REG - Tristel PLC - Final Results
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RNS Number : 9763C Tristel PLC 13 October 2025
The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) No.
596/2014.
Tristel plc
("Tristel", the "Company" or the "Group")
Audited Results
for the year ended 30 June 2025
Another year of double-digit revenue growth, 23% growth in adj. pre-tax
profits and strong cash generation
Tristel plc (AIM: TSTL), the manufacturer of infection prevention products for
hospitals, announces its audited results for the year ended 30 June 2025, with
trading in line with both market expectations and internal performance
targets. The Company has delivered another year of double-digit revenue
growth, strong growth in pre-tax profits and maintained strong cash generation
from the operations. It continues to be debt free and at the end of year cash
and short-term investments balances of £12.8m.
The Company's core business is the sale to hospitals of its proprietary
chlorine dioxide chemistry for the decontamination of medical devices under
the Tristel (https://tristel.com/) brand (87% of total sales), and for the
sporicidal disinfection of environmental surfaces under the Cache
(https://thecachecollection.com/) brand (8% of total sales).
Financial Highlights
● Turnover up 11% to £46.5m (2024: £41.9m)
● Gross margin increased to 81% (2024: 80%)
● Adjusted pre-tax profit* up 23% to £10.1m (2024: £8.2m)
● Reported pre-tax profit up 18% to £8.4m (2024: £7.1m)
● Adjusted EPS* up 12% to 17.15p (2024: 15.34p). Basic EPS of 13.92p (2024:
13.68p)
● Dividend per share for the full year up 5% to 14.20p (2024: 13.52p)
● Cash and short-term investment balance of £12.8m (2024: £11.8m), with
continued strong operating cashflow of £10.3m in the year (2024: £10.9m)
* before share-based payments and exceptional items
Operational Highlights
● FDA clearance of Tristel OPH, a high-level disinfectant ("HLD") foam for use
on ophthalmic medical devices
● Successful insourcing of Trio Wipes Manufacturing, with net annual savings of
£0.8m
● Updated USA standards recognising chlorine dioxide foam as a recommended means
of HLD for medical devices
● Novel study demonstrating the efficacy of chlorine dioxide against biofilms
published in the Journal of Hospital Infection
● 90-day study in partnership with the Mayo Clinic (US) concluding Tristel ULT
is an effective and efficient method for HLD, offering a safe, easy process
that reduces medical damage to ultrasound probes
Post-Period End
● Appointment of new CFO, Anna Wasyl
● Launch of new ultrasound probe decontamination product, Tristel VISICLEAN™
● Q1 sales of DUO ULT more than double H1 2024
● Demand in US remains significant - high volume of leads with engagement across
approximately 200 health systems. Priority is now to drive deeper adoption
within these accounts to establish sustained, recurring revenue growth
Matt Sassone, Chief Executive of Tristel plc, said: "Tristel has delivered
another strong year, with revenues up 11% to £46.5m, gross margin expanding
to 81%, and adjusted pre-tax profit rising 23% to £10.1m. This performance
reflects the strength of our core business, robust cash generation and
continued disciplined execution, enabling us to increase the dividend while
maintaining a debt-free balance sheet.
"Operationally, we achieved several important milestones: FDA clearance of
Tristel OPH, recognition of chlorine dioxide foam in updated US standards, and
the publication of independent clinical evidence with leading institutions
such as the Mayo Clinic. These achievements further validate our
differentiated technology and expand our addressable market.
"With Anna joining the Board, new product launches including VISICLEAN™, and
a solid cash position, the Board remains confident in our ability to deliver
sustained revenue growth, strong profitability, and attractive shareholder
returns."
Investor presentations & CEO video
Matt Sassone, CEO, and Anna Wasyl, CFO, will present the Company's results via
the Investor Meet Company platform today at 11:30 BST. The presentation will
also be available for playback after the event. Investors can sign up to
Investor Meet Company for free and add to meet Tristel plc via:
https://www.investormeetcompany.com/tristel-plc/register-investor
(https://www.investormeetcompany.com/tristel-plc/register-investor)
An in-person presentation will take place at 16:30 BST, which is open to all
existing and potential shareholders. The Company will welcome investors from
16.15 for a 16.30 start and will be followed by refreshments. If you would
like to attend and require the registration details, please contact Walbrook
PR on 020 7933 8780 or email tristel@walbrookpr.com
(mailto:tristel@walbrookpr.com) .
The results presentation is available on the Company's
website: https://tristelgroup.com/ (https://tristelgroup.com/)
A video overview relating to the Company's audited results from the Group's
Chief Executive Officer, Matt Sassone, will be made available here in due
course - https://investors.tristel.com/investor-hub/
(https://investors.tristel.com/investor-hub/)
For further information please contact:
Tristel plc Via Walbrook PR
Matt Sassone, Chief Executive Officer www.investors.tristel.com (http://www.investors.tristel.com/)
Anna Wasyl, Chief Financial Officer
Walbrook PR Ltd Tel: 020 7933 8780 or tristel@walbrookpr.com
(mailto:tristel@walbrookpr.com?subject=tristel@walbrookpr.com)
Paul McManus / Lianne Applegarth / Anna Dunphy Mob: 07980 541 893 / 07584 391 303 / 07876 741 001
Cavendish Capital Markets Ltd Tel: 020 7220 0500
Geoff Nash / Callum Davidson / Trisyia Jamaludin (Corporate Finance)
Sunila de Silva (ECM) / Louise Talbot (Sales)
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 (ClO(2)) chemistry. The Company is a market leader in manual
decontamination of medical devices, supplying hospitals under the Tristel
(https://tristel.com/) brand, and under the Cache
(https://thecachecollection.com/) brand provides products for sporicidal
surface disinfection, a more sustainable alternative to commonly used
pre-wetted plastic wipes.
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 double digit
revenue growth annually and an EBITDA margin of at least 25% and the business
is profitable, with no debt and has a progressive dividend policy.
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 (https://tristel.com)
Chairman's Statement
On behalf of the Board of Tristel, it is with pleasure that we present the
Company's audited results for the financial year FY2025. This year, the
Company reported strong financial results, reached important product and
operational milestones, and made strategic investments to support future
growth.
The Company's core business is the sale to hospitals of its proprietary
chlorine dioxide chemistry used for the decontamination of medical devices
under the Tristel brand, and for the sporicidal disinfection of environmental
surfaces under the Cache brand.
