Half-year Financial Report
Summary by AI BETAClose X
2 March 2026
TRISTEL plc
("Tristel", the "Company" or the "Group")
Half-year Report
Unaudited Interim Results for the six months ended 31 December 2025
Tristel plc (AIM: TSTL), the manufacturer of infection prevention products utilising proprietary chlorine dioxide technology, announces its unaudited interim results for the six months to 31 December 2025, a period which delivered revenue growth and a 17% increase in adjusted EBITDA. The Company remains cash generative, with no debt, and maintains a progressive dividend policy with a consistent interim payment.
Financial highlights
· Revenue up 14% to £25.65m (2024: £22.57m) with the business firmly on track to meet market expectations for the year
· UK sales up 13% to £9.88m (2024: £8.75m); Overseas sales up 14% to £15.77m (2024: £13.82m) with a sixfold growth in the USA
· Gross margin remains steady at 81% (2024: 82%)
· Reported EBITDA up to £6.83m (2024: £5.02m)
o Adjusted* EBITDA up 17% to £7.34m (2024: £6.27m)
· Reported profit before tax up 36% to £4.96m (2024: £3.66m)
o Adjusted* profit before tax up 11% to £5.47m (2024: £4.91m)
· Basic reported EPS 8.28p (2024: 5.72p) up 45%.
o Basic adjusted* EPS 9.36p (2024: 8.17p)
· Tax charge £1.00m (2024: £0.93m)
· Interim dividend unchanged at 5.68p per share (2024: 5.68p)
· No debt and cash and short-term investments of £13.29m (2024: £11.74m) after paying dividends of £4.07m (2024: £3.94m).
*Adjusted for share-based payments (£0.39m) and exceptional succession costs (£0.13m), totalling £0.52m (2024: £1.25m)
Operational highlights
· Appointment of Anna Wasyl as CFO
· Launch of Tristel OPH in the US, a high-level disinfectant (HLD) foam for use on ophthalmic medical devices
· Updated American Institute of Ultrasound in Medicine (AIUM) guidelines now include chlorine dioxide for HLD of ultrasound probes, strengthening the clinical and commercial adoption framework for Tristel ULT™ in the US market
· Launch of VISICLEAN™, expanding Tristel's infection prevention portfolio and supporting improved cleaning efficiency and compliance at the point-of-care
· Successful completion of in-house wipe manufacture
Commenting on the interim results, Matt Sassone, Chief Executive of Tristel, said:
"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. Profitability remains robust, with gross margin of 81% and an adjusted EBITDA margin of 29%, comfortably ahead of our medium-term targets. Performance has been driven by sustained momentum across our core markets, underpinned by volume growth, pricing discipline, and consistent commercial execution.
"We are particularly encouraged by progress in the United States, where we saw a more than sixfold increase in revenues 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. Adoption by leading healthcare institutions and increasing utilisation metrics reinforce our confidence in the scalability of the US ultrasound opportunity. The launch of OPH has exceeded expectations with the numerous customers adopting our solution without an evaluation. Benefiting from the foundations laid with ULT, Tristel OPH is gaining traction in leading hospital eye institutions, the clinical value proposition of efficiency, safety, and point-of-care usability is resonating with early adopters, and the Company is strategically investing in accelerating this initial success.
"Alongside this, we have continued to invest in growth initiatives, expanding our commercial infrastructure, digital capabilities, and strengthening our innovation pipeline while maintaining strong financial discipline and a debt-free balance sheet.
"As previously announced, I will be stepping down as Chief Executive Officer at the end of the financial year. This was a deeply considered personal decision. Tristel is a business with exceptional people, strong leadership depth, and a clear strategic trajectory. I remain fully committed to supporting a smooth transition, and I am confident that the Company is well-positioned to continue delivering long-term shareholder value. Trading remains robust and is comfortably in line with expectations for the year to 30 June 2026."
CEO video
Please find a link to a video overview relating to the Company's interim results from the Group's Chief Executive Officer, Matt Sassone here.
Investor presentation
Matt Sassone, CEO, and Anna Wasyl, CFO, will present the Company's results in two separate events open to all investors. The same presentation will be given at both events which are being held at different times to offer convenient options for those wishing to attend. Both will be held today, 2 March 2026. The first will be held online via the Investor Meet Company platform at 9.30am - investors can sign up to Investor Meet Company for free and register here. The second presentation will be held in-person in the City of London at 4.30pm. For further details and to register for this event please email tristel@walbrookpr.com
For further information please contact:
|
Tristel plc |
Via Walbrook PR |
|
Matt Sassone, Chief Executive |
www.investors.tristel.com |
|
Anna Wasyl, Chief Financial Officer |
|
|
|
|
|
Cavendish |
|
|
Geoff Nash / Callum Davidson / Joe Smith (Corporate Finance) |
Tel: 020 7220 0500 |
|
Sunila de Silva (Corporate Broking)/Louise Talbot (Sales) |
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|
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|
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Walbrook PR Ltd |
Tel: 020 7933 8780 or tristel@walbrookpr.com |
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Paul McManus/ Lianne Applegarth / Anna Dunphy |
Mob: 07980 541 893 / 07584 391 303/ 07876 741 001 |
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|
About Tristel plc
Tristel plc is a global infection prevention company focussed on the manufacture and supply of products using its unique proprietary chlorine dioxide (ClO2) chemistry. The Company is a market leader in manual decontamination of medical devices, supplying hospitals with products under the Tristel brand, which also encompasses its sporicidal surface disinfection range offered as a sustainable alternative to commonly used pre‑wetted plastic wipe.
Tristel's head office and manufacturing facility is located in Snailwell, near Cambridge, and operates globally employing approximately 270 people across 16 subsidiaries selling into 40+ countries. The Company targets delivering double-digit revenue growth annually, an adjusted EBITDA margin of at least 25% and a continuing progressive year-on-year growth in dividends, underpinned by robust cash generation.
