REG - Tristel PLC - Half-year Report
20/02/2023 07:00
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RNS Number : 3601Q Tristel PLC 20 February 2023
20 February 2023
TRISTEL plc
("Tristel", the "Company" or the "Group")
Half-year Report
Unaudited Interim Results for the six months ended 31 December 2022
Tristel plc (AIM: TSTL), the manufacturer of infection prevention products
utilising proprietary chlorine dioxide technology announces its interim
results for the six months to 31 December 2022, a period achieving 16% revenue
growth and a 16-fold increase in EBITDA.
The Company's core business is the sale to hospitals of its proprietary
chlorine dioxide chemistry used for the decontamination of medical devices
under the Tristel brand, and for the sporicidal disinfection of environmental
surfaces under the Cache brand.
Financial highlights
· Revenue up 16% to £17.5m (2021: £15.1m restated to include
products discontinued in 2021)
o Underlying revenue up 21% (excluding previous year distortions)
· Overseas sales up 12% to £11.2m (2021: £10m); UK sales up 24%
to £6.3m (2021: £5.1m)
· Gross margin up to 81% (2021: 80%)
· Reported EBITDA up 16-fold to £3.9m (2021: £0.2m)
o Adjusted* EBITDA up 28% to £4.6m (2021: £3.6m)
· Reported profit before tax of £2.4m (2021: loss £1.2m)
o Adjusted* profit before tax up 41% to £3.1m (2021: £2.2m)
· Reported EPS 3.19p (2021: -2.08p)
o Adjusted* EPS 4.65p (2021: 4.97p)
· Tax charge £0.9m (2021: tax credit £0.2m)
· Interim dividend maintained at 2.62p per share (2021: 2.62p)
· No debt and cash of £8.4m (2021: £8.8m) after paying dividends
of £3.3m (2021: £1.9m) including a special dividend of £1.4m in August 2022
*Adjusted for impairment of intangibles of £nil (2021: £2.4m) and
share-based payments £0.7m (2021: £0.9m)
Operational highlights
· Launch of Tristel Duo into the North American ultrasound and
ophthalmology markets
· FDA De Novo submission - additional data generated and will be
delivered to FDA by March 2023 deadline
Commenting on the interim results, Paul Swinney, Chief Executive of Tristel,
said: "We are delighted to have increased sales by 16% on the first half of
last year, above our long-term target for revenue growth.
"In all regions the level of diagnostic examinations utilising our products is
significantly higher than before the commencement of the pandemic.
"We have now entered the North American market, having launched Duo
Ophthalmology in Canada, and Duo Ultrasound in the USA under our EPA approval,
and expect the FDA's decision on our De Novo submission in June.
"The growth prospects for the Group are stronger than ever and we look to the
future with confidence."
CFO video overview
Please find a link to a video overview relating to the Company's interim
results from the Group's Chief Financial Officer, Liz Dixon here
(https://stream.brrmedia.co.uk/broadcast/63ee04faf265e438eaa952c1) .
A live hybrid presentation of the financial results and outlook will be
delivered by Paul Swinney, CEO, and Liz Dixon, CFO today at 4:30pm at 85
Gresham Street, London, EC2V 7NQ. Those not attending in-person can
participate via a live webcast. Please register to attend, or to be sent the
live webcast link, by contacting Walbrook PR on 020 7933 8780 or email
tristel@walbrookpr.com (mailto:tristel@walbrookpr.com) .
Tristel plc www.tristel.com
Paul Swinney, Chief Executive Tel: 01638 721 500
Liz Dixon, Chief Financial Officer
finnCap
Geoff Nash/Charles Beeson, Corporate Finance Tel: 020 7220 0500
Alice Lane, Corporate Broking
Walbrook PR Ltd Tel: 020 7933 8780 or tristel@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Applegarth Mob: 07584 391 303
Chairman's statement
Revenue
During the half sales increased by 16%, reaching a record level of £17.5m,
with all parts of the Group performing well. During the comparable period (H1
2021-22) there were two events that distorted our reported growth:
· in the UK a release of £0.9m of Brexit inventory into hospitals,
a sale that we had recorded a year earlier which had been held in a dedicated
warehouse by the NHS; and
· our discontinuation of several low growth product lines, from
which sales totaling £1.5m were recorded last year, which were not repeated
this year.
