REG - Tristel PLC - Final Results
21/10/2024 07:00
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RNS Number : 8586I Tristel PLC 21 October 2024
The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) No.
596/2014.
Tristel plc
("Tristel", the "Company" or the "Group")
Audited Preliminary Results
for the year ended 30 June 2024
Record revenues, 38.5% growth in pre-tax profits and strong cash generation
Tristel plc (AIM: TSTL), the manufacturer of infection prevention products for
hospitals, announces its audited preliminary results for the year ended 30
June 2024, with trading ahead of both market expectations and internal
performance targets. The Company has delivered record revenues, growth in
pre-tax profits and maintained strong cash generation from the operations. It
continues to be debt free and at the end of year cash and short-term
investments balances were £11.8m including £5.7m held as short-term
investments.
The Company's core business is the sale to hospitals of its proprietary
chlorine dioxide chemistry for the decontamination of medical devices under
the Tristel (https://tristel.com/) brand (87% of total sales), and for the
sporicidal disinfection of environmental surfaces under the Cache
(https://thecachecollection.com/) brand (8% of total sales).
Financial Highlights
● Turnover up 16% to £41.9m (2023: £36.0m)
● Gross margin up 2% to 80% (2023 restated: 78%)
● Adjusted pre-tax profit* up 32% to £8.2m (2023: £6.2m)
● Reported pre-tax profit up 39% to £7.1m (2023: £5.1m)
● Adjusted EPS* up 50% to 15.34p (2023: 10.67p). Basic EPS of 13.68p (2023:
9.44p)
● Dividend per share for the full year up 29% to 13.52p (2023: 10.50p)
● Cash and short-term investment balance of £11.8m (2023: £9.5m), with
continued strong operating cashflow of £10.9m in the year (2023: £8.4m)
* before share-based payments
Operational Highlights
● First manufacture and sale of Tristel ULT into the United States ultrasound
market
● Approval of Tristel ULT by Health Canada and submission of Tristel OPH to US
FDA (post period end)
● Cache TANK and POD approved for UKCA, MDR & CE certification
● Successful CEO transition
Matt Sassone, Chief Executive of Tristel plc, said: "I am delighted to take on
the role as Chief Executive of Tristel and at a stage when we can build on our
growing and well-established global footprint for our products and technology.
It is clear from my first weeks in the role that we have in place the
foundations for further success: we have a hugely talented team, we have
differentiated and innovative products that are already well established as
market-leading, and we have a host of exciting commercial opportunities to
deliver further growth. It is no wonder that as a Board we remain very
confident about the outlook for the Company."
CEO video & investor presentations
Please find a link to a video overview relating to the Company's preliminary
results from the Group's Chief Executive Officer, Matt Sassone here -
https://stream.brrmedia.co.uk/broadcast/670fc1052bd2bbc93fcd920b
(https://stream.brrmedia.co.uk/broadcast/670fc1052bd2bbc93fcd920b)
Matt Sassone, CEO, and Liz Dixon, CFO, will present the Company's results via
the Investor Meet Company platform today at 11:30 BST. The presentation will
also be available for playback after the event. Investors can sign up to
Investor Meet Company for free and add to meet Tristel plc via:
https://www.investormeetcompany.com/tristel-plc/register-investor
(https://www.investormeetcompany.com/tristel-plc/register-investor)
An in-person presentation will take place at 16:30 BST, which is open to all
existing and potential shareholders. The Company will welcome investors to 85
Gresham Street, London, EC2V 7NQ from 16.15 for a 16.30 start and will be
followed by refreshments. If you would like to attend, please contact Walbrook
PR on 020 7933 8780 or email tristel@walbrookpr.com
(mailto:tristel@walbrookpr.com) .
The results presentation is available on the Company's
website: https://tristelgroup.com/ (https://tristelgroup.com/)
For further information please contact:
Tristel plc Via Walbrook PR
Matt Sassone, Chief Executive Officer www.investors.tristel.com (http://www.investors.tristel.com/)
Liz Dixon, Chief Financial Officer
Walbrook PR Ltd Tel: 020 7933 8780 or tristel@walbrookpr.com
(mailto:tristel@walbrookpr.com?subject=tristel@walbrookpr.com)
Paul McManus / Alice Woodings Mob: 07980 541 893 / 07407 804 654
Cavendish Capital Markets Ltd Tel: 020 7220 0500
Geoff Nash / Camilla Hume / Trisyia Jamaludin (Corporate Finance)
Sunila de Silva (ECM) / Louise Talbot (Sales)
About Tristel plc
Tristel plc is a global infection prevention company focussed on the
manufacture and supply of products using its unique proprietary chlorine
dioxide (ClO(2)) chemistry. The Company is a market leader in manual
decontamination of medical devices, supplying hospitals under the Tristel
(https://tristel.com/) brand, and under the Cache
(https://thecachecollection.com/) brand provides products for sporicidal
surface disinfection, a more sustainable alternative to commonly used
pre-wetted plastic wipes.
Tristel's head office and manufacturing facility is located in Snailwell, near
Cambridge, and operates globally employing approximately 250 people across 17
active subsidiaries selling into 40 countries. The business is profitable,
with no debt, and has a progressive dividend policy.
The Company has been listed on the London Stock Exchange's AIM market since
2005 (AIM: TSTL).
For more information about Tristel's product range please visit:
https://tristel.com (https://tristel.com)
Chairman's Statement
Chairman's Statement
The 2024 financial year ("FY 24") has been a record year for Tristel in terms
of financial performance, with trading ahead of market expectations and our
own performance targets. We delivered record revenues, growth in pre-tax
profits and maintained strong cash generation from the operations. We continue
to be debt free and at the end of year cash and short-term investment balances
were £11.8m.
FY 24 also saw us execute against our geographic expansion plans following the
significant milestone of FDA clearance for Tristel ULT, our high-level
disinfectant ("HLD") for use on endocavity ultrasound probes and skin surface
transducers at the end of the previous financial year. In FY 24 we registered
our first sales in the US and we continue to work with our partners to
increase our market share across North America.
2024 was also a pivotal year in Tristel's history as we position the business
for our next stage of growth. After 31 years at the helm, and having built a
world-class business, Paul Swinney founder and CEO retired and we welcomed
Matt Sassone as his successor.
