Second-half progress at Tristel

Cambridge-based contamination and infection control products maker Tristel reported full-year results ahead of expectations as a strong second half overshadowed a weak first-half performance. The group, whose Tristel Wipes System is a widely used disinfection method in ENT, Cardiology, IVF and Ultrasound departments in the UK, said turnover rose to £10.6m for the year ended June 30th from £10.9m in 2012. Profit for the year slipped to £0.5m from £0.7m a year earlier after weak sales of its endoscopy products. Gross margin eased to 66% from 68% while it reported a basic loss per share of 3.16p from a 1.77p profit the year before. International sales were a strong point, up 61% to £3.4m.Tristel's Chief Executive Paul Swinney said: "The result for the year masks a starkly contrasting performance between the first and second halves. The loss before tax and nonrecurring items of £0.6m at the half way stage was followed by a profit of £1.1m in the second half." "The explanation lies in the severe drop off in first half sales of our legacy endoscopy products. Additionally, we entered the financial year facing the considerable challenge of establishing our own brand for the UK veterinary market and locating a diverse customer base, which we had previously supplied through a distributor. It took us into the second half to achieve this." Swinney added: "The momentum which we built in the second half has continued into the first quarter of the current financial year. We are cautiously optimistic that it will continue." The board is recommending a final dividend of 0.32p, down from 0.35p before, making a total dividend for the year of 0.40p compared to a 0.62p payment in 2012.CJ Tristel