Removing these distortions, the underlying growth was 21%:
As reported
£m H1 H1 H1
2020-21 2021-22 2022-23
Total revenue:
Tristel 13.1 12.2 14.7
Cache 2.0 1.6 1.8
Other 1.6 1.3 1.0
Total reported revenue 16.7 15.1 17.5
Year on year growth/(decline) (10%) 16%
Normalised revenues
£m H1 H1 H1
2020-21 2021-22 2022-23
Total reported revenue 16.7 15.1 17.5
Less: discontinued product revenue (2.0) (1.5) 0
Adjusted for: Brexit inventory (0.9) 0.9 0
Total underlying revenue 13.8 14.5 17.5
Underlying year on year growth 5% 21%
Tristel and Cache
Notwithstanding the distortions, both key segments of the business have
returned to a positive growth trajectory, with an increase of 20% in Tristel
Medical Device products and 13% in Cache Surface products.
We have increased our prices to hospitals in response to global inflation. Of
the increase in revenue of £2.4m, £1.8m relates to additional volume and
£0.6m to pricing, which reflects a 4% global price rise.
The product rationalisation which took place in the corresponding period last
year has achieved the key objective of sharpening our focus on our core
hospital market. The benefits have been the elimination of products that were
in sales decline and releasing operational and corporate resources to
activities with high growth potential.
Other
This revenue derives from carriage, and products which are complementary to
the Company's key strategic focus on infection prevention, some involving
third party collaborations.
Profits and margins
Gross margins have remained steady at 81% (2021: 80%), in line with
expectations.
Sales, general and administrative expenses of £9.5m (2021: £8.7m) have
increased by 9%, reflecting the general inflationary environment and the
recruitment of an additional 18 staff to accelerate our product development,
sales, and marketing activities. Consequently, personnel costs have increased
by 13%. Other cost increases include packaging (50%), plastics (24%) and
chemicals (128%). Whilst utility costs have increased by 60%, our
manufacturing process is largely manual, which provides us with some
protection from cost pressures caused by the energy crisis.
Reported Group profit before tax increased by 300% to £2.4m (2021: loss
before tax of £1.2m), and Group profit before tax and share-based payments
increased by 41% to £3.1m (2021: profit before tax, share-based payments and
impairment of intangibles of £2.2m).
Earnings and Dividend
Earnings per share (EPS) were 3.19p, a significant improvement from the loss
per share of 2.08p last year.
EPS adjusted for share-based payments of £0.7m (2021: £0.9m) and impairment
of intangibles of £nil (2021: £2.4m) was 4.65p (2021: 4.97p). The fall in
adjusted EPS relates to a higher effective tax charge in 2022 of 37% (2021:
16% credit). The effective tax rate on operational results alone for the
period is 21%. Both the current and deferred tax impact of the Group's share
option plans increase the overall effective tax rate for the period to 37%.
The share-based payment charge of £0.7m is derived from the Group's All-Staff
share option scheme (£0.5m) and the Executive Management LTIP scheme
(£0.2m). The All-Staff scheme is valued via the Black-Scholes model. The
Executive Management scheme which is linked to share price and profit targets,
is valued via the Monte Carlo method. The Board believes that these share
schemes help to retain staff and link their interests to shareholders. The
value of share-based payments is significantly influenced by the volatility of
the Company's share price, a factor that is out of the Board's control. As a
consequence, profit and earnings are reported on both an adjusted basis,
adding back share-based payments, alongside unadjusted, so that the underlying
profitability of the Company can be understood.
The Board is recommending an interim dividend of 2.62 pence (2021: 2.62 pence)
to be paid on 11 April 2023. The associated ex-dividend date will be 16 March
2023 with a record date of 17 March 2023. The dividend pay-out will be held at
its current level of 2.62 pence interim and 3.93 pence final, until the
Group's stated dividend policy of two times EPS cover can be reinstated
without a reduction in dividend per share.
