A recent clinical trial shows that Tristel’s wipes are better than two other disinfectants.
They do not require capital investment and they had a faster turnaround time than the rivals Cidex (J&J) and Perasafe (Du Pont). The trial covered 195 patients and compared the effectiveness of the products when used with flexible nasoendoscopes.
Tristel is aware that it has disappointed in the past year but its interim figures showed that the business is growing again. Revenues were 11% higher at £5.06m at the end of 2011. Pre-tax profit fell from £433,000 to £262,000 but this was still an improvement on the second half of last year. A deal to reduce royalties helped to improve gross margins.
Endoscopy cleaning revenues are declining but these were made up for by growth elsewhere. The fastest rate of growth is overseas, particularly China and Germany although these businesses are still small in revenue terms.
Net cash was £253,000 at the end of 2011. The interim dividend was cut from 0.435p a share to 0.27p a share.
At 36p a share, up 2p, Tristel is valued at £14.4m. This is the latest step on the recovery in investor confidence following last year’s disappointment. The shares are still more than one-third lower than one year ago.
House broker finnCap forecasts a full year profit of £900,000 – still well below the peak of £1.5m two years ago. The shares are trading on 12 times prospective 2011-12 earnings.
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