The Company has been listed on the London Stock Exchange's AIM market since 2005 (AIM: TSTL).
For more information about Tristel's product range please visit: https://tristel.com
Chairman's statement
Revenue
During the half, sales reached £25.6m (2024: £22.6m), an increase of 14%. £2.5m of the £3.1m sales growth in the period (2024: £1.3m of £1.7m) was derived from additional volume of product sold and £0.6m (2024: £0.4m) was due to the price increases.
Tristel Medical Device product sales increased by 15% to £22.6m (2024: £19.6m) and Cache Surface products by 30% to £2.3m (2024: £1.6m).
On a local currency basis, the Group delivered a strong performance across the UK and EMEA, with multiple key markets achieving double-digit revenue growth, including the Netherlands (22%), France (13%), Germany (12%), and Italy (13%). This broad-based momentum reflects continued adoption of our chlorine dioxide technologies and the effectiveness of our commercial execution strategy. Performance in APAC was more mixed, with Australasia delivering modest growth of 2%, partially offset by a 2% decline across the remainder of the region. In the Americas, trading continues to progress in line with internal plans, with encouraging signs of traction supporting our confidence in the region's medium-term growth potential.
Americas
Performance in the Americas strengthened significantly during the period, with regional revenue increasing by 236% versus the prior period, driven primarily by growth in the United States.
US revenues increased materially year-on-year by 542%, reflecting accelerating direct product sales and strong royalty income growth. The performance was supported by expanding commercial activity and improving customer adoption, while distributor revenues across the wider region remained stable.
|
|
|
H1 FY25 |
|
H2 FY25 |
|
Full Year |
|
H1 FY26 |
|
H1 YOY Growth |
|
|
|
£000 |
|
£000 |
|
£000 |
|
£000 |
|
£000 |
|
Direct USA product sale |
|
3.8 |
|
29.2 |
|
33 |
|
146.3 |
|
3,750% |
|
Royalty |
|
37 |
|
71.5 |
|
108.5 |
|
115.7 |
|
213% |
|
Total US |
|
40.8 |
|
100.7 |
|
141.5 |
|
262 |
|
542% |
|
Distributor Sales Canada & Chile |
|
55.5 |
|
67.5 |
|
123 |
|
61.6 |
|
11% |
|
Americas Total |
|
96.3 |
|
168.2 |
|
264.5 |
|
323.6 |
|
236% |
|
|
Adoption of Tristel technologies continues to be supported by leading US healthcare institutions, including Mayo Clinic, Johns Hopkins Hospital, Bascom Palmer Eye Institute, and Memorial Sloan Kettering Cancer Center. Engagement with such centres provides important clinical validation and is expected to support broader market adoption over time.
The Company's progress is further reinforced by favourable developments in US clinical guidance and industry standards, including recognition of chlorine dioxide foam technologies within ANSI/AAMI and AIUM updates. These developments strengthen the long-term adoption environment for Tristel's technologies.
Operational indicators of market activity continued to improve, including increased product volumes, growth in recorded traceability cycles, and expanding training engagement, supporting evidence of deepening utilisation within customer accounts.
The Company also made progress in device manufacturer engagement, with compatibility confirmations and early IFU inclusions for Tristel OPH™ reducing barriers to adoption across ophthalmic applications.
The Board remains encouraged by the trajectory of the US business. Increasing clinical validation, strengthening guideline support, and continued commercial execution underpin confidence in the region's medium-term growth potential
New Product development
In the period we launched Tristel VISICLEAN™, a breakthrough in ultrasound probe decontamination. VISICLEAN™ is the first detergent of its kind to incorporate colour technology, providing visible confirmation of cleaning and supporting high-level disinfection. Available as part of the VISI Combination Pack alongside Tristel DUO ULT™ and DRY WIPES™, this all-in-one solution delivers visible cleaning, confirmed disinfection, and digital traceability through our 3T™ platform. This innovation strengthens our leadership in infection prevention, expands our product portfolio, and creates significant global growth opportunities in the ultrasound market
Investments in Growth Initiatives
During the period, the Group continued to invest selectively in initiatives designed to support sustainable long-term growth, strengthen competitive positioning, and enhance operational effectiveness.
The Company continues to invest in commercial enablement and market development activities across its regions. These programmes are designed to strengthen route-to-market effectiveness, support revenue growth, and maximise the impact of the Group's expanding product portfolio.
In parallel, the Group has also prioritised digital and data-driven capabilities. Progress in areas such as AI-enabled internal support tools, sales data optimisation, and the global web shop rollout reflects a broader strategy to improve scalability, enhance decision-making, and drive commercial efficiency. These initiatives are expected to deliver both operational benefits and improved customer engagement over time.
A key area of focus has been the development of the Company's clinical and medical infrastructure. Investments in Medical Affairs, clinical evidence generation, and structured KOL engagement are intended to reinforce the scientific and regulatory foundations of the business, support market adoption, and ensure that our technologies remain aligned with evolving clinical practice and standards.
Finally, the Group remains committed to evaluating new application opportunities and adjacent market segments. This disciplined approach to opportunity assessment supports the identification of future growth vectors while maintaining strategic and financial prudence.
Collectively, these initiatives reflect Tristel's continued emphasis on balancing near-term performance with long-term value creation, ensuring that the business remains well-positioned to capture growth opportunities across its core and developing markets.
Costs, Margins and Profits
Adjusted profit before tax increased by 11% to £5.5m (2024: £4.9m), representing an adjusted PBT margin of 21% (2024: 22%).
Gross margin remained robust at 81% (2024: 82%). As previously indicated, in the period we transitioned to in-house wipes production, with associated manufacturing costs impacting the period. Cost efficiencies from the new production model began to emerge during the first half and are expected to deliver a greater benefit in the second half as production now operates at materially lower unit costs.