North America
We have made our first sales in North America and have continued preparation
of the additional data requested by the FDA for our De Novo submission. This
will be lodged in March on time and within deadline and we are hopeful of a
positive response in June.
Outlook
We are pleased to see the level of sales and profit growth that characterised
Tristel in the decade up to 2020 returning and look forward to continuing
growth in the second half, in line with expectations.
We remain optimistic for the Company's future, and if our FDA submission is
approved this will add a new dimension to the Company's future ambitions - a
challenge that we are ready to meet.
Bruno Holthof
Chairman
20 February 2023
Condensed Consolidated Income Statement for the six months ended 31 December
2022
( ) Restated*
6 months ended 6 months ended Year ended
31-Dec-22 31-Dec-21 30-Jun-22
(unaudited) (unaudited) (audited)
Note £'000 £'000 £'000
Revenue 2 17,463 15,125 31,123
Cost of sales (3,359) (3,030) (6,464)
Gross profit 14,104 12,095 24,659
Admin expenses - share-based payments (688) (884) (596)
Admin expenses - depreciation and amortisation (1,431) (1,300) (2,777)
Admin expenses - other (sales, general and administration) (9,514) (8,697) (17,325)
Admin expenses - impairment of intangibles - (2,439) (2,439)
Total Admin expenses (11,633) (13,320) (23,137)
Other operating income 13 162 167
Operating profit 2,484 (1,063) 1,689
Finance income - - 1
Finance costs (96) (102) (195)
Profit before taxation 2,388 (1,165) 1,495
Taxation (882) 183 (568)
Profit/(loss) for the period from continuing operations 1,506 (982) 927
Profit/(loss) for the period attributable to the Group's equity shareholders 1,506 (982) 927
Earnings per share from continuing operations
attributable to equity holders of the parent
Basic (pence) 5 3.19 *(2.08) 1.96
Diluted (pence) 3.14 *(2.05) 1.94
* Restated for all products including those in product rationalisation project
Earnings from continuing operations before interest, tax depreciation,
amortisation and impairment for the period ended 31 December 2022 were
£4,603,000. (Period ended 31 December 2021 £3,560,000. Year ended 30 June 22
£7,501,000).
Condensed Consolidated Statement of Comprehensive Income for the six months
ended 31 December 2022
6 months ended 6 months ended Year ended
31-Dec-22 31-Dec-21 30-Jun-22
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Profit for the period 1,506 (982) 927
Items that will be reclassified subsequently to Profit and loss
Exchange differences on translation of foreign operations 188 75 138
Other comprehensive income for the period 188 75 1,065
Total comprehensive income for the period 1,694 (907) 1,065
Attributable to:
Equity holders of the parent 1,694 (907) 1,065
1,694 (907) 1,065
Condensed Consolidated Statement of Financial Position as at 31 December 2022
6 months ended 6 months ended Year ended
31-Dec-22 31-Dec-21 30-Jun-22
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-current assets
Goodwill 5,325 5,127 5,242
Intangible assets 3,828 4,063 4,138
Right of use assets 4,927 5,310 5,209
Property, plant and equipment 2,682 2,953 2,791
Deferred tax asset 725 1,990 1,493
17,487 19,443 18,873
Current assets
Inventories 4,668 3,751 4,420
Trade and other receivables 6,394 4,842 5,851
Income tax receivable 1,160 474 713
Cash and cash equivalents 8,421 8,779 8,883
20,643 17,846 19,867
Total assets 38,130 37,289 38,740
Capital and reserves
Called up share capital 473 472 473
Share premium account 14,010 13,929 13,996
Merger reserve 2,205 2,205 2,205
Foreign exchange reserves 123 (128) (65)
Retained earnings 11,388 11,255 12,371
Equity attributable to equity holders of parent 28,199 27,733 28,980
Minority interest 7 7 7
Total equity 28,206 27,740 28,987
Current liabilities
Trade and other liabilities 3,697 2,897 3,222
Current leased asset liabilities 700 629 814
Total current liabilities 4,397 3,526 4,036
Non-current liabilities
Deferred tax 654 874 720
Non-current leased asset liabilities 4,873 5,149 4,997
Total liabilities 9,924 9,549 9,753
Total equity and liabilities 38,130 37,289 38,740
Condensed Consolidated Statement of Changes in Equity for the six months ended
31 December 2022
Share Capital Share Premium Merger reserve Foreign exchange reserve Retained earnings Total attributable to owners of the parent Non-controlling interests Total Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