With over 27 years of experience in the medical device industry, Matt brings a
wealth of knowledge and a proven track record of leadership in many markets
including North America. His vision and expertise will be instrumental in
guiding Tristel through its next phase of growth.
My Board colleagues and I extend our thanks to Paul, who has led the company
with remarkable vision and dedication for over three decades. Under his
leadership, Tristel has grown from a pioneering start-up to a globally
recognized leader in infection prevention, driving innovation by capitalising
upon the Company's unique chlorine dioxide chemistry. Paul leaves a legacy of
success as shown in this set of results.
Group Strategy
The Group continues to focus on the global hospital market, using its
proprietary chlorine dioxide chemistry for two applications: the
decontamination of the medical devices under the Tristel brand, and the
disinfection of environmental surfaces under the Cache brand.
Our ambition is to become the global market leader in the manual
decontamination of heat sensitive non-lumened diagnostic medical devices. In
Europe, the Middle East and APAC we already hold this position, and during the
year we started to build commercial momentum in North America, following the
receipt of De Novo clearance for our hand-held HLD, Tristel ULT, from the
United States Food and Drug Administration (FDA). This was a significant
milestone for a British company of our size.
During the year, 39% of Group revenue was generated in the United Kingdom and
61% in the rest of the world. Throughout the 61 countries in which we actively
market our products, Tristel medical device disinfectant revenue, which is
driven by the number of diagnostic procedures in which our products are used,
increased to £36.3m from £30.8m in the previous year.
Our second product range, Cache, made slower progress during the year. Revenue
was £3.4m compared to £3.3m in the previous year. As announced in February,
the Company gained Medical Devices Regulation 2002 ("UK MDR") and the European
Union Medical Device Regulation 2017/745 ("EU MDR") approval of its TANK
ClO₂ Sporicidal Disinfectant system. These newest additions to the Cache
range, which provides sporicidal surface disinfection in a format which is a
sustainable alternative to commonly used pre-wetted plastic wipes, and our
continued success in gaining regulatory approvals in key markets, give us
confidence that the Cache range will deliver significant sales growth going
forward.
Investing in Growth
We are committed to ensuring that our business is fully primed for growth,
both in the UK and across our international subsidiaries. As we expand our
global reach, we continue to invest in our people and strengthen our systems
to support both our commercial and operational functions. Over the past year
we have grown our headcount by 6%, enhancing our sales, marketing and
technical teams to meet the demands of our highly regulated industry.
In parallel, we are driving a comprehensive digital transformation across the
organization, ensuring that our systems and processes are optimised for the
future. Our continued investment in IT and cybersecurity infrastructure is
crucial to maintaining the resilience of the business as it grows. By
expanding these capabilities, we are positioning Tristel to seize new
opportunities, scale efficiently, and sustain our leadership in infection
prevention.
New product development is a key focus for the Board and we continued to
invest during the year in three areas:
● The 3T platform which is our app-based Train, Trace and Test tool that enables
a user of a Tristel medical device high-level disinfectant to record all steps
of the decontamination process.
● AI capabilities incorporated into the app that enable objective verification
that the key steps in the decontamination process have been performed
correctly.
● Colour change technology- visual indicators that provide compliance training
tools for the user and which can be incorporated into the decontamination
process to ensure key steps in the decontamination process are performed
correctly.
We made six patent applications during the year and three applications went to
grant. During the year we invested £0.9m in product development and £0.5m in
securing and maintaining intellectual property protection.
North America
In June 2023 we reached a significant milestone by securing FDA clearance for
Tristel ULT, our ultrasound HLD. In the first half of FY 2024, our partner
Parker Laboratories Inc. began manufacturing and commercialising the product
in North America. In the second half, Parker's distribution network had
stocked up on inventory, and in the final quarter, we started onboarding an
increasing number of users.
Tristel ULT is complementary to Parker labs' market leading Aquasonic gel, in
that for every invasive ultrasound procedure the gel must be used and an HLD
must be used. Parker is a well-qualified manufacturing partner, for Tristel
ULT, providing the highest quality standards in its FDA approved New Jersey
facility, and also selling our product through its existing nationwide
distribution channels. To support our partnership, Parker has expanded its own
direct sales team from two people to 10. Whilst Parker have encountered more
purchasing bureaucracy than we originally anticipated, which has slightly
extended the timeline for some adopters to come on board, momentum is growing
as we make headway in the world's largest market.
Parker has also showcased our products at various conferences across North
America. Culminating in the publication in May of a white paper "Simplifying
High-Level Disinfection for Urological Procedures: A Case Study" at the
American Urological Association 2024 conference, the largest gathering of
urologists in the world. In the paper, US urologist, Dr Matthew Allaway,
highlights Tristel ULT in a case study, commenting on the product's ability to
enable faster, simpler endo-cavitary probe processing for busy urology
practices.
The white paper can be seen here:
https://www.parkerlabs.com/wp-content/uploads/2024/04/AllawayWhitePaper_8_LOCKED.pdf
In January 2024, we gained Health Canada approval for Tristel ULT, further
extending our reach.
Our people
It's clear that our people are Tristel's greatest asset. Without their
dedication, skill, and expertise, none of the successes we have achieved would
have been possible. We recognise this and are committed to being the best
employer we can be, ensuring that Tristel is a place where talent can thrive
and grow.
Their collective efforts have not only elevated our reputation but have also
positioned us for even greater success.
Results
Total revenues increased 16% to £41.9m for the year (2023: £36.0m). Our
gross profit margin increased by 2%. Overheads (excluding share-based
payments, depreciation, amortisation and impairment) rose by 19%, principally
due to the increase in average headcount to 238 (2023 212). Increases in wages
and salaries for the Group were £2.2m.
Adjusted pre-tax profit (before share-based payments of £1.1m) rose 32% from
£6.2m to £8.2m. Statutory pre-tax profit increased to £7.1m from £5.1m and
the statutory margin rose to 17% from 14%. Charges associated with share-based
payments have been included as adjusting items. Although share-based
compensation is an important aspect of the compensation of our employees and
executives, management believes it is useful to exclude share-based
compensation expenses from adjusted profit measures to better understand the
long-term performance of the underlying business.