Throughout the year we have continued to deliver on our mission to transform
infection prevention by improving the safety of patients, clinics and their
staff and the environment. Our ambition for the Tristel range is to be the
global market leader in point-of-care decontamination of medical devices. Our
ambition for the Cache range is to be the global market leader in sporicidal
disinfection for critical healthcare settings.
Group Strategy
The Group continues to focus on the global hospital market, using its
proprietary chlorine dioxide chemistry for two applications: decontamination
of the medical devices under the Tristel brand, and the disinfection of
environmental surfaces under the Cache brand.
Our ambition is to become the global market leader in point-of-care
decontamination of medical devices. In Europe, the Middle East and APAC we
already hold this position, but we feel we have only just begun to access the
global market opportunity. Geographical expansion remains our greatest
opportunity for growth, so it was pleasing to see within the year the business
enter with a direct presence two new markets Spain and India and also into
Austria.
Within our existing markets we continue to invest, today we have 20 active
subsidiaries with 267 employees globally with a further 35 distributors
serving a further 26 countries, and have continued our evolution of increasing
commercially facing headcount as a percentage of total workforce.
During the year we evolved our strategic approach to the surface disinfection
opportunity, we make a distinction between sporicidal efficacy that is
achieved with the use of our chlorine dioxide chemistry, and the low-level
performance claims that are made by most other disinfectant chemistries. Our
objective is to target those departments within the hospital where efficacy is
most important, we believe that this represents between 20-30% of the total
global surface disinfection market.
Investing in Growth
Tristel enters its next phase with a clear strategy to sustain double-digit
revenue growth and extend our leadership in infection prevention. Our
investments are focused on scaling our presence in the world's largest
markets, broadening our clinical impact, expanding our portfolio, and
strengthening the digital and operational foundations of the business.
Geographical Expansion
Our largest growth opportunity remains North America. Following FDA clearance
of Tristel ULT and Tristel OPH, we are building momentum with our partner
Parker Laboratories and positioning ourselves for long-term leadership in
ultrasound and ophthalmology. In parallel, we are deepening penetration across
our direct markets in Europe and Australasia, while selectively transitioning
high-potential distributor markets, such as Spain and Austria, into direct
subsidiaries. Looking ahead, we have identified Japan, Latin America, and
parts of Asia as priority new markets, supported by investments in regulatory
approvals and local evidence generation.
Expanding Clinical Reach
Tristel's solutions are increasingly embedded in frontline care pathways. We
are investing in guideline influence, key opinion leader development, and
targeted clinical studies to ensure high-level disinfection becomes the
accepted standard in point-of-care device decontamination and surface
disinfection. Our teams track and influence the evolving regulatory and
clinical environment, strengthening our ability to secure adoption across
geographies.
Portfolio Expansion and Innovation
We continue to invest in innovation that expands our role across the full
decontamination workflow. VISICLEAN™, our new coloured cleaning
technology, launched in September 2025 and addresses a critical compliance gap
by providing visible assurance of manual cleaning. Complementary product
opportunities, including procedure packs, probe covers, and new Cache formats,
further enhance our offering and create upsell opportunities. At the same
time, we are refining our Cache strategy to focus on high-risk hospital
environments where our chlorine dioxide chemistry delivers the greatest value.
Digital Differentiation
Our 3T digital platform remains a key area of investment. In FY2026 we will
launch 3T Lite, a streamlined application designed to increase adoption at the
point-of-care, alongside a commercialised version (3T Pro) that introduces a
recurring revenue model. Over time, our ambition is to evolve 3T into a
broader infection prevention software platform, supporting compliance,
traceability, and auditability across healthcare settings.
North America
FY2025 marked our first full year of commercial activity in North America, and
we are encouraged by the progress made in establishing our portfolio in the
world's largest healthcare market. Parker Laboratories Inc., our manufacturing
and distribution partner, has continued to expand its direct sales force and
leverage its nationwide network to drive adoption of Tristel ULT, our
ultrasound high-level disinfectant.
Momentum in North America continues to build, with revenue from royalty income
increasing to £108k (FY 2024: £74k) as we steadily onboard new users across
both hospital systems and private practices. While purchasing pathways within
large health systems remain complex, Parker's expanded commercial presence and
targeted engagement are accelerating adoption. The complementary positioning
of Tristel ULT alongside Parker's market-leading Aquasonic ultrasound gel
reinforces the strength of our partnership and provides a compelling value
proposition.
Demand has been significant, and the commercial team has, to date, been
focused on responding to a high volume of leads. This has resulted in early
breadth of market exposure - with engagement across approximately 200 health
systems - and our strategic priority is now to drive deeper adoption within
these accounts to establish sustained, recurring revenue growth.
In May 2025 we reached a significant milestone by securing FDA clearance for
Tristel OPH, our second high-level disinfectant in the United States. OPH is
specifically validated for use on ophthalmic medical devices, including
tonometers, pachymeters, lenses, retinal imaging probes, and A-scan and B-scan
biometry probes that make contact with the cornea. With approximately 16
million ophthalmic procedures taking place annually in North America, FDA
clearance positions OPH to transform disinfection practice in this specialty.
Until now, the only FDA-cleared method for high-level disinfection of
ophthalmic devices has been open-tray soaking in chemicals. This approach is
slow, hazardous for staff, can damage delicate instruments, and is impractical
at the point-of-care. Some clinics have resorted to costly single-use devices
or, inappropriately, to low-level disinfectants such as alcohol wipes. Tristel
OPH addresses this long-standing unmet need with a fast, safe, and practical
solution: a two-minute contact time, compatibility with all widely used
devices, and immediate ease of use at point-of-care.
Early clinical engagement has been highly encouraging, and we see OPH as an
important driver of medium-term growth in North America. Our commercial
strategy builds on the valuable learnings from launching Tristel ULT in the
US. With an experienced local team, endorsement from ophthalmic device
manufacturers and a strong clinical value proposition, we believe OPH
represents a substantial new growth driver for our North American business.
