Tristel (TSTL) H2 2025 earnings summary

Executive summary

• Achieved record turnover of £46.5m, up 11% year-over-year (12.4% constant currency), with adjusted profit before tax rising 23% to £10.1m and adjusted EBITDA up 20% to £13.0m, maintaining a 28% margin.

• Dividend increased by 5% to 14.2p per share, reflecting robust cash generation and financial discipline.

• Expanded direct presence in Spain, Austria, and India, secured FDA clearance for Tristel OPH, and established a strong US market entry.

• Insourced Trio Wipes manufacturing, expected to save £800k annually after a £750k investment, and launched new digital compliance tools.

• Published impactful clinical studies, including collaborations with Mayo Clinic and Italian research on HPV and biofilms.

Financial highlights

• Revenue grew 11% year-over-year (12.4% constant currency) to £46.5m.

• Adjusted PBT reached £10.1m, up 23% year-over-year; adjusted EBITDA margin at 28%.

• Adjusted EPS increased 12% to 17.15p; reported EPS up 2% to 13.92p.

• Cash and deposits at £12.8m, remaining debt free.

• Dividend per share increased 5% to 14.2p; dividends paid totaled £6.7m.

Outlook and guidance

• Targeting double-digit annual revenue growth and maintaining at least 25% EBITDA margin through 2030.

• Aspirational goal to reach £100m revenue by FY2030, implying a 17% CAGR.

• Growth strategy focused on geographic expansion, especially in the U.S., product innovation, and digital solutions.

• Conservative US projections: 4% ULT and 8% OPH market share by 2030, with royalty-based and direct sales models.

• Financial targets based on organic growth, with selective consideration of complementary acquisitions.