Tristel posts record revenues, pre-tax profits surge 38.5%

Tristel plc (AIM: TSTL), a manufacturer specializing in infection prevention solutions for hospitals, announced its audited preliminary results for the fiscal year ending June 30, 2024. The company reported exceeding market expectations and surpassing its own performance targets with record revenues and a significant increase in pre-tax profits, alongside robust cash generation.

Tristel's financial performance demonstrated a 16% rise in turnover to £41.9 million, up from £36.0 million the previous year. The gross margin also saw an improvement, increasing by 2% to reach 80%. Adjusted pre-tax profit climbed by 32% to £8.2 million, while reported pre-tax profit rose by 39% to £7.1 million. The adjusted earnings per share (EPS) experienced a notable hike of 50% to 15.34p, with a basic EPS of 13.68p. Reflecting this positive performance, the company increased its full-year dividend per share by 29% to 13.52p.

The company's balance sheet remains strong, with no debt and an end-of-year cash and short-term investments balance of £11.8 million. This includes £5.7 million held as short-term investments. Operating cash flow continued its strong trend, recording £10.9 million for the year.

On the operational front, Tristel achieved several milestones, including the first manufacture and sale of Tristel ULT in the United States ultrasound market. Health Canada approved Tristel ULT, and Tristel OPH was submitted to the US FDA after the period ended. Additionally, Cache TANK and POD received UKCA, MDR, and CE certification. The company also successfully transitioned to a new CEO, Matt Sassone.

Matt Sassone, the new Chief Executive, expressed his enthusiasm for leading Tristel at a time when the company is poised for further growth. He highlighted the company's strong team, innovative products, and significant commercial opportunities as foundational elements for future success. Sassone's confidence in the company's outlook was echoed by the Board's optimistic stance on Tristel's trajectory.

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Source: Investing.com