Half-year Financial Report

Tristel PLC

02 March 2026

 

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 [e-mail]

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: [phone]
Sunila de Silva (Corporate Broking)/Louise Talbot (Sales)
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus/ Lianne Applegarth / Anna Dunphy	Mob: [phone]

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 FY 25		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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