30 June 2021 471 13,600 2,205 (203) 14,003 30,076 7 30,083
Transactions with owners
Dividends paid (1,854) (1,854) (1,854)
Shares issued 1 329 330 330
Share-based payments 884 884 884
Deferred tax through equity (796) (796) (796)
Total transactions with owners 1 329 (1,766) (1,436) (1,436)
Profit for the period ended 31 December 2021 (982) (982) (982)
Other comprehensive income :-
Exchange differences on translation of foreign operations 75 75 75
Total comprehensive income 75 (982) (907) (907)
31 December 2021 472 13,929 2,205 (128) 11,255 27,733 7 27,740
Transactions with owners
Dividends paid (1,237) (1,237) (1,237)
Shares issued 1 67 68 68
Share-based payments (288) (288) (288)
Current tax through equity 47 47 47
Deferred tax through equity 685 685 685
Total transactions with owners 1 67 (793) (725) (725)
Profit for the period ended 30 June 2022 1,909 1,909 1,909
Other comprehensive income :-
Exchange differences on translation of foreign operations 63 63 63
Total comprehensive income 63 1,909 1,972 1,972
30 June 2022 473 13,996 2,205 (65) 12,371 28,980 7 28,987
Transactions with owners
Dividends paid (3,273) (3,273) (3,273)
Shares issued - 14 14 14
Share-based payments 688 688 688
Deferred tax through equity 96 96 96
Total transactions with owners - 14 - - (2,489) (2,475) - (2,475)
Condensed Consolidated Statement of Changes in Equity for the six months ended
31 December 2022 (continued)
Share Capital Share Premium Merger reserve Foreign exchange reserve Retained earnings Total attributable to owners of the parent Non-controlling interests Total Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Total transactions with owners brought forward - 14 - - (2,489) (2,475) - (2,475)
Profit for the period ended 31 December 2022 1,506 1,506 1,506
Other comprehensive income :-
Exchange differences on translation of foreign operations 188 188 188
Total comprehensive income 188 1,506 1,694 1,694
31 December 2022 473 14,010 2,205 123 11,388 28,199 7 28,206
Condensed Consolidated Statement of Cash Flows for the six months ended 31
December 2022
6 months ended 6 months ended Year ended
31-Dec-2022 31-Dec-2021 30-Jun-2022
(unaudited) (unaudited) (audited)
Cash flows from operating activities Note £'000 £'000 £'000
Group profit/(loss) before tax for the period 2,388 (1,165) 1,495
Adjustments to cash flows from non-cash items
Depreciation of leased assets 500 369 973
Depreciation of plant, property & equipment 323 335 632
Amortisation of intangible asset 577 595 1,105
Impairment of intangible asset 33 2,472 2,506
Share-based payments - IFRS 2 688 884 596
Loss on disposal of PPE and intangible assets - - 20
Lease interest 92 100 193
Other interest - - 2
Finance income - - (1)
4,601 3,590 7,521
Working capital adjustments
(Increase)/decrease in inventories (248) 515 (154)
(Increase)/decrease in trade and other receivables (543) 413 (596)
Increase/(decrease) in trade and other payables 475 (579) (253)
Lease interest paid (92) (100) (193)
Corporation tax paid (533) (488) (772)
Net cash flow from operating activities 3,660 3,351 5,553
Cash flows from investing activities
Interest received - - 1
Purchase of intangible assets (295) (428) (898)
Purchase of property plant and equipment (128) (164) (305)
Net cash used in investing activities (423) (592) (1,202)
Cash flows from financing activities
Payment of lease liabilities (450) (400) (930)
Share issues 14 330 398
Dividends paid 4 (3,273) (1,854) (3,091)
Net cash used in financing activities (3,709) (1,924) (3,623)
Net (decrease)/increase in cash and cash equivalents (472) 835 728
Cash and cash equivalents at the beginning of the period 8,883 8,094 8,094
Exchange differences on cash and cash equivalents 10 (148) 61
Cash and cash equivalents at the end of the period 8,421 8,781 8,883
Notes to the Financial Statements for the six months ended 31 December 2022
1 Accounting policies
Basis of Preparation
For the year ended 30 June 2022, the Group prepared consolidated financial
statements under UK adopted international accounting standards. These
condensed consolidated interim financial statements (the interim financial
statements) have been prepared under the historical cost convention. They are
based on the recognition and measurement principles of UK adopted
international accounting standards which are effective from 1 July 2022.
