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(Alliance News) - Tristel PLC on Tuesday said it expects to see annual revenue and profit ahead of expectations, driven by robust demand.
Shares in the Cambridgeshire-based maker of infection prevention products were up 4.9% to 372.50 pence each in London on Tuesday morning.
Tristel said that demand for its infection prevention products for medical device decontamination and for the sporicidal disinfection of surfaces continues to be "very robust across all key geographical markets."
As a result, revenue for the year ended June 30 was up 16% to GBP36.0 million from GBP31.1 million the year earlier. It said that this is ahead of consensus forecasts and above the company's long-term target for revenue growth.
Adjusted pretax profit will be slightly ahead of consensus forecasts of GBP6 million. This is also significantly ahead of financial 2022's pretax profit of GBP1.5 million.
Tristel noted that it continues to be debt free and cash generative. Cash balances on June 30 were GBP9.5 million, up from GBP8.9 million year-on-year.
Further, the company said that 17 million disinfection events took place during the financial year using Tristel's chemistry, up 8.2% from 15.7 million the previous year. This is also 42% higher than in the year before Covid-19 temporarily disrupted Tristel's normal operational performance.
Chief Executive Paul Swinney said: "I am delighted to confirm to shareholders that the business continues to deliver a strong trading performance and growth ahead of both analyst expectations and our own growth targets.
"Looking forward to the years ahead, I am confident that Tristel will truly become a leading global player in the infection prevention industry. We now have access to the world's largest ultrasound market for our high-level medical device decontamination products and we have an exciting pipeline of new product innovations supported by a strong balance sheet."
By Sophie Rose, Alliance News reporter
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