Our People
Our people are Tristel's greatest asset, and their dedication, skill, and
expertise underpin every success we achieve. Diversity and inclusion are
central to attracting, retaining, and developing this talent, and we are proud
of the culture we have built - one that spans 267 colleagues across 19
countries. From our Board, where women hold half the seats, to our managerial
teams with near-equal representation, we have embedded balanced leadership at
every level. Our UK gender pay gap of just 2.76% is significantly below the
national average, we have achieved 100% retention of apprentices, and we
continue to expand career pathways globally. These outcomes reflect a
workplace where colleagues can thrive, contribute authentically, and see a
future for their growth. By investing in diversity, inclusion, and the
development of our people, we strengthen Tristel's reputation, enhance our
ability to innovate, and ensure we are positioned for long-term success.
Results
Total revenues increased 11% to £46.5m for the year (2024: £41.9m). Our
gross profit margin increased by 1%. Overheads (excluding share-based
payments, exceptional items, depreciation, amortisation and impairment) rose
by 8%, principally due to the increase in average headcount to 265 (2024:
238). Increases in wages and salaries for the Group were £1.1m.
Adjusted pre-tax profit (before share-based payments of £0.4m and exceptional
costs of £1.4m) rose 23% from £8.2m to £10.1m. Statutory pre-tax profit
increased to £8.4m from £7.1m and the statutory margin rose to 18% from 17%.
Charges associated with share-based payments and exceptional items have been
included as adjusting items. Although share-based compensation is an important
aspect of the compensation of our employees and executives, management
believes it is useful to exclude share-based compensation expenses and
exceptional items from adjusted profit measures to better understand the
long-term performance of the underlying business. During the year the
effective rate of tax has increased as a result of a reduction in the benefit
received from the UK Patent Box regime.
Earnings per share (EPS) (adjusted for the add-back of the share-based payment
charge and exceptional costs) was 17.15 pence (2024: 15.34 pence). Basic EPS
was 13.92 pence (2024: 13.68 pence) and diluted EPS was 13.83 pence (2024:
13.54 pence).
Balance Sheet, Cash and Dividend
The Group has continued to be highly cash-generative at an operating cash flow
level during the year and the balance sheet is debt free (with the exception
of lease liabilities). The combined cash and short-term deposit balance at 30
June 2025 was £12.8m (2024: £11.8m), with £4.2m classed as short-term
investment (2024: £5.7m).
The Board is recommending a final dividend of 8.52 pence (2024: 8.28 pence).
Combined with the interim dividend of 5.68 pence, the total dividend pay-out
for the year will be 14.20 pence per share, this is an increase of 5% on last
year's total dividend pay-out of 13.52 pence. Going forward the Board's
intention is to increase the dividend annually, underpinned by robust cash
generation. This final dividend will be paid on 18 December 2025, to
shareholders on the register on 28 November 2025. The associated ex-dividend
date is 27 November 2025.
Outlook
Looking ahead, the Board and management team remain confident in Tristel's
outlook. These results underline our market leadership, with robust demand for
our infection prevention products across all geographies. The establishment of
our North American presence provides a significant new growth platform,
strengthening our ability to deliver sustained performance. While mindful of
an evolving global trade environment, our strategy remains focused and proven:
creating long-term value for shareholders by leading the industry with
Point-of-Care Medical Device Disinfection and Sporicidal Surface Disinfection,
whilst accelerating both product and market expansion.
Dr Bruno Holthof
Non-Executive Chair
Chief Executive's Report Overview
It has now been a year since I joined Tristel, and I am both proud and
energised by the progress we have made. This is a company with great products,
an exceptional culture, a highly capable and committed team, and a clear
strategic focus. Over the past twelve months, I have come to appreciate not
only the strength of our products and market positions, but also the depth of
talent and ambition across the organisation. These qualities give me great
confidence in our ability to deliver sustained growth and long-term value
creation.
The year ended 30 June 2025 was another period of robust double-digit growth,
underpinned by strong execution across our markets and notable strategic
progress. We expanded our direct footprint into Spain, India, and Austria,
strengthening our control of key geographies. In North America, Tristel ULT
gained traction with several new health systems, and we achieved FDA 510(k)
clearance for Tristel OPH, which launched with strong early customer demand.
We also made significant advances in our distributor network, with the MENA
region delivering outstanding performance - nearly doubling in size
year-on-year and now contributing 4% of Group sales. Alongside this, we
launched the Cache Tank product range, establishing an important platform in
surface disinfection, and, post year-end, introduced Tristel VISICLEAN™, our
innovative new cleaning technology that will further enhance compliance and
broaden our reach in ultrasound.
These achievements reflect a business that is not only performing strongly
today but also investing in the capabilities, products, and markets that will
sustain our growth in the years ahead.
Financial targets
In last year's report we reaffirmed our commitment to the financial plan
covering the three years to 30 June 2025. That plan set out three clear
objectives:
i) to deliver sales growth in the range of 10% to 15% per annum as an annual
average over the three years;
ii) to achieve in each year an EBITDA margin(*) (excluding share-based
payment charges and exceptional items) of at least 25%; and
iii) to increase profit before tax (excluding share-based payment charges
and exceptional items) year-on-year, independently of the other two targets.
(*) Numbers are stated after exceptionals, original plan did not anticipate
exceptionals
I am pleased to report that we have met, and in many respects exceeded, these
objectives.
· Revenue has grown from £31.1m in FY2022 to £46.5m in FY2025,
representing a compound annual growth rate of 14% and an average three-year
annual growth rate fully within our 10-15% target range.
· Adjusted EBITDA margin(*) has improved year-on-year, reaching 27.8%
in FY2025, consistently above the 25% threshold.
· Profit before tax (excluding share-based payments and exceptional
items) has increased in each of the three years.
Financial year Revenue Annual revenue growth Average 3 year revenue growth Adjusted EBITDA margin % Increase in profit before tax (excluding SBP charge)
£m
Ended 30.06.22 31.10 0.3% 24.0% No
Ended 30.06.23 36.00 16% 0% 24.9% Yes
Ended 30.06.24 41.90 16% 10% 26.0% Yes
Ended 30.06.25 46.50 11% 9% 27.8% Yes
This performance reflects both disciplined execution and the resilience of our
high-margin business model. It provides a strong financial foundation as we
set out our next set of financial targets beyond June 2025.
The Board and I are pleased to communicate our financial targets for the next
planning cycle. These targets reflect both the resilience of our business
model and our confidence in Tristel's long-term growth prospects. They are
designed to balance disciplined financial performance with continued
investment in our people, products, and markets.