Administration and distribution expenses, excluding exceptional items, depreciation, amortisation, impairments and share-based payments, increased to £13.7m (2024: £12.3m), reflecting deliberate investment in growth initiatives, particularly across sales infrastructure, marketing capability, and R&D activities.
Reported Group profit before tax was £5.0m (2024: £3.7m). Adjusted EBITDA increased to £7.3m (2024: £6.3m), maintaining a strong adjusted EBITDA margin of 29%, comfortably above the Group's medium-term target of 25%.
Earnings and Dividend
Basic earnings per share (EPS) were 8.28p (2024: 5.72p). EPS adjusted for share-based payments and exceptional items was 9.36p (2024: 8.17p).
The Board is recommending an interim dividend of 5.68 pence (2024: 5.68 pence) to be paid on 9 April 2026. The associated ex-dividend date will be 19 March 2026 with a record date of 20 March 2026
Board changes
In January we announced, Matt Sassone has informed the Board of his decision to step down as Chief Executive Officer to accept a senior leadership role with a large US multinational. Matt will remain in post until the end of the financial year, ensuring continuity of leadership and supporting an orderly transition.
The Board has commenced a formal process to appoint a successor and is working carefully to identify a leader with the appropriate experience and capabilities to build on the Company's strong foundations and growth strategy. The Board remains confident in the depth and strength of the senior management team and does not expect trading or operational execution to be impacted during the transition period.
The Board would like to thank Matt for his leadership and contribution to the business and wishes him every success in his future role.
Outlook and targets
We are pleased with the results reported today and confirm that the business remains firmly on track to meet market expectations, for the year, with international expansion continuing to be a significant driver of growth. In particular, we are encouraged by the progress in the United States, where commercial momentum and customer adoption continue to develop positively. Our strategic priorities remain centred on scaling our presence in high-potential markets, further strengthening commercial execution, and continuing to optimise our product portfolio.
Supported by sustained investment in innovation, market development, and operational execution, Tristel remains well-positioned to deliver long-term shareholder value.
Bruno Holthof
Chairman
Condensed Consolidated Income Statement for the six months ended 31 December 2025
|
|
|
|
|
|
|
|
|
6 months ended |
6 months ended |
Year ended |
|
|
|
31-Dec-25 |
31-Dec-24 |
30-Jun-25 |
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
Note |
£'000 |
£'000 |
£'000 |
|
Revenue |
2 |
25,648 |
22,573 |
46,462 |
|
Cost of sales excluding depreciation |
|
(4,567) |
(4,005) |
(8,524) |
|
Depreciation included within cost of sales |
|
(305) |
(94) |
(479) |
|
Total cost of sales |
|
(4,872) |
(4,099) |
(9,003) |
|
Gross profit |
|
20,776 |
18,474 |
37,459 |
|
Distribution expenses |
|
(284) |
(275) |
(344) |
|
Administrative expenses |
|
|
|
|
|
Share-based payments |
|
(385) |
(267) |
(371) |
|
Depreciation, amortisation and impairments |
|
(1,627) |
(1,277) |
(2,388) |
|
Other |
|
(13,459) |
(12,025) |
(24,601) |
|
Exceptional items |
|
(128) |
(982) |
(1,358) |
|
Total Admin expenses |
|
(15,599) |
(14,551) |
(28,718) |
|
Operating profit |
|
4,893 |
3,648 |
8,397 |
|
Finance income |
|
182 |
156 |
278 |
|
Finance costs |
|
(118) |
(147) |
(259) |
|
Profit before taxation |
|
4,957 |
3,657 |
8,416 |
|
Taxation |
|
(1,003) |
(927) |
(1,776) |
|
|
|
|
|
|
|
Profit/(loss) for the period from continuing operations |
|
3,954 |
2,730 |
6,640 |
|
|
|
|
|
|
|
Profit/(loss) for the period attributable to the Group's equity shareholders |
|
3,954 |
2,730 |
6,640 |
|
Earnings per share from continuing operations |
|
|
|
|
|
attributable to equity holders of the parent |
|
|
|
|
|
Basic (pence) |
5 |
8.28 |
5.72 |
13.92 |
|
Diluted (pence) |
|
8.09 |
5.68 |
13.83 |
Earnings from continuing operations before interest, tax, depreciation, amortisation and impairment for the period ended 31 December 2025 were £6,825,000. (Period ended 31 December 2024: £5,019,000). Year ended 30 June 2025: £11,264,000.
