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(Alliance News) - Tristel PLC on Monday said it intends to continue to invest in future growth opportunities as its revenue and profit rose in its most recently ended financial year.
The manufacturer of infection prevention products said it expects its results for the year to the end of June to be in line with market expectations, with revenue of GBP26 million, up 17% from GBP22.2 million the year prior.
Meanwhile, pretax profit is expected to total at least GBP5.5 million, compared to GBP4.7 million a year earlier.
Tristel said its revenue from overseas markets increased by 26%, while revenue in the UK rose by 9%. Sales of products using the company's core chlorine dioxide technology grew by 22% compared to non-core products, which decreased by 5%.
The AIM-listed company has acquired from Michael Donaldson the remaining 80% of the share capital of Tristel Italia Srl it did not already own. Tristel has owned 20% of Tristel Italia since 2007, when it supported Donaldson to introduce Tristel's medical device disinfectants into Italy.
Tristel Italia turnover during the year to the end of June was EUR700,000, exclusively of Tristel products, and earnings before interest, taxes, depreciation, and amortization was EUR255,000.
The consideration paid on completion of the acquisition was EUR661,000, and an additional cash consideration of EUR150,000 may be paid over the next two years, Tristel said, if sales reach EUR926,000 in the financial year 2021.
Looking ahead, Tristel said it continues to invest in future growth opportunities. This includes progressing the submission to the US Food & Drug Administration for pre-market approval of Tristel's Duo high-level disinfectant under the De Novo pathway.
"We are very pleased with the performance of the company during the year. The balance of our business continues not only to shift towards our higher growth overseas markets, but also towards our higher margin chlorine dioxide technology," said Chief Executive Paul Swinney.
Tristel shares were trading flat on Monday in London at 300.00 pence each.