Our financial targets are as follows:
· Revenue Growth: Delivering double-digit growth annually, across the
period FY2025-FY2030.
· EBITDA Margin: Maintaining an adjusted EBITDA(*) margin of at least
25% every year.
· Dividend Policy: Continuing a progressive year-on-year growth in
dividends, underpinned by robust cash generation.
These commitments provide a clear framework for value creation and underscore
our ambition to sustain Tristel's trajectory of profitable, cash-generative
growth over the medium term.
(*) Numbers are stated after exceptionals, original plan did not anticipate
exceptionals
Our marketplace and technology
Our business is entirely dedicated to preventing the spread of microbes from
one person or object to another. This is critical as the cross-contamination
of microbes is responsible for infections in healthcare, leading to illness,
death, and imposing a heavy burden on both individuals and society. We fulfil
this mission by developing products based on chlorine dioxide, a powerful
disinfectant that we have uniquely formulated.
Hospitals, where infection risks are the highest, are where our solutions have
the most impact. Infection prevention is a fundamental necessity for the safe
and effective delivery of healthcare worldwide. Over 98% of our revenue comes
from consumable products that perform essential, non-discretionary functions
in these settings.
Our strategy revolves around our proprietary chlorine dioxide chemistry,
applied in two key areas. First, we focus on the high-level disinfection of
medical devices under the Tristel brand, which accounted for 87% of our
continuing product revenues this year. Second, we address the disinfection of
hospital surfaces through our Cache brand, representing 8% of revenues. In
this area, we distinguish between the sporicidal efficacy of our chlorine
dioxide chemistry and the lower-level performance claims of most competing
disinfectants. Our aim is to lead the global market in this high-performance,
sporicidal segment. The remaining 5% of revenue contain the royalties receipts
which showed progress in America in the year.
Tristel stands out in two key ways. We are the only provider of chlorine
dioxide-based high-level disinfectants that are both validated and regulated
for use with semi-critical medical devices. Moreover, our disinfectants are
applied manually, unlike our semi-automated competitors that rely on a process
of manual cleaning followed by a machine that applies UV-C light or a hydrogen
peroxide mist. Tristel has received reports that customers have raised
concerns that semi-automated machines damage expensive ultrasound probes
whilst slowing the process down by tying up probes for longer, resulting in
hospitals requiring to purchase more probes.
In contrast, our model creates significant value for hospitals. By enabling
fast, point-of-care instrument reprocessing, our solutions reduce downtime and
increase workflow efficiency, removing the need for costly capital equipment
and the delays associated with centralised decontamination. They also minimise
occupational health risks linked to open chemical soaks, while providing
hospitals with a validated, guideline-compliant process that withstands
regulatory audit.
While surface disinfection is a universal need in hospitals, with expenditures
far exceeding those for medical device decontamination, it is the ability to
kill bacterial spores that sets the top biocides apart. Chlorine dioxide, as
one of the few chemistries capable of this, is a cornerstone of our offering.
Compared to lower-level disinfectants and commoditised wipes, our Cache range
delivers superior sporicidal efficacy in critical care environments where
infection risk is greatest.
The manual application of our products makes them ideally suited for
departments handling small, heat-sensitive medical instruments. Whether it is
nasendoscopes in ENT departments, laryngoscope blades in emergency settings,
cardiac echo probes for heart disease diagnosis, or ultrasound probes in
women's and men's health, Tristel provides the simplest, fastest, and most
cost-effective high-performance disinfection. Our 3T digital platform further
strengthens this proposition, enabling hospitals to achieve traceability and
compliance through digital documentation and auditability.
Sustainability is another dimension of the value we bring. Our chemistry
offers a practical alternative to single-use devices and energy-intensive
automated systems, supporting healthcare providers in reducing waste and
resource consumption.
For these reasons, in the markets where we have established ourselves, we hold
substantial market share. Clinicians view Tristel as a trusted partner that
delivers better patient safety, greater efficiency, stronger compliance, and
measurable economic value.
Financial and Operational Review
We segment our business to reflect our corporate strategy and geographical
spread. We have developed distinctly different brands for the two product
categories: Tristel for medical device disinfection and Cache for sporicidal
surface disinfection. Our strategic intention is to develop the Tristel and
Cache brands and product portfolios with a significant degree of independence
from each other, but both anchored upon our chlorine dioxide technology
platform and using the same sales teams in all countries.
Of the £4.5m revenue growth achieved, £3.8m was driven by higher sales
volumes and £0.8m by price increases. The average price uplift of 2% is
significantly lower than in prior years (FY2024: 11%, FY2023: 5%), reflecting
the substantial adjustments already made. This shift demonstrates the
resilience of underlying demand, with growth now being driven predominantly by
increased adoption and market penetration rather than pricing actions.
Tristel medical device sales grew by 11%, reaching £40.4m. Reinforcing our
ability to continually grow on our market leadership position.
During the year, the revenue split across these product categories was
£m Brand Revenue % of total Revenue % of total
2024-25 2023-24
Medical device decontamination in hospitals Tristel 40.40 87% 36.40 87%
Environmental surface disinfection in hospitals Cache 3.70 8% 3.40 8%
Other - non-core Various 2.40 5% 2.10 5%
Group 46.50 100% 41.90 100%
Revenue by channel
We sell our products directly to end-users in those markets in which we have
established a subsidiary, and through distributors in markets where we have no
corporate presence. During the year, the revenue split by sales channel was:
2024-25 Revenue 2023-24 Revenue Year-on-Year change % change
Hospital medical device decontamination:
UK 17.80 16.20 1.60 10%
Australia 3.30 3.40 (0.10) (3%)
Germany 6.10 5.50 1.10 11%
Western Europe 7.90 7.40 0.50 7%
Other ROW 5.30 3.90 1.40 36%
Tristel Global 40.40 36.40 4.00 11%
Hospital environmental surface disinfection:
UK 2.80 2.40 0.4 17%
Australia 0.10 0.10 Nil Nil
Germany 0.10 0.10 Nil Nil
Western Europe 0.30 0.20 0.1 50
Other ROW 0.40 0.60 (0.20) (33%)
Cache Global 3.70 3.40 0.30 9%
Other revenue: various brands 2.40 2.10 0.30 14%
Group 46.50 41.90 4.60 11%
Revenue by geography
The Group's strategy is to expand geographically from its leadership position
in its home UK market by gaining market share with its differentiated offering
and market leading technology. In the year FY25 good progress was made with
this expansion with sales to domestic UK customers representing 37% of total
sales (FY24: 39%).