Condensed Consolidated Statement of Comprehensive Income for the six months ended 31 December 2025
|
|
|
6 months ended |
6 months ended |
Year ended |
|
|
|
31-Dec-25 |
31-Dec-24 |
30-Jun-25 |
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
|
£'000 |
£'000 |
£'000 |
|
Profit for the period |
|
3,954 |
2,730 |
6,640 |
|
Items that will be reclassified subsequently to Profit and loss |
|
|
|
|
|
Exchange differences on translation of foreign operations |
|
150 |
(363) |
(151) |
|
Other comprehensive income for the period |
|
4,104 |
2,367 |
6,489 |
|
|
|
|
|
|
|
Total comprehensive income for the period |
|
4,104 |
2,367 |
6,489 |
|
Attributable to: |
|
|
|
|
|
Equity holders of the parent |
|
4,104 |
2,367 |
6,489 |
|
|
|
4,104 |
2,367 |
6,489 |
Condensed Consolidated Statement of Financial Position as at 31 December 2025
|
|
|
31-Dec-25 |
31-Dec-24 |
30-Jun-25 |
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
|
£'000 |
£'000 |
£'000 |
|
Non-current assets |
|
|
|
|
|
Property, plant and equipment |
|
3,253 |
3,391 |
3,431 |
|
Right of use assets |
|
5,479 |
5,596 |
5,553 |
|
Goodwill |
|
4,980 |
4,861 |
4,971 |
|
Intangible assets |
|
4,486 |
4,989 |
5,016 |
|
Deferred tax asset |
|
838 |
818 |
187 |
|
|
|
19,036 |
19,655 |
19,158 |
|
Current assets |
|
|
|
|
|
Inventories |
|
4,321 |
4,613 |
4,642 |
|
Trade and other receivables |
|
8,448 |
6,845 |
8,463 |
|
Income tax asset |
|
340 |
- |
227 |
|
Cash and cash equivalents |
|
7,059 |
11,736 |
8,644 |
|
Short-term investments |
|
6,230 |
- |
4,200 |
|
|
|
26,398 |
23,194 |
26,176 |
|
Total assets |
|
45,434 |
42,849 |
45,334 |
|
Equity and liabilities |
|
|
|
|
|
Share capital |
|
478 |
477 |
478 |
|
Share premium |
|
15,449 |
15,296 |
15,310 |
|
Foreign exchange reserves |
|
(648) |
(1,010) |
(798) |
|
Other reserves |
|
2,205 |
2,205 |
2,205 |
|
Retained earnings |
|
16,067 |
14,491 |
15,796 |
|
Equity attributable to owners of the Company |
|
33,551 |
31,459 |
32,991 |
|
Non-current liabilities |
|
|
|
|
|
Lease liabilities |
|
4,714 |
4,918 |
4,738 |
|
Deferred tax liabilities |
|
622 |
643 |
193 |
|
Provisions |
|
149 |
- |
147 |
|
Total non-current liabilities |
|
5,485 |
5,561 |
5,078 |
|
Current liabilities |
|
|
|
|
|
Lease liabilities |
|
1,110 |
1,038 |
1,139 |
|
Trade and other payables |
|
5,288 |
4,520 |
6,072 |
|
Income tax liability |
|
- |
271 |
54 |
|
Total current liabilities |
|
6,398 |
5,829 |
7,265 |
|
Total liabilities |
|
11,883 |
11,390 |
12,343 |
|
Total equity and liabilities |
|
45,434 |
42,849 |
45,334 |
Condensed Company Statement of Financial Position as at 31 December 2025
|
|
|
31-Dec-25 |
31-Dec-24 |
30-Jun-25 |
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
|
£'000 |
£'000 |
£'000 |
|
Non-current assets |
|
|
|
|
|
Intangible assets |
|
1,053 |
1,072 |
1,122 |
|
Investment in subsidiaries |
|
16,238 |
15,717 |
15,860 |
|
|
|
17,291 |
16,789 |
16,982 |
|
Current assets |
|
|
|
|
|
Trade and other receivables |
|
13,199 |
15,351 |
17,275 |
|
Income tax asset |
|
6 |
6 |
6 |
|
Cash and cash equivalents |
|
5 |
369 |
231 |
|
|
|
13,210 |
15,726 |
17,512 |
|
Total assets |
|
30,501 |
32,515 |
34,494 |
|
Equity |
|
|
|
|
|
Share capital |
|
478 |
477 |
478 |
|
Share premium |
|
15,449 |
15,296 |
15,310 |
|
Foreign exchange reserves |
|
63 |
63 |
63 |
|
Merger reserve |
|
1,727 |
1,727 |
1,727 |
|
Retained earnings |
|
12,535 |
14,686 |
16,634 |
|
Total equity |
|
30,252 |
32,249 |
34,212 |
|
Non-current liabilities |
|
|
|
|
|
Deferred tax liabilities |
|
9 |
9 |
9 |
|
Current liabilities |
|
|
|
|
|
Trade and other liabilities |
|
240 |
257 |
273 |
|
Total liabilities |
|
249 |
266 |
282 |
|
Total equity and liabilities |
|
30,501 |
32,515 |
34,494 |
Condensed Consolidated Statement of Changes in Equity for the six months ended 31 December 2025
|
|
|
Share Capital |
Share Premium |
Foreign exchange reserves |
Other reserve |
Retained earnings |
Total Equity |
||||
|
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
||||
|
30 June 2024 |
|
476 |
14,933 |
(647) |
2,205 |
15,443 |
32,410 |
||||
|
Transactions with owners |
|
|
|
|
|
|
|
||||
|
Dividends |
|
|
|
|
|
(3,949) |
(3,949) |
||||
|
Shares issued |
|
1 |
363 |
|
|
|
364 |
||||
|
Share-based payments |
|
|
|
|
|
267 |
267 |
||||
|
Total transactions with owners |
|
1 |
363 |
|
|
(3,682) |
(3,318) |
||||
|
Profit for the period ended 31 December 2024 |
|
|
|
|
|
2,730 |
2,730 |
||||
|
Other comprehensive income :- |
|
|
|
|
|
|
|
||||
|
Exchange differences on translation of foreign operations |
|
|
|
(363) |
|
|
(363) |
||||
|
Total comprehensive income |
|
|
|
(363) |
|
2,730 |
2,367 |
||||
|
31 December 2024 |
|
477 |
15,296 |
(1,010) |
2,205 |
14,491 |
31,459 |
||||
|
Transactions with owners |
|
|
|
|
|
|
|
||||
|
Dividends |
|
|
|
|
|
(2,709) |
(2,709) |
||||
|
Shares issued |
|
1 |
14 |
|
|
|
15 |
||||
|
Share-based payments |
|
|
|
|
|
104 |
104 |
||||
|
Total transactions with owners |
|
1 |
14 |
|
|
(2,605) |
(2,590) |
||||
|
Profit for the period ended 30 June 2025 |
|
|
|
|
|
3,910 |
3,910 |
||||
|
Other comprehensive income :- |
|
|
|
|
|
|
|
||||
|
Exchange differences on translation of foreign operations |
|
|
|
212 |
|
|
212 |
||||
|
Total comprehensive income |
|
|
|
212 |
|
3,910 |
4,122 |
||||
|
30 June 2025 |
|
478 |
15,310 |
(798) |
2,205 |
15,796 |
