Overseas sales drive growth at East Anglia-based anti-infection products company Tristel
- Credit: Gregg Brown
Infection prevention and contamination control products company Tristel has reported annual results ahead of market expectations, driven by strong growth in overseas sales.
Tristel, based at Snailwell, near Newmarket, generated turnover of £17.1m in the year to June 30, an increase of 12% compared with the previous 12 months.
And overseas sales were 22% higher on a reported basis at £6.7m, representing 39% of turnover compared with 36% a year earlier. On a constant currency basis, overseas sales were 25% ahead of the previous year.
Bottom line pre-tax profit was only marginally up on a year earlier at £2.6m but this was after an exceptional share-based payment which will not be repeated in future years, excluding which profit was 27% higher at £3.3m.
Tristel, which has a UK worlforce of 80, said all its overseas operations were profitable during the year, which also saw 25 product approvals in seven different countries.
Chief executive Paul Swinney said Central Europe and Australia has seen particularly strong sales growth, with the company’s acquisition of its Australian distribtor shortly after the year-end also set to drive growth during the current year.
He added that the company’s business plan for entering the North American infection prevention market was progressing well, with a multiple application to the US Environmental Protection Agency for water and surface disinfectant products now in progress alongside its initial bid for Food & Drug Administration approval for opthalmology and ultrasound products classfied as medical devices.
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A similar approach was being adopted in respect of Canada’s regulatory authority, the Health Protection Board. and the company was on track to start generating revenues in North America in the financial year commencing July 2018.
“We made very solid progress during the year,” said Mr Swinney. “International expansion continues to drive revenue growth and we are succeeding in increasing profit margins, even whilst investing in new products and opening up new geographical markets, including North America.
“The progress we are making with the United States FDA and EPA, and Canada’s HPB, is in line with the North American business plan we are developing.”
The total dividend for year will increase by 11% to 6.33p per share, including for the second year running a special dividend of 3pps.