2020-21 2021-22 2022-23 2023-24 2024-25
Revenue split %
UK 37% 35% 35% 39% 37%
Overseas 63% 65% 65% 61% 63%
Annual revenue growth %
UK -10% -3% 12% 31% 6%
Overseas 3% 2% 18% 9% 13%
*Sales made to international distributors are included within overseas in the
above table to align with the location of the end customer. As these sales
originate within the UK subsidiary, for segmental reporting purposes they are
included within the UK.
We have 19 subsidiaries selling directly into the hospital marketplace in the
United Kingdom, Belgium, the Netherlands, Austria, France, Italy, Germany,
Switzerland, Poland, Hong Kong, China, Malaysia, UAE, Singapore, Australia,
and New Zealand, India, Spain and United States. We closed our Russian
subsidiary early in FY2022.
United Kingdom
The UK remains a core market for Tristel, where we sell directly to both NHS
and private healthcare providers. The majority of our sales are channelled
through NHS Supply Chain, which acts as a national procurement hub and
provides the logistical backbone for product distribution across the country.
In FY2025, our UK business grew by 6% year-on-year, compared with exceptional
growth of 32% in FY2024. The prior year's performance was significantly
influenced by the agreement of a six-year contract with NHS Supply Chain,
which included a one-off price increase. FY2025 sales exclude any benefit from
this exceptional uplift, and represents steady, underlying growth across all
product lines.
Our commercial approach goes beyond product supply: we work closely with
clinicians to advance the clinical agenda and influence both local and
national guidelines, ensuring that best practice in infection prevention is
embedded in patient care. Our long-standing relationships with infection
prevention leaders within hospitals also create valuable opportunities to
cross-sell our full portfolio, from medical device decontamination through to
surface disinfection. This integrated approach strengthens our position as a
partner of choice for infection control across the NHS and the wider UK
healthcare system.
Europe
Europe is a cornerstone of our international business, where we operate
directly in all the major markets. Spain became our most recent direct
subsidiary during the year, following the successful transition from our
former distributor. We have established a capable local team, and early
customer response has been highly encouraging, with strong uptake across our
portfolio and meaningful opportunities to cross-sell our full range of
infection prevention solutions.
In Italy, growth continues to be robust, supported by our close collaboration
with clinicians to shape the clinical agenda. A notable example is the ongoing
study at the University Hospital of Pisa, which is assessing the risk of
iatrogenic transmission of HPV during gynaecological ultrasound diagnostic
procedures - an initiative that underscores the importance of high-level
disinfection and reinforces Tristel's leadership in this field.
In Germany, we are building further momentum following the positive revisions
to the Commission for Hospital Hygiene and Infection Prevention (KRINKO)
guidelines, which formally endorsed chlorine dioxide wipes for high-level
disinfection. This regulatory shift has provided valuable validation of our
technology and strengthened our competitive position.
North America
In FY2025 we established a meaningful commercial presence in the world's
largest healthcare market. Revenue from royalty income grew to £108k (FY2024:
£74k), driven by the rollout of Tristel ULT through our partner, Parker
Laboratories. To date, we have engaged with around 200 health systems, and
adoption is steadily building as Parker leverages its nationwide sales force
and distribution network.
A major milestone was FDA clearance and US launch of Tristel OPH, our
high-level disinfectant for ophthalmic instruments. OPH addresses a
long-standing unmet need, offering a rapid, safe, point-of-care alternative to
outdated and hazardous open-tray methods. With 16 million ophthalmic
procedures annually in North America, early customer interest has been strong,
including from leading eye institutes
We view North America as a substantial long-term growth driver for the Group.
With regulatory approvals secured, two FDA-cleared products in the portfolio,
and a growing pipeline of hospital engagements, we are confident that the
region will make a meaningful contribution to Group revenues over the coming
years.
ROW
Tristel has a well-established presence across the Rest of World. We operate
directly in a number of key international markets, including Australia, New
Zealand, Hong Kong, Singapore, Malaysia, and, most recently, India. In a
further 46 countries, our products are sold through national distributors.
FY2025 delivered another strong performance across these markets. The Middle
East region was a standout, with revenues nearly doubling year-on-year to
represent 4% of Group sales. Singapore also delivered impressive growth,
reflecting both strong execution by our local subsidiary and rising demand for
high-level disinfection solutions in Asia. Our direct entry into India marks a
significant milestone, providing us with closer access to one of the world's
largest and fastest-growing healthcare markets.
We continue to invest in regulatory approvals, local evidence generation, and
training to support long-term growth across both subsidiary and distributor
markets. Looking ahead, we are actively exploring new opportunities in
strategically important regions such as Japan and selected Latin American
countries.
Our Strategic Assets
We consider the assets that enable the Group to achieve its strategic goals to
be:
Our chlorine dioxide chemistry
There are three critically important elements that account for the unique
positioning of our chlorine dioxide chemistry:
The proprietary formulation
Our focus over two decades on exploring the potential for chlorine dioxide in
the decontamination of medical instruments. There is another application for
chlorine dioxide chemistry which all other businesses have concentrated upon
which is water treatment. From the inception of our business in the 1990's we
looked in a different direction - towards medical device disinfection - a
direction which others have not followed, and this has given us the pioneer's
advantage,
The length of time that we have enjoyed this pioneer position has allowed us
to collate a significant body of knowledge, including published scientific
data, the testimony of almost two decades of safe use, a significant global
footprint of regulatory approvals and a library of proven compatibility with
hundreds of medical instruments, all of which would take a new entrant
significant time and cost to match.
Intellectual property protection
On 30 June 2025, we held 158 patents granted in 32 countries providing legal
protection for our products.
In its broadest sense, our intellectual property relates to:
· Patents, trademarks and registered designs,
· The scientific validation of our chemistry and our products that have
entered the public domain, via a number of peer-reviewed and published papers,
· The certification by medical device manufacturers that our chemistry
is compatible with their products. We enjoy official compatibility with the
instrumentation of 72 medical device manufacturer, with respect to 2,161 of
their individual models.
