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(Sharecast News) - Tristel reported double-digit revenue growth and higher profitability for its first half on Monday, supported by strong momentum in the US, as the group reiterated that trading was in line with market expectations for the full year.
For the six months ended 31 December, revenue rose 14% to £25.65m from £22.57m a year earlier.
UK sales increased 13% to £9.88m, while overseas sales grew 14% to £15.77m, including a more than sixfold rise in US revenues.
Gross margin remained high at 81%, compared with 82% in the prior period.
Reported EBITDA increased to £6.83m from £5.02m, while adjusted EBITDA rose 17% to £7.34m.
Reported profit before tax climbed 36% to £4.96m, with adjusted profit before tax up 11% to £5.47m.
Basic reported earnings per share rose 45% to 8.28p, while adjusted EPS was 9.36p.
The AIM-traded firm said its tax charge was £1m.
It said it remained cash generative, with no debt and cash and short-term investments of £13.29m at the period end, up from £11.74m a year earlier, after paying dividends of £4.07m.
The interim dividend was maintained at 5.68p per share.
Operationally, Tristel launched Tristel OPH, a high-level disinfectant foam for ophthalmic medical devices, in the US and reported that updated American Institute of Ultrasound in Medicine guidelines now included chlorine dioxide for high-level disinfection of ultrasound probes, supporting adoption of its ULT product.
The group also launched Visiclean and completed in-house wipe manufacturing.
"Tristel has delivered a strong first-half performance, with group revenues increasing by 14% to £25.6m and adjusted profit before tax rising by 11% to £5.5m," said chief executive Matt Sassone.
"Profitability remains robust, with gross margin of 81% and an adjusted EBITDA margin of 29%, comfortably ahead of our medium-term targets."
On the US market, he added that the company was "particularly encouraged" by progress in the United States, where it saw a "more than sixfold" increase in revenue year-on-year.
"This growth has been driven by accelerating ULT product sales, expanding clinical validation, and favourable developments in US clinical guidance, including updated AIUM guidelines recognising chlorine dioxide foam technologies."
Sassone confirmed he would step down as chief executive at the end of the financial year, describing the move as "a deeply considered personal decision", and said trading "remains robust and is comfortably in line with expectations for the year to 30 June 2026."
At 1132 GMT, shares in Tristel were down 0.14% at 399.46p.
Reporting by Josh White for Sharecast.com.