Earnings per share (EPS) (adjusted for the add-back of the share-based payment
charge) was 15.34 pence (2023: 10.67 pence). Basic EPS was 13.68 pence (2023:
9.44 pence) and diluted EPS was 13.54 pence (2023: 9.34 pence).
Balance Sheet, Cash and Dividend
The Group has continued to be highly cash generative at an operating cash flow
level during the year and the balance sheet is debt free (with the exception
of lease liabilities). The combined cash and short-term deposit balance at 30
June 2024 was £11.8m (2023: £9.5m), with £5.7m classed as short term
investment (2023: £2.4m).
The Board is recommending a final dividend of 8.28 pence (2023: 7.88 pence).
Combined with the interim dividend of 5.24 pence, the total dividend pay-out
for the year will be 13.52 pence per share, this is an increase of 29% on last
year's total dividend pay-out of 10.50 pence. Going forward the Board's
intention is to increase the dividend annually in line with the year's
increase in EPS, committing to minimum dividend growth of 5%. This final
dividend will be paid on 20 December 2024, to shareholders on the register on
29 November 2024, the associated ex-dividend date is 28 November 2024.
Outlook
Our results clearly reflect our dominant market leadership position. Demand
for our infection prevention products remains robust across all of our
geographical markets, and with our recently established foothold in North
America, we believe we can continue to deliver sustainable growth.
Dr Bruno Holthof
Non-Executive Chair
Chief Executive's Report
Overview
I am delighted to have joined Tristel. Having admired the business from afar,
I now have the privilege of being part of a team that continues to deliver
exceptional results, as reflected in our strong performance across all product
categories this year. Tristel's success is built on the solid foundation
established by my predecessor, Paul Swinney, and my focus will be on building
upon that legacy.
We will continue to seize global opportunities, particularly with our core
medical device disinfection products, and expand our footprint in key markets
like North America. At the same time, we remain committed to delivering on our
strategic intent to enter the surface disinfection market, where we see
significant potential for our proprietary chlorine dioxide chemistry to
disrupt this much larger sector.
The year ended 30 June 2024 marked another period of robust growth for the
Group, with notable progress in our key strategic initiatives. These included
the expansion of our medical device portfolio into critical new markets like
the USA and advancing our goal to penetrate the surface disinfection market.
In the USA, our partner Parker Laboratories began manufacturing and
commercialising Tristel ULT during the year, gaining significant traction with
several hospitals onboarded in the final quarter. They have built a strong
pipeline of opportunities but acknowledge that the more stringent post-COVID
purchasing bureaucracy is extending the sales process longer than initially
anticipated.
Additionally, we successfully completed the UK MDR and EU MDR certifications
for our TANK ClO₂ Sporicidal Disinfectant system. This sustainable
alternative to pre-wetted plastic wipes, launched at the end of the fiscal
year, is expected to drive accelerated growth in Cache sales across Europe and
other regions that recognize these high regulatory standards.
Financial targets
The Board and I remain committed to our financial plan for the three years to
30 June 2025, which was a continuation of the plan for the prior three-year
period ending in June 2022. The three key financial targets of both the old
and new plans are:
i) sales growth in the range of 10% to 15% per annum as an annual average over
the three years;
ii) the achievement in each year of an EBITDA margin (excluding share-based
payment charge) of at least 25%, and
iii) to increase profit before tax (excluding share-based payments) year-on-year,
independently of the other two targets.
Having joined the business just a few weeks ago, I ask for a little time to
work closely with stakeholders to review the company's strategic direction.
This process will ensure that we are well-positioned for the next phase of our
growth journey. I look forward to updating investors on our financial targets
beyond June 2025, as we define our goals to align with the growing
opportunities in our core markets and new areas of expansion.
Financial year Revenue Annual revenue growth Average 3 year revenue growth Adjusted EBITDA margin % Increase in profit before tax (excluding SBP charge)
£m
Ended 30.06.21 (base year) 31.00
Ended 30.06.22 31.10 0.3% 0% 24.0% No
Ended 30.06.23 36.00 16% 8% 24.9% Yes
Ended 30.06.24 41.90 16% 11.7% 26.0% Yes
Our marketplace and technology
Our business is entirely dedicated to preventing the spread of microbes from
one person or object to another. This is critical as the spread of the cross
contamination of microbes are responsible for infections in healthcare,
leading to illness, death, and imposing a heavy burden on both individuals and
society. We fulfil this mission by developing products based on chlorine
dioxide, a powerful disinfectant that we've uniquely formulated.
Hospitals, where infection risks are the highest, are where our solutions have
the most impact. Infection prevention is a fundamental necessity for the safe
and effective delivery of healthcare worldwide. Over 98% of our revenue comes
from consumable products that perform essential, non-discretionary functions
in these settings.
Our strategy revolves around our proprietary chlorine dioxide chemistry,
applied in two key areas. First, we focus on the high-level disinfection of
medical devices under the Tristel brand, which accounted for 87% of our
continuing product revenues this year. Second, we address the disinfection of
hospital surfaces through our Cache brand, representing 8% of revenues. In
this area, we distinguish between the sporicidal efficacy of our chlorine
dioxide chemistry and the lower-level performance claims of most competing
disinfectants. Our aim is to lead the global market in this high-performance,
sporicidal segment.
Tristel stands out in two key ways. We are the only provider of chlorine
dioxide-based high-level disinfectants that are both validated and regulated
for use with semi-critical medical devices. Moreover, our disinfectants are
applied manually, unlike our semi-automated competitors that rely on a process
of manually cleaning followed by a machine that applies UV-C light or a
hydrogen peroxide mist.
While surface disinfection is a universal need in hospitals, with expenditures
on it far exceeding those for medical device decontamination, it's the ability
to kill bacterial spores that sets the top biocides apart. Chlorine dioxide,
as one of the few chemistries capable of this, is a cornerstone of our
offering.
The manual application of our products makes them ideally suited for
departments handling small, heat-sensitive medical instruments. Whether it's
nasendoscopes in ENT departments, laryngoscope blades in emergency settings,
cardiac echo probes for heart disease diagnosis, or ultrasound probes in
women's and men's health, Tristel provides the simplest, fastest, and most
cost-effective high-performance disinfection. As a result, in the markets
where we've established ourselves, we hold substantial market share.
