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(Alliance News) - Tristel PLC on Tuesday celebrated what it expects to be a "record" first half, after seeing revenue growth thanks to a strong performance across all of its markets.
For the six months ending December 31, the Cambridgeshire, England-based infection prevention product manufacturer expects revenue of GBP20.7 million, up 18% from GBP17.5 million a year prior.
According to Tristel, revenue growth has been delivered across "all...geographical markets", with gross margin above 80%, in line with expectations.
During the period, Parker Laboratories - Tristel's manufacturing and distribution partner - completed its first production run for Tristel ULT in early October, following receipt of our US Food & Drug Administration approval in June 2023. This has enabled Parker to stock its national distribution network and provide product to the first beta site users.
Looking forward, Tristel expects to make steady progress in building its customer base throughout the US during the second half of the year.
Also on Tuesday, Tristel said that Group Chief Executive Officer Paul Swinney has informed the board of his intention to retire within the next 12 months.
Swinney will continue in his post until a successor is appointed and has committed to remain available thereafter to support and advise the business in executing a successful transition in the leadership of the group.
The board has, therefore, initiated a formal succession process.
Tristel shares were trading 1.3% lower at 441.50 pence each in London on Tuesday morning.
By Holly Beveridge, Alliance News reporter
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