Tristel PLC on Monday said it outperformed market expectations and management’s targets with strong financial results.
The Newmarket, England-based maker of infection prevention products said in the year that ended June 30, adjusted pretax profit will be ‘no less than’ £8.0 million, up 29% from £6.2 million last year.
Revenue increased 16% to £41.9 million from £36.0 million, outperforming Tristel’s growth target of an annual average of 10% to 15% over three years.
The company said it continues to be debt-free and cash generative with cash balances at period end of £11.6 million, up 22% from £9.5 million previously.
Outgoing Chief Executive Officer Paul Swinney said: ‘I am delighted to report to shareholders that the business has delivered another strong trading performance and growth ahead of both analyst expectations and our own growth targets.
‘During the first half of FY 2024 we set up manufacture of the product with our North American partner Parker Laboratories [Inc]. During the second half, Parker’s distribution network built opening inventory positions and during the final quarter of the year we onboarded a growing number of hospital users.’
Tristel shares were up 5.9% to 476.55 pence each in London on Monday afternoon.
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