Revenue
We segment our business to reflect our corporate strategy and geographical
spread. We have developed distinctly different brands for the two product
categories: Tristel for medical device disinfection and Cache for sporicidal
surface disinfection. Our strategic intention is to develop the Tristel and
Cache brands and product portfolios with a significant degree of independence
from each other, but both anchored upon our chlorine dioxide technology
platform and using the same sales teams in all countries.
Higher sales volume accounted for £2.2m of the £5.9m revenue growth and
price increases accounted for the remaining £3.7m. This represents an average
price increase of 11%, driven primarily by the UK where the increase has been
higher because of supply agreements which require fixed pricing extending into
future years.
Tristel medical device sales grew by 18%, reaching £36.4m. Reinforcing our
ability to continually grow on our market leadership position.
During the year, the revenue split across these product categories was:
£m Brand Revenue % of total Revenue % of total
2023-24 2022-23
Medical device decontamination in hospitals Tristel 36.40 87% 30.80 86%
Environmental surface disinfection in hospitals Cache 3.40 8% 3.30 9%
Other - non-core Various 2.10 5% 1.90 5%
Group 41.90 100% 36.00 100%
Revenue by channel
We sell our products directly to end-users in those markets in which we have
established a subsidiary, and through distributors in markets where we have no
corporate presence. During the year, the revenue split by sales channel was:
2023-24 Revenue 2022-23 Revenue Year-on-Year change % change
Hospital medical device decontamination:
UK 16.20 11.90 4.30 36%
Australia 3.40 3.50 (0.10) (3%)
Germany 5.50 5.00 0.50 9%
Western Europe 7.40 6.60 1.2 12%
Other ROW 3.90 3.80 0.10 3%
Tristel Global 36.40 30.80 5.60 18%
Hospital environmental surface disinfection:
UK 2.40 2.40 Nil Nil
Australia 0.10 0.10 Nil Nil
Germany 0.10 0.10 Nil Nil
Western Europe 0.20 0.20 Nil Nil
Other ROW 0.60 0.50 0.10 (20%)
Cache Global 3.40 3.30 0.10 (3%)
Other revenue: various brands 2.10 1.90 0.20 11%
Group 41.90 36.00 5.90 16%
Revenue by geography
Strong sales in the UK saw the sales percentage increase to 39% of total
revenues. The below table shows the 5 year history of this metric.
2019-20 2020-21 2021-22 2022-23 2023-24
Revenue split %
UK 40% 37% 35% 35% 39%
Overseas 60% 63% 65% 65% 61%
Annual revenue growth %
UK 7% -10% -3% 12% 31%
Overseas 32% 3% 2% 18% 9%
*Sales made to international distributors are included within overseas in the
above table to align with the location of the end customer. As these sales
originate within the UK subsidiary, for segmental reporting purposes they are
included within the UK.
We have 16 subsidiaries selling directly into the hospital marketplace in the
United Kingdom, Belgium, the Netherlands, France, Italy, Germany, Switzerland,
Poland, Hong Kong, China, Malaysia, Singapore, Australia, and New Zealand,
India and United States. We have subsidiaries in Japan, Spain and Ireland
which are not yet active in terms of selling. We closed our Russian subsidiary
early in FY22.
During the year, in another 45 countries, we sold products through national
distributors.
Geographic expansion is a key growth driver for the business, our regulatory
programme succeeded in attaining 26 approvals for 17 products in seven
countries during the year. Including the approval for Tristel ULT from Health
Canada.
Our Strategic Assets
We consider the assets that enable the Group to achieve its strategic goals to
be:
Our chlorine dioxide chemistry
There are three critically important elements that account for the unique
positioning of our chlorine dioxide chemistry:
1. The proprietary formulation,
2. Our focus over two decades on exploring the potential for chlorine
dioxide in the decontamination of medical instruments. There is another
application for chlorine dioxide chemistry which all other businesses have
concentrated upon which is water treatment. From the inception of our business
in the 1990's we looked in a different direction - towards medical device
disinfection - a direction which others have not followed, and this has given
us the pioneer's advantage,
3. The length of time that we have enjoyed this pioneer position has
allowed us to collate a significant body of knowledge, including published
scientific data, the testimony of almost two decades of safe use, a
significant global footprint of regulatory approvals and a library of proven
compatibility with hundreds of medical instruments, all of which would take a
new entrant significant time and cost to match.
Intellectual property protection
On 30 June 2024, we held 149 patents granted in 32 countries providing legal
protection for our products.
In its broadest sense, our intellectual property relates to:
1. Patents, trademarks and registered designs,
2. The scientific validation of our chemistry and our products that
have entered the public domain, via a number of peer-reviewed and published
papers,
3. The certification by medical device manufacturers that our
chemistry is compatible with their products. We enjoy official compatibility
with the instrumentation of 56 medical device manufacturer, with respect to
1,449 of their individual models.
Our people possess an unrivalled body of knowledge relating both to infection
prevention and to chlorine dioxide, and they are a key asset for the future of
our business. Their domain knowledge relates to the manufacture of chlorine
dioxide-based products and their development. The Company's R&D investment
focusses exclusively on our proprietary technology, searching for improvements
in microbial efficacy, reductions in hazards, and greater efficiency in
manufacture. In parallel, we invest in the creation of packaging and delivery
forms that enhance and simplify the delivery of the chemistry and the user
experience.
Outlook
This year has been all about delivering on the solid foundations that have
been put in place across the business to support growth.
The main driver of our growth has been our Tristel branded products for
medical device disinfection, which have benefitted from a continued rise in
sales volumes, but also from increased pricing, primarily from the UK due to
an increase in longer term fixed price supply agreements. We expect to see
further growth across all of our markets in FY 25, and we are particularly
focussed on making the most of the significant opportunity that last year's
FDA approval for Tristel ULT presents : access to the largest healthcare
market in the world. This also gives us the opportunity to leverage the
significance of an FDA approval in countries that look to the USA regulator
for their own practice, such as countries across Central and South America. We
also expect to see future growth from the successful execution of our North
American strategy for Tristel OPH, with sales already building up in Canada,
and FDA 510(k) clearance targeted for the end of this calendar year.
