Tristel PLC on Monday said profit rose in the first half of its current financial year, and that it aims to capitalise on further growth opportunities within the US market.

The Newmarket, England-based maker of infection prevention products said pretax profit for the six months that ended December 31 was £3.7 million, rising 8.8% from £3.4 million the year before.

Revenue for the six-month period grew 8.1% to £22.6 million from £20.9 million, £1.3 million of which was driven by ‘additional volume of product sold’, and £400,000 of which was derived from price increases. Total administrative expenses were up 11% to £14.6 million from £13.2 million.

Tristel declared an interim dividend of 5.68 pence per share, up 8.4% on-year from 5.24p.

‘As outlined in our [annual general meeting] statement, we remain on track to meet our internal revenue growth target of 10% to 15% [compound annual growth rate] over the three years to June 30, 2025,’ said Chief Executive Officer Matt Sassone.

‘Following an exceptional performance for our UK business in year ended June 30, 2024, our largest market has now returned to a more typical trading pattern. Against this backdrop, global revenue grew by 8% in the period (9% on a constant currency basis).

‘Looking ahead, we see significant growth potential in our core medical device business, using geographic expansion as the primary driver with a focus on Spain, India and Austria this financial year. Our largest opportunity remains the USA.’

Broker Cavendish has forecast pretax profit of £7.6 million for Tristel’s financial year, ending in June, which would be a 7.0% growth on-year from £7.1 million. Full-year revenue is forecast at £46.1 million, up 10% from £41.9 million last year.

Sassone added: ‘We are confident in our ability to maintain and build on our current trajectory, leveraging our expanded global footprint and innovative product portfolio.’

Shares in Tristel were up 3.8% at 360.00p in London on Monday morning.

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