Tristel Plc · LSE:TSTL
Tristel — FY2017 Earnings Presentation
18 slides from Tristel's earnings presentation, Jun 30, 2017
Slide 1: Preliminary Results Investor Presentation 30 June 2017
Paul Swinney CEO plc 30 June 2017 Preliminary Results Investor Presentation Liz Dixon FD
Slide 2: Financial Highlights
plc Financial Highlights • Turnover up 19% to £20.3m (2016: £17.1m) • Overseas sales up 43% to £9.6m (2016: £6.7m), representing 47% of total sales (2016: 39%) • EBITDA before share-based payments up 26% to £5.4m (2016: £4.3m) • Pre-tax profit before share-based payments up 24% to £4.1m (2016: £3.3m
Slide 3: Operational Highlights
plc Operational Highlights • Successful acquisition of Australian distributor’s business • First North American regulation submission made • France’s Produit Hygiene Base accepts Duo for Ultrasound and Ophthalmology onto its list of approved disinfectant products • Investment, alongside OrbiMed Advi
Slide 4: Sales Growth
plc Sales Growth • Historic sales record 2005 to 2017 25 CAGR 17% 20 15 £m 10 Revenue 5 0 £m £m £m £m £m £m £m £m £m £m £m £m £m 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 First strategic business plan 2014-2017 £20m sales in 2017 £20.3m R
Slide 5: Sales Growth - Sources
plc Sales Growth - Sources UK organic growth £298,000 International organic growth £676,000 Growth via acquisition £1,241,000 Currency impact on sales £954,000 Total sales growth this year £3,169,000 • 35% of total sales are to overseas buyers and denominated in foreign currencies ➢ owned subsidiari
Slide 6: Sales Growth - Geography
plc Sales Growth - Geography • Sales growth £,000 2016-17 2015-16 Year on year change % change UK 10,675 10,366 309 3% Germany 3,260 1,962 1,298 66% Australia 1,991 750 1,241 165% New Zealand 604 438 167 38% Hong Kong 588 334 254 76% China 524 576 -52 -9% Russia 61 52 9 17% Distributors (35 countrie
Slide 7: Turnover
plc Turnover £,000 2012- 2013 2014- 2015- 2016- 2016- 13 -14 15 16 17 17 £20 Millions 39% £18 CAGR Growth £16 Medical device UK Human healthcare 2,965 4,253 5,090 5,720 6,659 16% disinfection £14 Critical surface 656 996 1,169 1,253 1,182 -6% £12 disinfection Other 2,225 2,190 1,973 1,574 1,069 -32%
Slide 8: Gross Margin
plc Gross Margin £,000 2012-13 2013-14 2014-15 2015-16 2016-17 Human healthcare 69% 72% 72% 76% 79% Animal healthcare 64% 67% 64% 67% 75% Contamination control 48% 50% 49% 57% 62% Group Gross Margin 66% 70% 70% 73% 77% • Where appropriate, sales growth has been sacrificed to achieve gross profit gro
Slide 9: What's Next?
plc What’s Next? • Continued growth ➢ 10-15% top Line ➢ Minimum 17.5% pre tax margin ➢ All regulatory costs expensed • New opportunities ➢ USA healthcare market ➢ New geographies / major markets ➢ Mobile / remote medicine 9
Slide 10: North American Business Plan
plc North American Business Plan • Regulatory Matrix Application Product USA regulator Canadian regulator Tristel Duo Intermediate Disinfection EPA HPB Instruments Tristel Duo for Ophthalmology FDA HPB Tristel Duo for Ultrasound FDA HPB Surfaces Tristel Fuse for Surfaces EPA HPB Tristel Jet Gel for
Slide 11: New Markets
plc New Markets • Decontamination of smart phone enabled medical devices • Mobile devices need mobile decontamination = Tristel: the only manually applied high-level disinfectant worldwide • Two modalities – visualisation and ultrasound: no other infection prevention company has our reach • Share th
Slide 12: Investment Case
plc Investment Case Dividend history TSTL Vs FTSE100 performance 2016-17 3 250 7,800 2.5 7,600 Pence per share 200 7,400 2 7,200 150 7,000 1.5 100 6,800 6,600 1 50 6,400 6,200 0.5 0 6,000 0 2012-13 2013-14 2014-15 2015-16 2016-17 Interim 0.08 0.36 0.585 1.14 1.4 Final 0.32 1.26 2.135 2.19 2.63 Speci
Slide 13: Summary and Outlook
plc Summary and Outlook • International expansion driving sales growth • Profitable, cash generative, remain debt-free • Clear dividend policy to return surplus cash to shareholders • Business has strong IP and many defensive strengths • Exciting new market opportunities ahead • Expected further sus
Slide 14: Thank you
plc 30 June 2017 Preliminary Results Investor Presentation Thank you
Slide 15: Appendix - Income statement
plc Appendix - Income statement Year ended Year ended 30.6.17 30.6.16 £’000 £’000 Turnover 20,273 17,104 Cost of sales (4,598) (4,549) Gross profit 15,675 12,555 Gross margin % 77% 73% Administrative expenses (10,343) (8,242) Net interest 4 12 Results from associate 19 13 Operating profit before amo
Slide 16: Appendix - Balance sheet
plc Appendix - Balance sheet 30.6.17 30.6.16 Non-current assets £’000 £’000 Goodwill 1,065 667 Intangible assets 5,924 5,380 Property, plant and equipment 1,409 1,416 8,987 7,463 Current assets Inventories 2,292 1,875 Trade and other receivables 3,745 3,735 Cash and cash equivalents 5,088 5,715 11,1
Slide 17: Appendix - Balance sheet continued
plc Appendix - Balance sheet continued 30.6.17 30.6.16 Capital and reserves £’000 £’000 Share capital 427 421 Share premium account 10,705 10,411 Merger reserve 478 478 Foreign exchange reserve 46 (1) Retained earnings 4,399 3,648 Non-controlling interests 7 7 Total equity 16,062 14,964 Current liab
Slide 18: Appendix - Cash flow reconciliation
plc Appendix – Cash flow reconciliation Year ended Year ended 30.6.17 30.6.16 £’000 £’000 Profit before tax 3,966 2,593 Add back non cash items 1,370 1,759 Working capital movements (530) 467 Purchase of tangible fixed assets (584) (499) Purchase of investments (589) - Purchase of intangible assets