Tristel PLC (LON:TSTL) has raised its full-year dividend after all the group's overseas subsidiaries put in record performance over the period.
The manufacturer of infection prevention and contamination control products said in recent months it has seen a gradual recovery in demand for medical device products as hospitals resume levels of non-coronavirus (COVID-19) care.
READ: Tristel secures regulatory approval in India for three disinfectant products
The AIM-listed firm said it expects to continue building its hospital surface disinfection business, one of its key strategic points.
In the year to June 30, 2020, Tristel said its turnover jumped by 21% to £31mln, 60% of which was generated outside the UK.
The group's full-year pre-tax profit before share-based payments was up 27% to £7mln, while the dividend was raised by 12% to 6.18p per share. The firm ended the period with £6mln of net cash.
Analysts at finnCap raised the target price to 500p after upgrading the forecast for 2021 adjusted pre-tax profit by 3% to £7.2mln.
"Financial year 2021 growth is held back by the stated c.£0.75mln commitment to developing a fuller pipeline of products to take to the FDA/EPA and Canada Health," the broker commented.
"We view this as a strong endorsement of the progress that has been made to date."
Shares rose 2% to 510.2p on Monday morning.
--Adds analyst comment, shares--