Forthcoming requirements: This table lists the recent changes to the
Standards that are required to be applied for annual periods beginning after 1
January 2022 and that are available for early adoption in annual periods
beginning on 1 January 2022
Effective date
1 January 2023 IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts
1 January 2023 Deferred Tax related to Assets and Liabilities arising from a Single
Transaction (Amendments to IAS 12)
1 January 2023 Definition of Accounting Estimates (Amendments to IAS 8)
1 January 2023 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice
Statement 2)
1 January 2023 Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
There are no other standards that are not yet effective and that would be
expected to have a material impact on the Group in the current or future
reporting periods and on foreseeable future transactions.
None of the standards, interpretations and amendments effective for the first
time from 1 July 2022 have had a material effect on the financial statements.
Accounting Policies
The interim report is unaudited and has been prepared on the basis of IFRS
accounting policies.
The accounting policies adopted in the preparation of this unaudited interim
financial report are consistent with the most recent annual financial
statements being those for the year ended 30 June 2022.
The financial information for the six months ended 31 December 2022 and 31
December 2021 has not been audited and does not constitute full financial
statements within the meaning of Section 434 of the Companies Act 2006.
The financial information relating to the year ended 30 June 2022 does not
constitute full financial statements within the meaning of Section 434 of the
Companies Act 2006. This information is based on the Group's statutory
accounts for that period. The statutory accounts were prepared in accordance
with UK adopted international accounting standards and received an unqualified
audit report and did not contain statements under Section 498(2) or (3) of the
Companies Act 2006. These financial statements have been filed with the
Registrar of Companies.
2 Segmental Analysis
Management considers the Company's revenue lines to be split into two
operating segments, which span the different Group entities. The operating
segments consider the nature of the product sold, the nature of production,
the class of customer and the method of distribution. The Company's operating
segments are identified initially from the information which is reported to
the chief operating decision maker.
The first segment concerns the manufacture and sale of medical device
decontamination products which are used primarily for infection control in
hospitals. This segment generates approximately 84% of the Company's
continuing revenues (2021: 81%).
The second segment which constitutes 10% (2021: 10%) of the business activity,
relates to the manufacture and sale of hospital environmental surface
disinfection products.
A third segment comprises carriage and third party collaborations which are
complimentary to the Company's core strategic focus on infection prevention.
The operation is monitored and measured on the basis of the key performance
indicators of each segment, these being revenue and gross profit, and
strategic decisions are made on this basis.
The Company's centrally incurred administrative expenses and operating income,
and assets and liabilities, cannot be allocated to individual segments.
