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(Sharecast News) - Tristel said in an update on Thursday that first-half trading was ahead year-on-year, as it reiterated confidence in delivering full-year results in line with market expectations.
The AIM-traded infection prevention products group also announced the planned departure of its chief executive.
For the six months ended 31 December, Tristel said revenue rose 14% year-on-year, while gross margin was maintained at 81%.
Adjusted EBITDA increased 17%, with EBITDA margins of 28%, which the company said was "comfortably ahead" of its target of at least 25%.
The firm said it remained debt-free and cash generative, reporting cash balances of £13.3m at the period end, and noted that progress in the US continued, with revenue growth in line with internal forecasts.
It noted that the figures were unaudited, with Tristel expecting to publish interim results in early March.
Alongside the update, Tristel said chief executive Matt Sassone would resign to take up a worldwide president role with a large US multinational.
Sassone would remain in post until the end of the financial year, with the board saying it had started the process of appointing a successor, adding that there was sufficient management depth to ensure trading was not impacted during the transition.
"This is undoubtedly one of the hardest business decisions I have ever had to make," Sassone said.
"The real strength of Tristel has never been one person, as the business has been carefully built on leaders at every level.
"Our strategy for growth is robust and remains unchanged, and the momentum we have is very real and can be seen already in the strong first half performance.
"I am confident that the investment case of the business remains as compelling as ever."
At 1144 GMT, shares in Tristel were up 1.38% at 405.5p.
Reporting by Josh White for Sharecast.com.