32,991 |
||||
|
Transactions with owners |
|
|
|
|
|
|
|
||||
|
Dividends |
|
|
|
|
|
(4,068) |
(4,068) |
||||
|
Shares issued |
|
- |
139 |
|
|
|
139 |
||||
|
Share-based payments |
|
|
|
|
|
385 |
385 |
||||
|
Total transactions with owners |
|
- |
139 |
- |
- |
(3,683) |
(3,544) |
||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
Share Capital |
Share Premium |
Foreign exchange reserves |
Merger reserve |
Retained earnings |
Total Equity |
||||
|
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
||||
|
Total transactions with owners brought forward |
|
- |
139 |
- |
- |
(3,683) |
(3,544) |
||||
|
|
|
|
|
|
|
|
|
||||
|
Profit for the period ended 31 December 2025 |
|
|
|
|
|
3,954 |
3,954 |
||||
|
Other comprehensive income :- |
|
|
|
|
|
|
|
||||
|
Exchange differences on translation of foreign operations |
|
|
|
150 |
|
|
150 |
||||
|
Total comprehensive income |
|
- |
- |
150 |
- |
3,954 |
4,104 |
||||
|
31 December 2025 |
|
478 |
15,449 |
(648) |
2,205 |
16,067 |
33,551 |
||||
Condensed Company Statement of Changes in Equity for the six months ended 31 December 2025
|
|
Share Capital |
Share Premium |
Foreign exchange reserve |
Other reserves |
Retained earnings |
Total Equity |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
30 June 2024 |
476 |
14,933 |
63 |
1,727 |
13,828 |
31,027 |
|
Contributions and distributions |
|
|
|
|
|
|
|
Dividends |
|
|
|
|
(3,949) |
(3,949) |
|
Shares issued |
1 |
363 |
|
|
|
364 |
|
Share-based payments |
|
|
|
|
267 |
267 |
|
Transactions with owners |
1 |
363 |
- |
- |
(3,682) |
(3,318) |
|
Profit for the period ended 31 December 2024 |
|
|
|
|
(460) |
(460) |
|
31 December 2024 |
477 |
15,296 |
63 |
1,727 |
9,686 |
32,249 |
|
Contributions and distributions |
|
|
|
|
|
|
|
Dividends |
|
|
|
|
(2,709) |
(2,709) |
|
Shares issued |
1 |
14 |
|
|
|
15 |
|
Share-based payments |
|
|
|
|
104 |
104 |
|
Transactions with owners |
1 |
14 |
|
|
(2,605) |
(2,590) |
|
Profit for the period ended 30 June 2025 |
|
|
|
|
9,553 |
9,553 |
|
Total comprehensive income |
|
|
|
|
9,553 |
9,553 |
|
30 June 2025 |
478 |
15,310 |
63 |
1,727 |
16,634 |
34,212 |
|
Contributions and distributions |
|
|
|
|
|
|
|
Dividends |
|
|
|
|
(4,068) |
(4,068) |
|
Shares issued |
- |
139 |
|
|
|
139 |
|
Share-based payments |
|
|
|
|
385 |
385 |
|
Transactions with owners |
- |
139 |
- |
- |
(3,683) |
(3,544) |
|
Profit for the period ended 31 December 2025 |
|
|
|
|
(416) |
(416) |
|
Total comprehensive income |
- |
- |
- |
- |
(416) |
(416) |
|
31 December 2025 |
478 |
15,449 |
63 |
1,727 |
12,535 |
30,252 |
Condensed Consolidated Statement of Cash Flows for the six months ended 31 December 2025
|
|
|
6 months ended |
6 months ended |
Year ended |
|
|
|
31-Dec-2025 |
31-Dec-2024 |
30-Jun-2025 |
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
Cash flows from operating activities |
Note |
£'000 |
£'000 |
£'000 |
|
Profit for the period |
|
4,957 |
3,657 |
8,416 |
|
Adjustments to cash flows from non-cash items |
|
|
|
|
|
Depreciation on owned assets |
|
449 |
356 |
760 |
|
Depreciation on right of use assets |
|
601 |
544 |
1,154 |
|
Lease interest |
|
118 |
109 |
259 |
|
Amortisation |
|
440 |
446 |
886 |
|
Loss on disposal of property plant and equipment |
|
27 |
6 |
24 |
|
Impairment of Goodwill |
|
33 |
33 |
67 |
|
Loss on disposal of intangible assets |
|
350 |
- |
43 |
|
Finance income |
|
(182) |
(156) |
(278) |
|
Share-based payment transactions |
|
385 |
267 |
371 |
|
|
|
7,178 |
5,262 |
11,702 |
|
Working capital adjustments |
|
|
|
|
|
Decrease in inventories |
|
321 |
68 |
39 |
|
(Increase)/decrease in trade and other receivables |
|
15 |
679 |
(939) |
|
Increase/(decrease) in trade and other payables |
|
(784) |
(961) |
590 |
|
Increase in provisions |
|
2 |
- |
147 |
|
Lease interest paid |
|
(118) |
(109) |
(259) |
|
Cash generated from operations |
|
6,614 |
4,939 |
11,280 |
|
Cash generated from operations excluding exceptional items |
|
6,742 |
5,921 |
12,638 |
|
Cash outflow from operations of exceptionals |
|
(128) |
(982) |
(1,358) |
|
Income taxes (paid)/received |
|
(1,390) |
147 |
(964) |
|
Net cash flow from operating activities |
|
5,224 |
5,086 |
10,316 |
|
Cash flows from investing activities |
|
|
|
|
|
Interest received |
|
182 |
156 |
278 |
|
Purchases of property plant and equipment |
|
(304) |
(374) |
(857) |
|
Acquisition of intangible assets |
|
(297) |
(775) |
(1,125) |
|
Cash deposit to short-term investments |
|
(6,230) |
(4,500) |
(11,200) |
|
Receipts from short-term investments maturing in the period |
|
4,200 |
10,150 |
12,650 |
|
Net cash (used in)/from investing activities |
|
(2,449) |
4,657 |
(254) |
|
Cash flows from financing activities |
|
|
|
|
|
Share issues |
|
139 |
364 |
379 |
|
Payments to lease creditors |
|
(580) |
(499) |
(1,026) |
|
Dividends paid |
4 |
(4,068) |
(3,949) |
(6,658) |
|
Net cash flows used in financing activities |
|
(4,509) |
(4,084) |
(7,305) |
Condensed Consolidated Statement of Cash Flows for the six months ended 31 December 2025 (continued)
|
|
|
6 months ended |
6 months ended |
Year ended |
|
|
|
31-Dec-2025 |
31-Dec-2024 |
30-Jun-2025 |
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
Note |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
(1,734) |
5,659 |
2,757 |
|
Cash and cash equivalents at the beginning of the period |
