Tristel (TSTL) H2 2024 earnings summary

Executive summary

• Achieved record financial performance, trading ahead of market expectations and internal targets, with robust revenue and profit growth year-over-year.

• Received FDA clearance for Tristel ULT in the US and Health Canada approval, marking significant regulatory milestones and first US sales.

• Leadership transition: Founder and CEO Paul Swinney retired after 31 years, succeeded by Matt Sassone.

Financial highlights

• Revenue increased 16% to £41.9m (2023: £36.0m); UK sales up 31% to £16.4m, overseas up 9% to £25.5m.

• Adjusted pre-tax profit (before share-based payments) rose 32% to £8.2m; statutory pre-tax profit up 39% to £7.1m.

• Adjusted EBITDA grew 21% to £10.8m; EBITDA margin reached 26%.

• Basic EPS was 13.68p (2023: 9.44p); adjusted EPS 15.34p (2023: 10.67p).

• Final dividend proposed at 8.28p, total dividend for the year 13.52p, up 29% year-over-year.

• Operating cash flow increased to £10.9m; cash and short-term investments at year-end were £11.8m.

Outlook and guidance

• Confident in sustaining growth, leveraging North American market entry and regulatory approvals.

• Board targets 10–15% annual sales growth, EBITDA margin of at least 25%, and year-on-year profit before tax growth (excluding share-based payments) through June 2025.

• Dividend policy updated to commit to minimum 5% annual growth, aligned with EPS increases.