Tristel (TSTL) Trading Update summary

Financial performance

• Revenue rose 16.4% to £41.9m, surpassing both market expectations and internal targets for growth.

• Adjusted profit before tax reached at least £8.0m, up 29% from the previous year and ahead of forecasts.

• Maintained a debt-free, cash-generative position with cash balances at £11.6m, up from £9.5m a year earlier.

Operational highlights

• Strong demand for infection prevention products across all markets, including recent expansion into the USA and Canada.

• Achieved FDA approval for Tristel ULT disinfectant for ultrasound instruments in the US and Health Canada approval in January 2024.

• Established manufacturing in North America and began onboarding hospital users through Parker Laboratories' distribution network.

Strategic outlook

• Positioned as a global leader in decontamination of non-lumened heat sensitive medical devices.

• Targeting future growth in the hospital surface disinfection market with proprietary chlorine dioxide chemistry.

• CEO transition planned for early September, with optimism for continued strong performance.