|
8,644 |
6,139 |
6,139 |
|
Effect of exchange-rate fluctuations on cash held |
|
149 |
(62) |
(252) |
|
Cash and cash equivalents at the end of the period |
|
7,059 |
11,736 |
8,644 |
|
|
|
|
|
|
Condensed Company Statement of Cash Flows for the six months ended 31 December 2025
|
|
|
6 months ended |
6 months ended |
Year ended |
|
|
|
31-Dec-2025 |
31-Dec-2024 |
30-Jun-2025 |
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
Note |
£'000 |
£'000 |
£'000 |
|
Profit/(loss) before tax for the period |
|
(416) |
4,540 |
9,093 |
|
Adjustments to cash flows from non-cash items |
|
|
|
|
|
Amortisation |
|
88 |
59 |
156 |
|
Share based payments transactions |
|
- |
267 |
- |
|
|
|
(328) |
4,866 |
9,249 |
|
Working capital adjustments |
|
|
|
|
|
(Increase)/decrease in trade and other receivables |
|
4,076 |
(1,200) |
(3,124) |
|
(Decrease) in trade and other payables |
|
(33) |
(94) |
(78) |
|
Net cash flow from operating activities |
|
3,715 |
3,572 |
6,047 |
|
Cash flows from investing activities |
|
|
|
|
|
Acquisition of subsidiaries |
|
- |
- |
(75) |
|
Acquisition of intangible assets |
|
(12) |
(348) |
(192) |
|
Cash deposit to short-term investments |
|
- |
- |
350 |
|
Receipts from short-term investments maturing in period |
|
- |
350 |
- |
|
Net cash used in investing activities |
|
(12) |
2 |
83 |
|
Cash flows from financing activities |
|
|
|
|
|
Share issues |
|
139 |
364 |
379 |
|
Dividends paid |
4 |
(4,068) |
(3,949) |
(6,658) |
|
Net cash used in financing activities |
|
(3,929) |
(3,585) |
(6,279) |
|
Net (decrease)/increase in cash and cash equivalents |
|
(226) |
(11) |
(149) |
|
Cash and cash equivalents at the beginning of the period |
|
231 |
380 |
380 |
|
Cash and cash equivalents at the end of the period |
|
5 |
369 |
231 |
Notes to the Financial information for the six months ended 31 December 2025
|
1 |
Accounting policies |
Basis of Preparation
For the year ended 30 June 2025, the Group prepared consolidated financial statements under UK adopted international accounting standards. The condensed consolidated interim financial information (the interim financial information) have been prepared under the historical cost convention. They are based on the recognition and measurement principles of UK adopted international accounting standards which are effective from 1 July 2025.
Standards issued but not yet effective
At current date, several new, but not yet effective, Standards and amendments to existing Standards, and Interpretations have been published by the IASB or are awaiting endorsement by the UK Endorsement Board. None of these Standards nor amendments to existing Standards have been adopted early by the Group.
Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New Standards, amendments and Interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Group's Financial Statements.
|
Effective date |
|
|
1 January 2026 |
Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 |
|
1 January 2027 |
IFRS 18 - Presentation and disclosures in financial statements |
|
1 January 2027 |
IFRS 19 - Subsidiaries without public accountability disclosures |
Accounting Policies
The interim report is unaudited and has been prepared on the basis of IFRS accounting policies.
The accounting policies adopted in the preparation of this unaudited interim financial report are consistent with the most recent annual financial statements being those for the year ended 30 June 2025.
The financial information for the six months ended 31 December 2025 and 31 December 2024 has not been audited and does not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006.
The financial information relating to the year ended 30 June 2025 does not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006. This information is based on the Group's statutory accounts for that period. The statutory accounts were prepared in accordance with UK adopted international accounting standards and received an unqualified audit report and did not contain statements under Section 498(2) or (3) of the Companies Act 2006. These financial statements have been filed with the Registrar of Companies.
|
2 |
Segmental Analysis
|
Group revenue lines are split into twenty geographic regions, which span the different Group entities. In accordance with IFRS 8, aggregation criteria has been applied to five operating segments where similar economic characteristics are shared. The directors consider the operating segments to have similar economic characteristics as they have similar operating margins, and the nature of products sold, and customers are similar. Management consider these operating regions under five reportable segments. The geographic segments consider the location of the sale and product type sold, which is split into three sub divisions. The Company's operating segments are identified initially from the information which is reported to the chief operating decision maker which for Tristel is the CEO.
The group uses a matrix to analyse segments, to analyse the geographic segments against product divisions. The first product division concerns the manufacture and sale of medical device decontamination products which are used primarily for infection control in hospitals. These products generates approximately 88% of Company revenues (2024: 87%).
