Tristel reports strong start to new financial year

(Sharecast News) - Tristel said in an update on Thursday that it made a strong start to its new financial year, with trading in line with expectations and revenue on course to grow by at least 10% year-on-year in the first five months.

Chief executive Matt Sassone told the company's annual general meeting that, as in previous years, revenue and profit were expected to be weighted toward the second half due to winter seasonal demand across its hospital customer base.

Sassone said Tristel was seeing "strong volume momentum, underpinned by solid growth in the UK and accelerating demand across Europe," with customers increasingly adopting its chlorine dioxide technologies.

He added that rising European demand was "pleasing," given the region was the "cornerstone of our international business."

In the United States, the company said it was gaining traction quickly.

Sassone noted that sales of Tristel ULT in the first five months "are already equivalent to the full-year contribution achieved last year," while Tristel OPH made "an excellent start" since its launch in the ophthalmology market.

Those developments reportedly drove a 510% increase in total US revenue year-to-date.

He said recognition of Tristel's technology in national guidelines published by the American Institute of Ultrasound in Medicine, combined with an expanded product portfolio, "gives us confidence in our ability to build a meaningful and sizable business in the world's largest healthcare market."

"We remain ambitious, confident and focused on delivery, and look forward to updating shareholders further at our Interim Results in early March," Sassone concluded.

At 1618 GMT, shares in Tristel were up 4.87% at 374.9p.

Reporting by Josh White for Sharecast.com.