On the surfaces side, we believe that following UK MDR and EU MDR
certifications for our TANK ClO₂ Sporicidal Disinfectant system, we will be
able to accelerate growth in Cache sales across Europe and other regions that
recognised these high regulatory standards. Sales of these products, for
environmental surface disinfection in hospitals, are starting from a low-base,
but we believe our offering, that provides the highest level of surface
disinfection whilst eliminating the need for the single-use throw-away plastic
wipes, will be both commercially and environmentally attractive.
I am delighted to take on the role as Chief Executive of Tristel and at a
stage when we can build on our growing and well-established global footprint
for our products and technology. It is clear from my first weeks in the role
that we have in place the foundations for further success: we have a hugely
talented team, we have differentiated and innovative products that are already
well established as market-leading, and we have a host of exciting commercial
opportunities to deliver further growth. It is no wonder that as a Board we
remain very confident about the outlook for the Company.
Matt Sassone
Chief Executive Officer
Tristel Plc
Consolidated Income Statement for the Year Ended 30 June 2024
2024 (As restated)
£ 000
2023
£ 000
Revenue 41,933 36,009
Cost of sales excluding depreciation (7,974) (7,661)
Depreciation included within Cost of sales (381) (430)
Total Cost of sales (8,355) (8,091)
Gross profit 33,578 27,918
Distribution costs (327) (323)
Administrative expenses:
Share based payments (1,089) (1,061)
Depreciation, amortisation and impairments (2,392) (2,188)
Other (22,788) (19,069)
Total Administrative expenses (26,269) (22,318)
Other operating income - 4
Operating profit 6,982 5,281
Finance income 318 10
Finance costs (218) (179)
Net finance income/(cost) 100 (169)
Profit before tax 7,082 5,112
Income tax expense (593) (651)
Profit for the year 6,489 4,461
Profit attributable to :
Earnings per share from total and continuing operations attributable to equity
holders of the parent
2024 2023
Basic - pence 6 13.68 9.44
Diluted - pence 6 13.54 9.34
The above results were derived from continuing operations.
The prior year has been restated to align to IAS 2 in relation to
classification of expenditure included in cost of sales, the restatement has
no effect on the Profit for the year and is fully disclosed in Note 8
Tristel Plc
Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2024
2024 2023
£ 000 £ 000
Profit for the year 6,489 4,461
Items that may be reclassified subsequently to profit or loss
Foreign currency translation losses (368) (216)
Total comprehensive income for the year 6,121 4,245
Total comprehensive income attributable to:
Owners of the company 6,121 4,245
Tristel Plc
(Registration number: 04728199)
Consolidated Statement of Financial Position as at 30 June 2024
30 June 30 June
2024 2023
£ 000 £ 000
Assets
Non-current assets
Property, plant and equipment 3,364 2,922
Right of use assets 5,538 4,905
Goodwill 4,997 5,156
Intangible assets 4,885 4,757
Deferred tax assets 613 1,286
19,397 19,026
Current assets
Inventories 4,681 4,569
Trade and other receivables 7,524 7,081
Income tax asset 718 1,146
Short-term investments 5,650 2,432
Cash and cash equivalents 6,139 7,113
24,712 22,341
Total assets 44,109 41,367
Equity and liabilities
Equity
Share capital 476 474
Share premium 14,933 14,188
Foreign currency translation reserve (647) (279)
Merger reserve 2,205 2,205
Retained earnings 15,443 14,089
Equity attributable to owners of the company 32,410 30,677
Non-controlling interests - 7
Total equity 32,410 30,684
Non-current liabilities
Other non-current financial liabilities 4,830 4,321
Deferred tax liabilities 277 599
5,107 4,920
Current liabilities
Trade and other payables 5,482 4,801
Income tax liability 76 103
Other current financial liabilities 1,034 859
6,592 5,763
Total liabilities 11,699 10,683
Total equity and liabilities 44,109 41,367
Tristel Plc
Consolidated Statement of Changes in Equity for the Year Ended 30 June 2024
Share capital Share premium Foreign currency translation reserve Other reserves Retained earnings Total Non-controlling interests Total equity
£ 000 £ 000 £ 000 £ 000 £ 000 £ 000 £ 000 £ 000
At 1 July 2023 474 14,188 (279) 2,205 14,089 30,677 7 30,684
Profit for the year 6,489 6,489 6,489
Exchange difference on translation of foreign operations (368) (368) (368)
Total comprehensive income - - (368) - 6,489 6,121 - 6,121
Dividends (6,224) (6,224) (6,224)
New share capital subscribed 2 745 747 747
Share based payment transactions 1,089 1,089 1,089
Dissolution of non-controlling interest (7) (7)
At 30 June 2024 476 14,933 (647) 2,205 15,443 32,410 - 32,410
Share capital Share premium Foreign currency translation reserve Other reserves Retained earnings Total Non-controlling interests Total equity
£ 000 £ 000 £ 000 £ 000 £ 000 £ 000 £ 000 £ 000
At 1 July 2022 473 13,996 (64) 2,205 13,089 29,699 7 29,706
Profit for the year 4,450 4,450 4,450
Exchange difference on translation of foreign operations (215) (215) (215)
Total comprehensive income - - (215) - 4,450 4,235 - 4,235
Dividends (4,511) (4,511) (4,511)
New share capital subscribed 1 192 193 193
Share based payment transactions 1,061 1,061 1,061
At 30 June 2023 474 14,188 (279) 2,205 14,089 30,677 7 30,684
Tristel Plc
Consolidated Statement of Cash Flows for the Year Ended 30 June 2024
2024 2023
£ 000 £ 000
Cash flows from operating activities
Profit before tax for the year 7,082 5,112
7,082 5,112
Adjustments to cash flows from non-cash items
Depreciation of leased assets 1,064 1,000
Depreciation of plant, property and equipment 691 734
Impairment of goodwill 67 68
Amortisation of intangible assets 951 816
Share based payment transactions 1,089 1,061
(Profit)/Loss on disposal of property, plant and equipment (8) 69
Lease interest 218 177
Other interest - 2
Finance income (318) (10)
10,836 9,029
Working capital adjustments
Increase in inventories (112) (149)
Increase in trade and other receivables (280) (1,230)
Increase in trade and other payables 500 1,330
Lease interest paid (218) (177)
Tax 153 (313)
Net cash flow from operating activities 10,879 8,490
Cash flows from investing activities
Interest received 318 10
Acquisition of intangible assets (1,044) (1,570)
Acquisitions of property plant and equipment (1,138) (853)
Cash deposit to short-term investments (3,218) (2,432)
Net cash flows from investing activities (5,082) (4,845)
Cash flows from financing activities
Payment of lease liabilities (1,022) (1,126)
Share issues 676 193
Dividends paid (6,224) (4,511)
Net cash flows from financing activities (6,570) (5,444)
Net decrease in cash and cash equivalents (766) (1,799)
Cash and cash equivalents at 1 July 7,113 8,883
Effect of exchange rate fluctuations on cash held (208) 29
Cash and cash equivalents at 30 June 6,139 7,113
Tristel Plc
1 Accounting policies
Basis of accounting
This financial information has been prepared in accordance with UK adopted
international accounting standards and in accordance with the provisions of
the Companies Act 2006.