Our people possess an unrivalled body of knowledge relating both to infection
prevention and to chlorine dioxide, and they are a key asset for the future of
our business. Their domain knowledge relates to the manufacture of chlorine
dioxide-based products and their development. The Company's R&D investment
focusses exclusively on our proprietary technology, searching for improvements
in microbial efficacy, reductions in hazards, and greater efficiency in
manufacture. In parallel, we invest in the creation of packaging and delivery
forms that enhance and simplify the delivery of the chemistry and the user
experience.
Outlook
Looking ahead, Tristel enters its next phase of growth from a position of
strength. Our strategy is to sustain double-digit growth and deliver long-term
value by extending our leadership in point-of-care medical device disinfection
and sporicidal surface disinfection. With regulatory milestones achieved,
strong cash generation, and expanding global reach, we are well positioned to
capitalise on the opportunities ahead while navigating an evolving global
trade environment.
Growth will be driven by five clear priorities: geographical expansion into
North America, while lifting performance across existing direct markets;
broadening our clinical influence to embed high-level disinfection as the
standard of care; expanding our product portfolio with innovations such as
Tristel VISICLEAN™; scaling and monetising our 3T digital platform to
generate recurring revenues; and sharpening our surface disinfection strategy
around high-value, efficacy-driven hospital environments.
These initiatives, underpinned by our differentiated chlorine dioxide platform
and a highly capable global team, provide the framework for disciplined
execution. By continuing to invest in our most attractive growth opportunities
and leveraging our strong financial foundation, we are confident in Tristel's
ability to expand its global footprint, strengthen market leadership, and
create sustainable shareholder value. We look forward to 2026 and beyond with
significant confidence in the prospects for Tristel and its market leading
products.
Matt Sassone
Chief Executive Officer
Consolidated Income Statement for the Year Ended 30 June 2025
2025 2024
Note £ 000 £ 000
Revenue 3 46,462 41,933
Cost of Sales
Cost of sales excluding depreciation (8,524) (7,974)
Depreciation included within Cost of sales (479) (381)
Total Cost of Sales (9,003) (8,355)
Gross profit 37,459 33,578
Distribution costs (344) (327)
Administrative expenses:
Share based payments (371) (1,089)
Depreciation, amortisation and impairments (2,388) (2,392)
Other (24,601) (22,788)
Exceptional items 4 (1,358) -
Total Administrative expenses (28,718) (26,269)
Operating profit 8,397 6,982
Finance costs (259) (218)
Interest income on bank deposits 278 318
Net finance income 19 100
Profit before tax 8,416 7,082
Income tax expense 5 (1,776) (593)
Profit for the year 6,640 6,489
Profit attributable to:
Owners of the company 6,640 6,489
Earnings per share from total and continuing operations attributable to equity
holders of the parent
2025 2024
Basic - pence 8 13.92 13.68
Diluted - pence 8 13.83 13.54
The above results were derived from continuing operations.
Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2025
2025 2024
£ 000 £ 000
Profit for the year 6,640 6,489
Items that may be reclassified subsequently to profit or loss
Foreign currency translation losses (151) (368)
Total comprehensive income for the year 6,489 6,121
Total comprehensive income attributable to:
Owners of the company 6,489 6,121
Consolidated Statement of Financial Position as at 30 June 2025
30 June 30 June
2025 2024
Note £ 000 £ 000
Assets
Non-current assets
Property, plant and equipment 3,431 3,364
Right of use assets 5,553 5,538
Goodwill 4,971 4,997
Intangible assets 5,016 4,885
Deferred tax assets 187 613
19,158 19,397
Current assets
Inventories 4,642 4,681
Trade and other receivables 8,463 7,524
Income tax asset 227 718
Cash and cash equivalents 8,644 6,139
Short-term investments 4,200 5,650
26,176 24,712
Total assets 45,334 44,109
Equity and liabilities
Equity
Share capital 6 (478) (476)
Share premium (15,310) (14,933)
Foreign currency translation reserve 798 647
Other reserves (2,205) (2,205)
Retained earnings (15,796) (15,443)
Equity attributable to owners of the company (32,991) (32,410)
Non-current liabilities
Lease liabilities (4,738) (4,830)
Deferred tax liabilities (193) (277)
Provisions (147) -
(5,078) (5,107)
Current liabilities
Lease liabilities (1,139) (1,034)
Trade and other payables (6,072) (5,482)
Income tax liability (54) (76)
(7,265) (6,592)
Total liabilities (12,343) (11,699)
30 June 30 June
2025 2024
£ 000 £ 000
Total equity and liabilities (45,334) (44,109)
Consolidated Statement of Changes in Equity for the Year Ended 30 June 2025
Share capital Share premium Foreign currency translation Other reserves Retained earnings Total Total equity
reserve
£ 000 £ 000 £ 000 £ 000 £ 000 £ 000 £ 000
At 1 July 2024 476 14,933 (647) 2,205 15,443 32,410 32,410
Contributions and distributions:
Dividends - - - - (6,658) (6,658) (6,658)
New share capital subscribed 2 377 - - - 379 379
Share based payment transactions - - - - 371 371 371
Transactions with owners (2) (377) - - 6,287 5,908 5,908
Profit for the year - - - - 6,640 6,640 6,640
Exchange difference on translation of foreign operations
- - (151) - - (151) (151)
Total comprehensive income - - (151) - 6,640 6,489 6,489
At 30 June 2025 478 15,310 (798) 2,205 15,796 32,991 32,991
Consolidated Statement of Cash Flows for the Year Ended 30 June 2025
Cash flows from operating activities Note 2025 2024
£ 000 £ 000
Profit for the year 8,416 7,082
Adjustments to cash flows from non-cash items
Depreciation on owned assets 760 691
Depreciation on right of use assets 1,154 1,064
Lease interest 259 218
Amortisation 886 951
Loss/(profit) on disposal of property plant and equipment 24 (8)
Impairment of Goodwill 67 67
Loss on disposal of intangible assets 43 -
Finance income (278) (318)
Finance costs - -
Share based payment transactions 371 1,089
11,702 10,836
Working capital adjustments
Decrease/(increase) in inventories 39 (112)
Increase in trade and other receivables (939) (444)
Increase in trade and other payables 590 671
Increase in provisions 147 -
Lease interest paid (259) (218)
Cash generated from operations 11,280 10,733
Cash generated from operations excluding exceptional items 12,638 10,733
Cash outflow from operations of (1,358) -
exceptionals
4
Income taxes paid (964) 153
Net cash flow from operating activities 10,316 10,886
Cash flows from investing activities
Interest received 278 318
Purchases of property plant and equipment (857) (1,138)
Acquisition of intangible assets (1,125) (1,044)
Cash deposits to short-term investments (11,200) (17,025)
Receipts from short-term investments maturing in the year 12,650 13,807
Net cash flows from investing activities (254) (5,082)
Cash flows from financing activities
Share issues 379 676
Payments to lease creditors (1,026) (1,022)
Dividends paid 7 (6,658) (6,224)
Net cash flows from financing activities (7,305) (6,570)
Net increase/(decrease) in cash and cash equivalents 2,757 (766)
Cash and cash equivalents at 1 July 6,139 7,113
Effect of exchange rate fluctuations on cash held (252) (208)
Cash and cash equivalents at 30 June 8,644 6,139
1 Accounting policies Basis of preparation
The financial information has been prepared in accordance with UK-adopted
international accounting standards and in accordance with the provisions of
the Companies Act 2006.
