tristel declared a full-year dividend of 4.58p, up 14% from 4.03p paid the year before.
Looking forward, the company said it is working to appoint new non-executive directors to bring fresh ideas and new experiences to its board. Tristel proposed Non-Executive Director Paul Barnes to be appointed as non-executive chairman for a one-year term, subject to shareholders approval.
"We made solid progress during the year," said Chief Executive Paul Swinney. "Brexit looms. Our response to the uncertainty surrounding this event is to build inventory of all component parts and finished products."
"Notwithstanding this near-term uncertainty, the outlook for the company remains very positive," added Swinney.
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