Tristel plc, the Group's ultimate parent company, is a public limited company
incorporated and domiciled in the United Kingdom.
Basis of consolidation
The Group financial statements consolidate those of the Company and all of its
subsidiary undertakings drawn up to 30 June 2024. Subsidiaries are entities
over which the Group has rights or is exposed to variable returns from its
involvement with the investee and has the power to affect those returns by
controlling the financial and operating policies so as to obtain benefits from
its activities. The Group obtains and exercises control through voting rights
or IP held.
Unrealised gains on transactions between the Group and its subsidiaries are
eliminated. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the asset transferred. Amounts reported
in the financial statements of subsidiaries have been adjusted where necessary
to ensure consistency with the accounting policies adopted by the Group.
Acquisitions of subsidiaries are dealt with by the acquisition method. The
acquisition method involves the recognition at fair value of all identifiable
assets and liabilities, at the acquisition date, regardless of whether or not
they were recorded in the financial statements of the subsidiary prior to
acquisition. These fair values are also used as the basis for subsequent
measurement in accordance with the Group accounting policies. Goodwill is
stated after separating out identifiable intangible assets. Goodwill
represents the excess of the aggregate of the consideration transferred and
the amount of non-controlling interest over the fair value of the Group's
share of the identifiable net assets of the acquired subsidiary at the date of
acquisition.
Non-controlling interests, presented as part of equity, represent a proportion
of a subsidiary's profit or loss and net assets that is not held by the Group.
The Group attributes total comprehensive income or loss of subsidiaries
between the assets of the parent and the non-controlling interests based on
their respective ownership interests.
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group 'controls' an
entity when it is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns
through its power over the entity. The financial statements of subsidiaries
are included in the consolidated financial statements from the date on which
control commences until the date on which control ceases. Interests in
subsidiaries are accounted for at cost less accumulated impairment losses.
Audit exemption
The Directors confirm that in accordance with sections 479A and 479C of the
Companies Act 2006, Tristel Plc, as parent company of the below entities, has
given a parental guarantee to enable those companies to claim exemption from
audit. This guarantee relates to the year ended 30 June 2024. The members of
these companies have agreed to the exemption from the audit by virtue of the
guarantee given by Tristel Plc, for year ended 30 June 2024.
• Tristel International Limited - Registered number 07874262
• Scorcher Idea Limited - Registered number 04602679
• Tristel Solutions Limited - Registered number 03518312
Changes in accounting policy
New standards, interpretations and amendments effective
The following accounting standards and amendments were endorsed by the UK
endorsement board in the year ended 30 June 2024
• IAS 12 Pillar 2
• IFRS 17 Insurance contracts
They did not have a material effect on the Group
New standards, interpretations and amendments not yet effective
The following newly issued but not yet effective standards, interpretations
and amendments, which have not been applied in these financial statements,
will only have a presentational effect on the financial statements in future:
IFRS 18 Presentation and Disclosure in Financial Statements
Will bring new presentation requirements related to the statement of profit or
loss, including three new categories for items of income and expense -
operating, financing, investing.
2. Publication non-statutory accounts
The financial information set out above does not constitute the company's
statutory accounts for the years ended 30 June 2024 or 2023 but is derived
from those accounts. Statutory accounts for 2023 have been delivered to the
registrar of companies, and those for 2024 will be delivered in due course.
The auditor has reported on those accounts; their reports were (i)
unqualified, (ii) did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying their report and
(iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
The Board of Tristel plc approved the release of this Preliminary Announcement
on 18 October 2024.
3 Segmental Analysis
Group revenue lines are split into fourteen geographic regions, which span the
different Group entities. In accordance with IFRS 8, aggregation criteria has
been applied to five operating segments where similar economic characteristics
are shared. The directors consider the operating segments to have similar
economic characteristics as they have similar operating margins, and the
nature of products sold, and customers are similar. Management consider these
operating regions under five reportable segments. The geographic segments
consider the location of the sale and product type sold, which is split into
three sub divisions. The Company's operating segments are identified initially
from the information which is reported to the chief operating decision maker
which for Tristel is the CEO.
The group uses a matrix to analyse segments, to analyse the geographic
segments against product divisions. The first product division concerns the
manufacture and sale of medical device decontamination products which are used
primarily for infection control in hospitals. These products generates
approximately 87% of Company revenues (2023: 86%).
The second division which constitutes 8% (2023: 9%) of the business activity,
relates to the manufacture and sale of hospital environmental surface
disinfection products.
The third division addresses the pharmaceutical and personal care product
manufacturing industries, veterinary and animal welfare sectors and has
generated 5% (2023: 5%) of the Company's revenues this year.
The operation is monitored and measured on the basis of the key performance
indicators of each segment, these being revenue and adjusted profit before
tax, and strategic decisions are made on the basis of revenue and profit
before tax generating from each segment.
