(Alliance News) - Tristel PLC on Monday reported a higher half-year profit, with overseas revenue particularly high, as the pandemic lifted demand for disinfectants.
The company, which makes infection prevention and contamination control products, posted a GBP3.1 million pretax profit for the six months ended December 31, up 11% from GBP2.8 million the year before.
Revenue increased 15% to GBP16.8 million from GBP14.6 million, including an 8% rise in UK revenue thanks to an 18% rise in cash surface disinfection revenue to GBP1.5 million from GBP800,000.
Overseas revenue increased by 20% to GBP10.0 million from GBP8.3 million, including a 19% rise in Tristel medical device decontamination revenue to GBP8.7 million plus a 67% rise in cash surface disinfection revenue to GBP500,000.
"Tristel product sales in all countries have been adversely affected as patient examinations have been deferred. Cache product sales have been positively impacted because hospitals rushed to purchase any type of disinfectant. During the second half of 2020 this phenomenon came to an end and now we are observing a more considered approach to the selection of surface disinfectants," explained Chair Bruno Holthof.
The company lifted its interim dividend per share by 12% to 2.62 pence from 2.34p a share the year before.
Chief Executive Paul Swinney said: "The second half will be the third consecutive six-month period to be impacted by the pandemic. Unlike the previous two halves, we have started this one in lockdown in many of our key markets. Sales of our medical device disinfectants during the first seven weeks of 2021 are lower than budget due to the impact of Covid-19 on patient examinations. We are very confident that by the end of calendar 2021, the ENT, gynaecology, urology, cardiology, and ophthalmology departments where our products are used will have returned to pre-pandemic levels of activity. Whether this will happen in the UK and Europe before our June year-end is unclear at present.
"However, the growth prospects for the group are as strong as ever and we look to the future with confidence."
Shares in Tristel were up 0.1% at 600.55p in London on Monday morning.
By Anna Farley; annafarley@alliancenews.com
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Tristel (TSTL)