Tristel plc, the Group's ultimate parent company, is a public limited company
incorporated and domiciled in the UK.
In the prior year consolidated cash flow statement cash inflows from and
outflows to short term investments were erroneously presented on a net basis.
The prior year consolidated cash flow statement has therefore been restated to
present the cash flows on a gross basis with the effect that cash deposits to
short term investments have increased by £13,807k, with receipts from short
term investments maturing increasing by an equivalent amount. There was no
impact on the total of cash flows from investing activities.
Basis of consolidation
The Group financial statements consolidate those of the Company and all of its
subsidiary undertakings drawn up to 30 June 2025. Subsidiaries are entities
over which the Group has rights or is exposed to variable returns from its
involvement with the investee and has the power to affect those returns by
controlling the financial and operating policies so as to obtain benefits from
its activities. The Group obtains and exercises control through voting rights
or IP held.
Unrealised gains on transactions between the Group and its subsidiaries are
eliminated. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the asset transferred. Amounts reported
in the financial statements of subsidiaries have been adjusted where necessary
to ensure consistency with the accounting policies adopted by the Group.
Acquisitions of subsidiaries are dealt with by the acquisition method. The
acquisition method involves the recognition at fair value of all identifiable
assets and liabilities, at the acquisition date, regardless of whether or not
they were recorded in the financial statements of the subsidiary prior to
acquisition. These fair values are also used as the basis for subsequent
measurement in accordance with the Group accounting policies. Goodwill is
stated after separating out identifiable intangible assets. Goodwill
represents the excess of the aggregate of the consideration transferred and
the amount of non-controlling interest over the fair value of the Group's
share of the identifiable net assets of the acquired subsidiary at the date of
acquisition.
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group 'controls' an
entity when it is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns
through its power over the entity. The financial statements of subsidiaries
are included in the consolidated financial statements from the date on which
control commences until the date on which control ceases. Interests in
subsidiaries are accounted for at cost less accumulated impairment losses.
Audit exemption
The Directors confirm that in accordance with sections 479A and 479C of the
Companies Act 2006, Tristel Plc, as parent company of the below entities, has
given a parental guarantee to enable those companies to claim exemption from
audit. This guarantee relates to the year ended 30 June 2025.
The members of these companies have agreed to the exemption from the audit by
virtue of the guarantee given by Tristel Plc, for year ended 30 June 2025.
· Tristel International Limited - Registered number 07874262
· Scorcher Idea Limited - Registered number 04602679
· Tristel Solutions Limited - Registered number 03518312
Going concern
The Group's business activities, together with the factors likely to affect
its future development, performance and position are set out in the Strategic
Report, including its cash flows and liquidity position.
The financial statements are prepared on the going concern basis which the
Directors believe to be appropriate for the following reasons:
Directors have prepared cash flow forecasts through to December 2026 to assess
going concern. The forecasts take account of potential and realistic changes
in trading performance, and also include severe yet plausible downside
scenarios and reverse stress-testing. These scenarios include modelling
reductions in revenue and margins and increasing costs, and considering the
consequent cash outflow that could result. The Directors have also considered
the current economic environment, and in particular, recent movements in
foreign exchange rates, rising energy costs and inflation in these scenarios.
The forecasts indicate that, taking account of severe yet plausible downside
scenarios, the Group and Company are able to operate with the level of
existing cash resources, which at 30 June 2025 were £8.6m of cash and cash
equivalents and short-term investments of £4.2m for the Group.
Consequently, the Directors are confident that the Group and Company will
continue to have sufficient funds to continue to meet their liabilities as
they fall due for at least 12 months from the date of approval of the
financial statements and therefore, they have prepared the financial
statements on a going concern basis.
New Standards, interpretations and amendments not yet effective
The following newly issued but not yet effective standards, interpretations
and amendments, which have not been applied in these financial statements,
will or may have an effect on the company financial statements in future:
IFRS 18 Presentation and Disclosure in Financial Statements
Will bring new presentation requirements relating to the statement of profit
or loss, including three new categories for items of income and expense -
operating, financing, investing.
Amendments to IFRS 7 and 9
These amendments introduce additional disclosures under IFRS 7 to provide
greater transparency. This includes disclosures for investments in equity
instruments measured at FVOCI, requiring separate disclosure of fair value
gains and losses for instruments derecognized and those held at period end.
Additional disclosures are also required for financial instruments with
contingent features that could alter cash flows, particularly relevant for
ESG-linked loans.
IAS 21 Lack of exchangeability
The amendments address previous gaps in the standard by clarifying the
accounting for scenarios where an entity operates in a currency that cannot be
readily exchanged for another currency. This can occur when governments impose
restrictions or capital controls.
None of the other standards, interpretations and amendments which are
effective for periods beginning after 1 July 2024 and which have not been
adopted early, are expected to have a material effect on the financial
statements.
Exceptional costs
The Group has incurred non-recurring costs in relation to the succession of
outgoing CEO and CFO. The amount includes a retirement payment to the outgoing
CEO and founder and CFO as well as recruitment costs for the incoming CEO and
CFO. The costs have been recorded separately to ensure transparency within the
financial statements.