6 Months ended 6 Months ended
31 December 2022 31 December 2021 **
(unaudited) (unaudited)
Hospital medical device decontamination Hospital environmental surface disinfection Other revenue Total Hospital medical device decontamination Hospital environmental surface disinfection Other revenue Total
£000 £000 £000 £000 £000 £000 £000 £000
Revenue 14,699 1,782 982 17,463 12,238 1,568 1,319 15,125
Cost of material (2,253) (719) (387) (3,359) (1,929) (575) (526) (3,030)
Gross profit 12,446 1,063 595 14,104 10,309 993 793 12,095
Centrally incurred income and expenses not attributable to individual
segments:
Depreciation and amortisation of non-financial assets (1,431) (1,300)
Administrative expenses - other (sales, general and administration) (9,514) (8,697)
Share-based payments (688) (884)
Other income 13 162
Segment operating profit 2,484 1,376
Segment operating profit can be reconciled to Group profit before tax as
follows:
Segment operating profit 2,484 1,376
Finance income - -
Finance costs (96) (102)
Disposal of intangible asset - (2,439)
Group (loss)/profit 2,388 (1,165)
** 31 December 2021 restated for all products
Year ended
30 June 2022
(audited)
Hospital medical device decontamination Hospital environmental surface disinfection Other revenue Total
£000 £000 £000 £000
Revenue 25,422 3,178 2,523 31,123
Cost of material (4,060) (1,292) (1,112) (6,464)
Gross profit 21,362 1,886 1,411 24,659
Centrally incurred income and expenses not attributable to individual
segments:
Depreciation and amortisation of non-financial assets (2,777)
Administrative expenses - other (sales, general and administration) (17,325)
Share-based payments (596)
Other income 167
Impairment of intangible assets (2,439)
Segment operating profit 1,689
Segment operating profit can be reconciled to Group profit before tax as
follows:
Segment operating profit 1,689
Finance income 1
Finance costs (195)
Group profit 1,495
3 Income tax
The tax on profit before tax for the year is higher than the standard rate of
corporation tax in the UK (2021 - lower than the standard rate of corporation
tax in the UK) of 20.50% (2021 - 19%).
The differences are reconciled below:
6 months ended 6 months ended Year ended
31 December 2022 31 December 2021 30 June 2022
(unaudited) (unaudited) (audited)
£000 £000 £000
Profit/(loss) before tax 2,388 (1,165) 1,495
Corporation tax at standard rate 490 (221) 284
Adjustment in respect of prior years - 227 314
Expenses not deductible for tax purposes 17 29 66
(Decrease) from effect of patent box - (48) -
Increase from effect of foreign tax rates 18 68 25
Tax losses not utilised and other differences 341 68 118
Remeasurement of deferred tax due to changes in tax rate 114 (244) (144)
Enhanced relief on qualifying scientific research expenditure (98) (62) (95)
Total tax charge 882 (183) 568
4 Dividends
Amounts recognised as distributions to equity holders in the year:
6 months ended 6 months ended Year ended
31 December 2022 31 December 2021 30 June 2022
(unaudited) (unaudited) (audited)
£000 £000 £000
Ordinary shares of 1p each
Final dividend for the year ended 30 June 2022 of 3.93p (2021: 3.93p) per 1,856 1,854 1,854
share **
Special dividend for the year ended 30 June 2022 0f 3.00p (2021: nil) 1,417 - -
Interim dividend for the year ended 30 June 2022 of 2.62p (2021: 2.62p) per - - 1,237
share
3,237 1,854 3,091
Proposed interim dividend for the year ended 30 June 2023 of 2.62p (2022: 1,237 1,236
2.62p) per share
** Based on shares in issue at 14 December 2022 of 47,227,993 (14 December
2021 of 47,185,043).
The proposed interim dividend has not been included as a liability in the
financial statements.
5 Earnings per share
The calculations of earnings per share are based on the following profits and
number of shares:
6 months ended 6 months ended Year ended
31 December 2022 31 December 2021 30 June 2022
(unaudited) (unaudited) (audited)
£000 £000 £000
Retained (loss)/profit for the period attributable to equity holders of the 1,506 (982) 927
parent
Shares Shares Shares
'000 '000 '000
Number Number Number
Weighted average number of ordinary shares for the purpose of basic earnings 47,227 47,147 47,187
per share
Share options 723 708 582
47,950 47,855 47,769
Earnings per ordinary share
Basic (pence) 3.19p (2.08)p 1.96p
Diluted (pence) 3.14p (2.05)p 1.94p
£'000 £'000 £'000
Retained profit for the financial year attributable to equity holders of the 1,506 (982) 927
parent
Adjustments:
Impairment of intangible assets - 2,439 2,439
Share-based payments 688 884 596
Net adjustments 688 3,323 3,035
Adjusted earnings 2,194 2,341 3,962
Adjusted basic earnings per ordinary share (pence) 4.65p 4.97p 8.40p
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