The second division which constitutes 9% (2024: 8%) of the business activity, relates to the manufacture and sale of hospital environmental surface disinfection products.
The third division addresses the pharmaceutical and personal care product manufacturing industries, veterinary and animal welfare sectors and has generated 3% (2024: 5%) of the Company's revenues this period.
The operation is monitored and measured on the basis of the key performance indicators of each segment, these being revenue and adjusted profit before tax, and strategic decisions are made on the basis of revenue and profit before tax generating from each segment.
6 months ending 31 December 2025 (unaudited)
|
|
|
Hospital medical device decontamination |
|
Hospital environmental surface disinfection |
|
Other revenues |
|
Dec 2025 Total |
|
Profit Before Tax |
|
|
|
£000 |
|
£000 |
|
£000 |
|
£000 |
|
£000 |
|
UK to UK and Overseas distributors |
|
9,211 |
|
1,742 |
|
314 |
|
11,267 |
|
4,309 |
|
Australia |
|
1,718 |
|
1 |
|
116 |
|
1,835 |
|
83 |
|
Germany |
|
3,325 |
|
31 |
|
52 |
|
3,408 |
|
153 |
|
Western Europe |
|
4,781 |
|
302 |
|
169 |
|
5,252 |
|
237 |
|
Other ROW |
|
3,589 |
|
253 |
|
44 |
|
3,886 |
|
175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
22,624 |
|
2,329 |
|
695 |
|
25,648 |
|
4,957 |
6 months ending 31 December 2024 (unaudited)
|
|
|
Hospital medical device decontamination |
|
Hospital environmental surface disinfection |
|
Other revenues |
|
Total 2024 |
|
Profit Before Tax |
|
|
|
£000 |
|
£000 |
|
£000 |
|
£000 |
|
£000 |
|
UK to UK and Overseas distributors |
|
9,064 |
|
1,285 |
|
665 |
|
11,014 |
|
3,137 |
|
Australia |
|
1,712 |
|
10 |
|
126 |
|
1,848 |
|
83 |
|
Germany |
|
2,914 |
|
39 |
|
58 |
|
3,011 |
|
136 |
|
Western Europe |
|
4,196 |
|
252 |
|
183 |
|
4,631 |
|
208 |
|
Other ROW |
|
1,760 |
|
127 |
|
182 |
|
2,069 |
|
93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
19,646 |
|
1,713 |
|
1,214 |
|
22,573 |
|
3,657 |
Year ending 30 June 2025 (audited)
|
|
|
Hospital medical device decontamination |
|
Hospital environmental surface disinfection |
|
Other revenues |
|
Total |
|
Profit Before Tax |
|||||||
|
|
|
£000 |
|
£000 |
|
£000 |
|
£000 |
|
£000 |
|||||||
|
UK to UK and Overseas distributors |
|
17,775 |
|
2,779 |
|
1,391 |
|
21,945 |
|
7,313 |
|||||||
|
Australia |
|
3,300 |
|
16 |
|
217 |
|
3,533 |
|
159 |
|||||||
|
Germany |
|
6,086 |
|
65 |
|
122 |
|
6,273 |
|
282 |
|||||||
|
Western Europe |
|
7,921 |
|
411 |
|
321 |
|
8,653 |
|
389 |
|||||||
|
Other ROW |
|
5,295 |
|
415 |
|
348 |
|
6,058 |
|
273 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Total |
|
40,377 |
|
3,686 |
|
2,399 |
|
46,462 |
|
8,416 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
6 months ending 31 December 2025 (unaudited)
|
|
|
Hospital medical device decontamination |
|
Hospital environmental surface disinfection |
|
Other revenues |
|
Dec 2025 Total |
|
|
|
|
|
£000 |
|
£000 |
|
£000 |
|
£000 |
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
From external customers |
|
22,624 |
|
2,329 |
|
695 |
|
25,648 |
|
|
|
Cost of material |
|
(3,377) |
|
(900) |
|
(290) |
|
(4,567) |
|
|
|
Depreciation included within cost of sales |
|
(268) |
|
(28) |
|
(9) |
|
(305) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
18,979 |
|
1,401 |
|
396 |
|
20,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
84% |
|
60% |
|
57% |
|
81% |
|
|
|
|
|
|
|
|||||||
|
Centrally incurred income and expenses not attributable to individual segments: |
|
|
|
|||||||
|
Distribution costs |
|
(284) |
|
|||||||
|
Depreciation and amortisation of non-financial assets |
|
(1,627) |
|
|||||||
|
Other administrative expenses |
|
(13,459) |
|
|||||||
|
Share-based payments |
|
(385) |
|
|||||||
|
Exceptional items |
|
(128) |
|
|||||||
|
Operating profit |
|
4,893 |
|
|||||||
|
Operating profit can be reconciled to Group profit before tax as follows: |
|
|
|
|||||||
|
Net finance income |
|
64 |
|
|||||||
|
|
|
|
|
|||||||
|
Total profit before tax |
|
4,957 |
|
|||||||
6 months ending 31 December 2024 (unaudited)
|
|
|
Hospital medical device decontamination |
|
Hospital environmental surface disinfection |
|
Other revenues |
|
Dec 2024 Total |
|
|
|
|
|
£000 |
|
£000 |
|
£000 |
|
£000 |
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
From external customers |
|
19,646 |
|
1,713 |
|
1,214 |
|
22,573 |
|
|
|
Cost of material |
|
(2,785) |
|
(782) |
|
(438) |
|
(4,005) |
|
|
|
Depreciation included within cost of sales |
|
(85) |
|
(5) |
|
(4) |
|
(94) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
16,776 |
|
926 |
|
772 |
|
18,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
85% |
|
54% |
|
64% |
|
82% |
|
|
|
|
|
|
|
|||||||
|
Centrally incurred income and expenses not attributable to individual segments: |
|
|
|
|||||||
|
Distribution costs |
|
(275) |
|
|||||||
|