Hospital medical device decontamination Hospital environmental surface disinfection Other revenue Total 2024 Profit Before Tax 2024
£000 £000 £000 £000 £000
UK to UK and Overseas distributors 16,238 2,547 1,208 19,993 6,094
Australia 3,378 16 251 3,645 164
Germany 5,451 57 88 5,596 252
Western Europe 7,342 290 334 7,966 358
Other ROW 3,929 525 279 4,733 213
Total 36,338 3,435 2,160 41,933 7,081
Hospital medical device decontamination Hospital environmental surface disinfection Other revenue Total 2023 Profit Before Tax 2023
£000 £000 £000 £000 £000
UK to UK and Overseas distributors 11,895 2,381 1,017 15,293 4,179
Australia 3,504 22 134 3,660 165
Germany 4,979 40 89 5,108 230
Western Europe 6,673 245 347 7,265 327
Other ROW 3,766 608 309 4,683 211
Total 30,817 3,296 1,896 36,009 5,112
Revenues from external customers in the Company's domicile (United Kingdom),
as well as its other major markets (Rest of the World) have been identified on
the basis of internal management reporting systems, which are also used for
VAT purposes. In the year the change was made to incorporate the Italy
operating segment into Western Europe, as it was determined that it was
similar in characteristics to the other countries in the Western Europe
segment and to more accurately replicate internal management reporting
systems.
Revenues derived from the UK (the largest reportable segment stated above) for
2024 were £20.0m (2023: £15.2m). Revenues from all overseas subsidiaries
total £21.9m (2023: £20.7m.)
Hospital medical device decontamination revenues were derived from a large
number of customers but include £9.0m from a single customer in UK which
makes up 25% of this product division's revenue (2023: £6.1m, being 20%).
Hospital environmental surface disinfection revenues were derived from a
number of customers but include £2.0m from a single customer in the UK which
makes up 57% of this product division's revenue (2023: £1.8m, being 55%).
Other revenues also were derived from a number of customers, with the largest
customer in the UK accountable for £0.3m, which represents 14% of revenue for
that product division (2023: £0.2m, 9% from a single customer). During the
year 27% of the Group's total revenues were earned from a single customer
(2023: 22%).
The following table provides further information on the Group's revenues:
In addition to the segmental information disclosed product divisions are also
split as follows:
Hospital medical device disinfectants Hospital environmental surface disinfection Other revenues Total 2024
£000 £000 £000 £000
Revenue from external customers 36,338 3,435 2,160 41,933
Cost of sales excluding depreciation (5,690) (1,441) (843) (7,974)
Depreciation included within Cost of sales (330) (31) (20) (381)
Segment gross profit 30,318 1,963 1,297 33,578
Gross margin 83% 57% 60% 80%
Adjusted gross margin 87% 60% 63% 83%
Centrally incurred income and expenses not attributable to individual product
divisions:
Distribution costs (327)
Depreciation, amortisation and impairments (2,835)
Other administrative expenses (23,693)
Share-based payments (1,089)
Other income -
Operating profit 6,981
Operating profit can be reconciled to Group profit before tax as follows:
Finance income 100
Total profit before tax 7,081
Hospital medical device disinfectants Hospital environmental surface disinfection Other revenues Restated as 2023 Total
£000 £000 £000 £000
Revenue from external customers 30,817 3,296 1,896 36,009
Cost of sales excluding depreciation (5,202) (1,512) (947) (7,661)
Depreciation included within Cost of sales (368) (40) (22) (430)
Segment gross profit 25,247 1,744 927 27,918
Gross margin 82% 53% 49% 78%
Adjusted gross margin 85% 56% 52% 81%
Centrally incurred income and expenses not attributable to individual product
divisions:
Distribution costs (323)
Depreciation and amortisation of non-financial assets (2,188)
Other administrative expenses (19,069)
Share-based payments (1,061)
Other income 4
Segment operating profit 5,281
Segment operating profit can be reconciled to Group profit before tax as
follows:
Finance expense (169)
Total profit before tax 5,112
4 Income tax
Tax charged in the income statement
2024 2023
£000 £000
Current taxation
Current tax 312 285
Current tax adjustment to prior periods (70) (53)
242 232
Deferred tax
Arising from origination and reversal of temporary differences 356 817
UK deferred tax adjustment to prior periods (5) (476)
Tax rate effect - 78
351 419
Tax expense in the income statement 593 651
The tax on profit before tax for the year is lower than the standard rate of
corporation tax in the UK (2023 - higher than the standard rate of corporation
tax in the UK) of 25% (2023 - 20%).
The differences are reconciled below:
2024 2023
£ 000 £ 000
Profit before tax 7,082 5,112
Corporation tax at standard rate 1,773 1,048
Adjustment in respect of prior years (75) (529)
Expenses not deductible for tax purposes 405 285
Increase (decrease) from effect of foreign tax rates (1) 46
Other differences (303) 464
Tax rate differences 78
Enhanced relief on qualifying scientific research expenditure (172) (98)
Patent box relief (1,034) (643)
Total tax charge 593 651
5 Dividends
Amounts recognised as distributions to equity holders in the year:
2024 2023
£000 £000
Ordinary shares of 1p each
Final dividend for the year ended 30 June 2023 of £7.88p (2022: £3.93p) per 3,734 1,856
share
Special dividend for the year ended 30 June 2023 of £nil (2022: £3.00p) per - 1,417
share
Interim dividend for the year ended 30 June 2024 of £5.24p (2023: £2.62p) 2,488 1,238
per share
6,222 4,511
Proposed final dividend for the year ended 30 June 2024 of £8.28p (2023: 3,936 3,728
£7.88p) per share
The proposed final dividend is subject to approval by shareholders at the
forthcoming Annual General Meeting and has not been included as a liability in
the financial statements.
