Tristel (TSTL) H1 2026 earnings summary

Executive summary

• Achieved record interim revenue of £25.65m, up 14% year-over-year, with strong growth in both UK and overseas markets, and a sixfold increase in US revenues.

• Adjusted profit before tax rose 11% to £5.5m; reported profit before tax increased 36% to £5.0m.

• Adjusted EBITDA grew 17% to £7.34m, maintaining a margin of 29%.

• Strong cash generation with £13.3m in cash and deposits; company remains debt-free.

• Interim dividend of 5.68p per share announced, with plans to increase full-year dividend.

Financial highlights

• UK sales up 13% to £9.88m; overseas sales up 14% to £15.77m; US revenue up over 500%.

• Gross margin steady at 81% (prior year: 82%), impacted by insourcing of wipes.

• Adjusted EPS at 9.36p; reported EPS up 45% to 8.28p.

• Cash generated in H1 was £6.7m, supporting progressive dividends.

• Adjusted EBITDA margin at 29%, exceeding the 25% target.

Outlook and guidance

• Full-year outlook remains in line with expectations; business on track to meet FY2026 targets.

• Double-digit annual revenue growth and minimum 25% adjusted EBITDA margin targeted through FY2030.

• Strategic focus on scaling in high-potential markets, commercial execution, and clinical leadership.

• Continued investment in commercial and clinical teams, with accelerated hiring in growth regions.

• Well-positioned to deliver long-term shareholder value.