Depreciation and amortisation of non-financial assets |
|
(1,277) |
|
|||||||
|
Other administrative expenses |
|
(12,025) |
|
|||||||
|
Share-based payments |
|
(267) |
|
|||||||
|
Exceptional items |
|
(982) |
|
|||||||
|
Operating profit |
|
3,648 |
|
|||||||
|
Operating profit can be reconciled to Group profit before tax as follows: |
|
|
|
|||||||
|
Net finance income |
|
9 |
|
|||||||
|
|
|
|
|
|||||||
|
Total profit before tax |
|
3,657 |
|
|||||||
Year ending 30 June 2025 (audited)
|
|
|
Hospital medical device decontamination |
|
Hospital environmental surface disinfection |
|
Other revenues |
|
Total June 2024 |
|
|
|
|
|
£000 |
|
£000 |
|
£000 |
|
£000 |
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
From external customers |
|
40,377 |
|
3,686 |
|
2,399 |
|
46,462 |
|
|
|
Cost of Sales excluding depreciation |
|
(6,266) |
|
(1,751) |
|
(547) |
|
(8,524) |
|
|
|
Depreciation included within cost of sales |
|
(416) |
|
(38) |
|
(25) |
|
(479) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
33,735 |
|
1,897 |
|
1,827 |
|
37,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
84% |
|
51% |
|
76% |
|
81% |
|
|
|
Centrally incurred income and expenses not attributable to individual segments: |
|
|
|
|||||||
|
Distribution costs |
|
(344) |
|
|||||||
|
Depreciation and amortisation of non-financial assets |
|
(2,388) |
|
|||||||
|
Other administrative expenses |
|
(24,601) |
|
|||||||
|
Share-based payments |
|
(1,358) |
|
|||||||
|
Operating profit |
|
8,397 |
|
|||||||
|
Operating profit can be reconciled to Group profit before tax as follows: |
|
|
|
|||||||
|
Net finance income |
|
19 |
|
|||||||
|
|
|
|
|
|||||||
|
Total profit before tax |
|
8,416 |
|
|||||||
|
3 |
Income tax |
The tax on profit before tax for the period is lower than the standard rate of corporation tax in the UK (2024: higher than the standard rate of corporation tax in the UK) of 25% (2024: 25%).
The differences are reconciled below:
|
|
6 months ended |
6 months ended |
Year ended |
|
|
31 December 2025 |
31 December 2024 |
30 June 2025 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
£000 |
£000 |
£000 |
|
Profit before tax |
4,957 |
3,657 |
8,416 |
|
Corporation tax at standard rate |
1,239 |
914 |
2,104 |
|
Adjustment in respect of prior years |
3 |
- |
(229) |
|
Expenses not deductible for tax purposes |
123 |
45 |
101 |
|
Decrease from effect of patent box |
(98) |
(86) |
(181) |
|
(Decrease)/Increase from effect of foreign tax rates |
(93) |
4 |
45 |
|
Other differences |
(35) |
165 |
151 |
|
Enhanced relief on qualifying scientific research expenditure |
(136) |
(115) |
(215) |
|
Total tax charge |
1,003 |
927 |
1,776 |
|
4 |
Dividends |
Amounts recognised as distributions to equity holders in the year:
|
|
6 months ended |
6 months ended |
Year ended |
|
|
31 December 2025 |
31 December 2024 |
30 June 2025 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
£000 |
£000 |
£000 |
|
Ordinary shares of 1p each |
|
|
|
|
Final dividend for the year ended 30 June 2025 of 8.52p (2024: 8.28p) per share ** |
4,068 |
3,949 |
3,949 |
|
Interim dividend for the year ended 30 June 2025 of 5.68p (2024: 5.24p) per share |
- |
- |
2,709 |
|
|
4,068 |
3,949 |
6,658 |
|
Proposed interim dividend for the year ended 30 June 2026 of 5.68p (2025: 5.68p) per share |
2,713 |
2,708 |
- |
** Based on shares in issue at 18 December 2025 of 47,765,543 (18 December 2024 of 47,692,093).
The proposed interim dividend has not been included as a liability in the financial statements.
|
5 |
Earnings per share |
The calculations of earnings per share are based on the following profits and number of shares:
|
|
6 months ended |
6 months ended |
Year ended |
|
|
31 December 2025 |
31 December 2024 |
30 June 2025 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
£000 |
£000 |
£000 |
|
Retained (loss)/profit for the period attributable to equity holders of the parent |
3,954 |
2,730 |
6,640 |
|
|
Shares |
Shares |
Shares |
|
|
'000 |
'000 |
'000 |
|
|
Number |
Number |
Number |
|
Weighted average number of ordinary shares for the purpose of basic earnings per share |
47,744 |
47,692 |
47,687 |
|
Share options |
1,104 |
346 |
331 |
|
|
48,848 |
48,038 |
48,018 |
|
Earnings per ordinary share |
|
|
|
|
Basic (pence) |
8.28p |
5.72p |
13.92p |
|
Diluted (pence) |
8.09p |
5.68p |
13.83p |
|
|
£'000 |
£'000 |
£'000 |
|
Retained profit for the financial year attributable to equity holders of the parent |
3,954 |
2,730 |
6,640 |
|
Adjustments: |
|
|
|
|
Exceptional items |
128 |
982 |
1,358 |
|
Tax on exceptional items |
(32) |
(246) |
(340) |
|
Share-based payments |
385 |
267 |
371 |
|
Tax on share-based payments |
35 |
165 |
151 |
|
Net adjustments |
516 |
1,168 |
1,540 |
|
Adjusted earnings |
4,470 |
3,898 |
8,180 |
|
Adjusted basic earnings per ordinary share (pence) |
9.36p |
8.17p |
17.15p |
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