6 Earnings per share
The calculations of earnings per share are based on the following profits and
number of shares:
2024 2023
£000 £000
Retained profit for the financial year attributable to equity holders of the 6,489 4,461
parent
Shares Shares
'000 '000
Number Number
Weighted average number of ordinary shares for the purpose of basic earnings 47,421 47,247
per share
Share options 423 111
47,844 47,358
Earnings per ordinary share
Basic 13.68p 9.44p
Diluted 13.54p 9.34p
The Group also presents an adjusted basic earnings per share figure which
excludes share-based payments charges:
2024 2023
£000 £000
Retained profit for the financial year attributable to equity holders of the 6,489 4,461
parent
Adjustments:
Share based payments 1,089 1,061
Tax on share-based payments (303) (483)
Net adjustments 786 578
Adjusted earnings 7,275 5,039
Adjusted basic earnings per ordinary share 15.34p 10.67p
7 Share capital
Number £000
30 June 2023 47,309,993 474
Issued during the year 226,500 2
30 June 2024 47,536,493 476
Allotted, called up and fully paid shares
30 June 30 June
2024 2023
No. £'000 No. £'000
Ordinary of £0.01 each 47,536,493 476 47,309,993 474
211,500 ordinary shares of 1 pence each, related to the exercise of employee
share options were issued during the year. (2023: 85,000). The weighted
average exercise price was £3.20 (2023: £2.07). The exercise of employee
share options in the year resulted in a movement in the share premium account
of £745,000 (2023: £192,000). An additional 15,000 ordinary shares of 1
pence each were issued in relation to the settlement of the contingent element
of the Falcare acquisition.
8 Prior Year Restatement
Group
IAS 2: Cost of sales restatement
Within the prior year Income Statement elements of the cost of production were
erroneously included within Administrative expenses, excluding share-based
payments, depreciation, amortisation and impairment and Depreciation,
amortisation and impairments. £1,257,000 has been reclassified to Cost of
sales, £430,000 from Depreciation, amortisation and impairments and £827,000
from Administrative expenses, excluding share-based payments, depreciation,
amortisation and impairment to align to the requirements of IAS 2. This has no
overall effect on the total profit for the prior financial year. The
adjustment does not impact the amounts previously presented on the Balance
Sheet at 30 June 2022 and therefore a third Balance Sheet is not considered to
provide a user of the financial statements with any additional information.
Group Income Statement 2023 previously reported Restatement 2023 Restated
£'000s £'000s £'000s
Revenue 36,009 - 36,009
Cost of sales excluding depreciation (6,834) (827) (7,661)
Depreciation included within Cost of sales - (430) (430)
Total Cost of sales (6,834) (1,257) (8,091)
Gross profit 29,175 (1,257) 27,918
Distribution expenses (323) - (323)
Administrative expenses:
Share-based payments (1,061) - (1,061)
Depreciation, amortisation and impairments (2,618) 430 (2,188)
Other (19,896) 827 (19,069)
Total Administrative expenses (23,575) 1,257 (22,318)
Other operating income 4 - 4
Operating Profit 5,281 - 5,281
Finance income 10 - 10
Finance costs (179) - (179)
Net finance cost (169) - (169)
Profit before tax 5,112 - 5,112
Income tax expense (651) - (651)
Profit for the year 4,461 - 4,461
9 Non-GAAP Measures
Non-GAAP measures
Income statement reconciliation
The group presents adjusted profit measures (gross profit, operating
profit/EBIT, Profit after tax, Profit before tax and EBITDA) by making
adjustments for costs and profits, which management believes to be significant
by virtue of their size, nature or incidence. Such items may include, but are
not limited to, share based payments expense, impairments, fair value
movements on investments and restructuring. In addition, the group presents
gross profit and adjusted gross profit, EBITDA and adjusted EBITDA (adjusted
in the same manner) as management believes that this is an important metric
for the shareholders. The group uses adjusted measures to evaluate performance
and as a method to provide shareholders with clear and consistent reporting.
See below reconciliation of gross profit, operating profit (EBIT), profit
before tax, net profit and EBITDA to the respective adjusted measures.
Adjusted profit measures 2024 Statutory Adjustment 1 2024 Adjusted
£000 £000 £000
Operating profit (EBIT) 6,982 1,089 8,071
Net finance costs 100 100
Profit before tax 7,082 1,089 8,171
Income tax expense (593) (303) (896)
Profit attributable to equity shareholders 6,489 786 7,275
Effective tax rate 8% 11%
Profit before tax margin 17% 19%
Profit for the year 6,489 786 7,275
Income tax expense 593 303 896
Net finance cost (100) (100)
Depreciation, amortisation and impairments 2,773 2,773
EBITDA 9,755 1,089 10,844
Revenue for the year 41,933 41,933
EBITDA margin 23% 26%
2024 Statutory
ROCE
£000
Total assets 44,109
Current liabilities (6,592)
Capital employed 37,517
EBIT 6,982
ROCE 19%
Adjusted profit measures 2023 Statutory Adjustment 1 2023 Adjusted
£000 £000 £000
Operating profit (EBIT) 5,281 1,061 6,342
Net finance costs (169) - (169)
Profit before tax 5,112 1,061 6,173
Income tax expense (651) (483) (1,134)
Profit attributable to equity shareholders 4,461 578 5,039
Effective tax rate 13% 46% 18%
Profit before tax margin 14% 17%
Profit for the year 4,461 578 5,039
Income tax expense 651 483 1,134
Net finance cost 169 - 169
Depreciation, amortisation and impairments 2,618 - 2,618
EBITDA 7,899 1,061 8,960
Revenue for the year 36,009 - 36,009
EBITDA margin 22% - 25%
ROCE 2023 Statutory
£000
Total assets 41,367
Current liabilities (5,763)
Capital employed 35,604
EBIT 5,281
ROCE 15%
Specific adjusted items are as follows:
1. Share-based payment charges under IFRS 2
Gross profit margin reconciliation
The Group presents adjusted gross profit measures by making adjustments to
cost of sales regarding production costs. The Group presents these adjusted
measures as a method to provide shareholders with clear and consistent
reporting.
Adjusted profit measures 2024 Statutory Adjustment 1 2024 Adjusted
£000 £000 £000
Revenue 41,933 - 41,933
Cost of sales excluding depreciation (7,974) 966 (7,008)
Depreciation included within Cost of sales (381) 381 -
Total Cost of sales (8,355) 1,347 (7,008)
Gross Profit 33,578 1,347 34,925
Gross Profit Margin 80% 83%
2023 Statutory Adjustment 1 2023 Adjusted
£000 £000 £000
Revenue 36,009 - 36,009
Cost of sales (7,661) 827 (6,834)
Depreciation included within Cost of sales (430) 430 -
Total cost of sales (8,091) 1,257 (6,834)
Gross Profit 27,918 1,257 29,175
Gross Profit Margin 78% 81%
Specific adjusted items are as follows:
1. Reallocation of costs of production to Administrative expenses.
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