Sales pick up for Tristel as hospitals return to more normal service

Infection prevention product manufacturer Tristel said in an update on Monday that sales in all of its geographies had “picked up well” as hospitals gradually returned to more normal levels of service for diagnostic procedures.

The AIM-traded firm, which was holding its annual general meeting, said it expected revenue of at least £15m, compared to £16.8m for the first half of last year, which included a one-off sale of £0.9m to the NHS for Brexit-related inventory.

Chief executive officer Paul Swinney said that stock was released back to UK hospitals during this first half, creating a £1.8m period-on-period distortion.

“Overseas revenues are expected to account for 64% of worldwide sales during the half compared to 60% in the comparable period last year,” Swinney said.

“Reducing our exposure to the UK NHS by growing our existing overseas businesses and entering new geographical markets is a key objective for the company.”

Cash after the full-year dividend sat above £8m, Tristel confirmed.

“Based on continued normalisation of hospital procedure numbers in the UK and elsewhere, which is clearly dependent on Covid-related updates, we are on track at this stage to be in line with market expectations for the year,” Paul Swinney said.

Tristel said it would release its unaudited interim results on 21 February.

At 1219 GMT, shares in Tristel were up 0.64% at 488.11p.