REG - Tristel PLC - AGM Statement

TristelAnnouncement

19/12/2023 07:00

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RNS Number : 1950X  Tristel PLC  19 December 2023

Tristel plc

("Tristel", the "Company", or the "Group")

 

AGM Statement, notice of results and planned CEO succession

 

Tristel plc (AIM: TSTL), the manufacturer of infection prevention products,
will hold its Annual General Meeting at 11am today at the offices of
Cavendish, One Bartholomew Close, London EC1A 7BL.

 

Paul Swinney, Chief Executive Officer, will address the meeting with the
following update:

 

"I am pleased to report that the Company has had a record first half with
revenue for the six months ending 31 December 2023 expected to be £20.7m, an
increase of 18% compared to £17.5m in the first half of last year. Revenue
growth has been delivered across all our geographical markets. Gross margin
remains above 80% in line with our expectations.

 

"In the United States, Parker Laboratories, our manufacturing and distribution
partner, completed its first production run for Tristel ULT in early October,
following receipt of our FDA approval in June 2023. This has enabled Parker to
stock its national distribution network and provide product to the first beta
site users. We expect to make steady progress in building our customer base
throughout the United States during the second half of our financial year. We
remain very excited about our prospects as we begin serving the largest
healthcare market in the world.

 

"The business is performing strongly on all fronts and the confidence that we
expressed in October in our medium-term outlook remains unchanged. With the
growth possibilities for our business stronger than ever, and as a business
with no debt and forecast cash balances of approximately £10.4m after payment
of this year's final dividend on 22 December, we are in a strong position to
capitalise upon our global leadership position in the medical device
decontamination market."

 

Notice of Results

The Company's unaudited interim results will be announced on 26 February 2024.

 

CEO succession planning

In addition, Paul Swinney, co-founder of the business in 1993 and Group CEO
for the past thirty years, has informed the Board of his intention to retire
within the next twelve months. Paul 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, supported by the global organisational consulting firm The
Coulter Partnership, that will consider both external and internal candidates.

 

The Group's new CEO will join a strong executive leadership team with
significant functional and market experience, gained from within and outside
the business.

 

 Tristel plc                            Tel: 01638 721 500
 Paul Swinney, Chief Executive Officer
 Liz Dixon, Chief Financial Officer

 Walbrook PR Ltd                        Tel: 020 7933 8780 or tristel@walbrookpr.com
 Charlotte Edgar                        Mob: 07884 664 686
 Alice Woodings                         Mob: 07407 804 654

 Cavendish Capital Markets Limited      Tel: 020 7220 0500
 Geoff Nash/Charlie Beeson (Corporate Finance)
 Sunila de Silva (ECM)

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
("MAR") EU no.596/2014. Upon the publication of this announcement via
Regulatory Information Service ("RIS"), this inside information is now
considered to be in the public domain.

 

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