2 Publication non-statutory accounts
The financial information set out above does not constitute the company's
statutory accounts for the year ended 30 June 2025 or 2024 but is derived from
those accounts. Statutory accounts for 2024 have been delivered to the
registrar of companies, and those for 2025 will be delivered in due course.
The auditor has reported on those accounts; their reports were (i)
unqualified, (ii) did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying their report and
(iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
The Board of Tristel plc approved the release of this Preliminary Announcement
on 10 October 2025.
3 Revenue
Group revenue lines are split into seventeen 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 87% of Company revenues (2024: 87%).
The second division which constitutes 8% (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 5% (2024: 5%) of the Company's revenues this year.
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.
Disaggregated revenue information for each segment is provided below.
Segment analysis by primary geographical markets
Hospital medical device decontamination Hospital environmental surface disinfection Other revenue Total 2025 Profit Before Tax 2025
£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
Hospital medical device decontamination Hospital environmental surface disinfection Other revenue Total 2024 Profit Before Tax 2024
£000 £000 £000 £000 £000
UK to UK and Overseas distributors 16,238 2,547 1,208 19,993 6,094
Australia 3,378 16 251 3,645 164
Germany 5,451 57 88 5,596 252
Western Europe 7,342 290 334 7,966 358
Other ROW 3,929 525 279 4,733 213
Total 36,338 3,435 2,160 41,933 7,081
Revenues from external customers in the Company's domicile (United Kingdom),
as well as its other major markets (Rest of the World) have been identified on
the basis of internal management reporting systems, which are also used for
VAT purposes.
Revenues derived from the UK (the largest reportable segment stated above) for
2025 were £21.9m (2024: £20.0m). Revenues from all overseas subsidiaries
total £24.6m (2024: £21.9m).
Hospital medical device decontamination revenues were derived from a large
number of customers but include£9.8m from a single customer in UK which makes
up 24% of this product division's revenue (2024: £9.0m, being 25%). Hospital
environmental surface disinfection revenues were derived from a number of
customers but include £2.1m from a single customer in the UK which makes up
58% of this product division's revenue (2024: £2.0m, being 57%). Other
revenues also were derived from a number of customers, with the largest
customer in the UK accountable for £0.2m, which represents 8% of revenue for
that product division (2024: £0.3m, 14% from a single customer). During the
year 26% of the Group's total revenues were earned from a single customer
(2024: 27%).
The following table provides further information on the Group's revenues:
In addition to the segmental information disclosed product divisions are also
split as follows:
Hospital medical device disinfectants Hospital
environmental Other revenues Total 2025
surface disinfection
£000 £000 £000 £000
Revenue from external customers 40,377 3,686 2,399 46,462
Cost of sales excluding
depreciation (6,226) (1,751) (547) (8,524)
Depreciation included
within Cost of sales (416) (38) (25) (479)
Segment gross profit 33,735 1,897 1,827 37,459
Gross margin 84% 51% 76% 81%
Adjusted gross margin 85% 52% 77% 82%
Centrally incurred income and expenses not attributable to individual
product divisions:
Distribution costs (344)
Depreciation, amortisation and impairments (2,388)
Other administrative expenses (24,601)
Exceptional items (1,358)
Share-based payments (371)
Operating profit 8,397
Operating profit can be reconciled to Group profit before tax follows: As
Net Finance income 19
Total profit before tax 8,416
Hospital medical device disinfectants Hospital environmental surface disinfection Other revenues Total 2024
£000 £000 £000 £000
Revenue from external customers 36,338 3,435 2,160 41,933
Cost of sales excluding depreciation (5,690) (1,441) (843) (7,974)
Depreciation included within Cost of sales (330) (31) (20) (381)
Segment gross profit 30,318 1,963 1,297 33,578
Gross margin 83% 57% 60% 80%
Adjusted gross margin 87% 60% 63% 83%
Centrally incurred income and expenses not attributable to individual product
divisions:
Distribution costs (327)
Depreciation, amortisation and impairments (2,392)
Other administrative expenses (22,788)
Share-based payments (1,089)
Other income -
Operating profit 6,982
Operating profit can be reconciled to Group profit before tax as follows:
Finance income 100
Total profit before tax 7,082
4 Exceptional Items
The Group has incurred non-recurring costs in relation to the succession of
outgoing CEO and CFO. The amount includes a retirement payment to the outgoing
CEO and founder and CFO as well as recruitment costs for the incoming CEO and
CFO. The costs have been recorded separately to ensure transparency within the
financial statements.
2025 2024
£000 £000
Exceptional items 1,358 -
5 Income tax
Tax charged/(credited) in the income statement
2025 2024
£ 000 £ 000
Current taxation
Corporation tax 1,434 312
Corporation tax adjustment to prior periods - (70)
1,434 242
Deferred taxation
Arising from origination and reversal of temporary differences 571 356
Arising from previously unrecognised tax loss, tax credit or temporary
difference of prior periods
(229) (5)
Total deferred taxation 342 351
Tax expense in the income statement 1,776 593
The tax on profit before tax for the year is lower than the standard rate of
corporation tax in the UK (2024 - lower than the standard rate of corporation
tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:
2025 2024
£ 000 £ 000
Profit before tax 8,416 7,082
Corporation tax at standard rate 2,104 1,773
Decrease in current and deferred tax from adjustment for prior periods (229) (75)
Increase from effect of expenses not deductible in determining taxable profit
(tax loss)
101 405
Increase/(decrease) from effect of foreign tax rates 45 (1)
Other differences 151 (303)
Enhanced relief on qualifying scientific research expenditure (215) (172)
Patent box relief (181) (1,034)
Total tax charge 1,776 593
6 Share capital
Allotted, called up and fully paid shares
30 June 30 June
2025 2024
No. 000 £ 000 No. 000 £ 000
Ordinary of £0.01 each 47,712 478 47,536 476
175,350 ordinary shares of 1 pence each, related to the exercise of employee
share options were issued during the year. (2024: 211,500)
7 Dividends
Amounts recognised as distributions to equity holders in the year:
30 June 30 June
2025 2024
£ 000 £ 000
Final dividend of £8.28 (2024 - £7.88) per each Ordinary 3,949 3,736
Interim dividend of £5.68 (2024 - £5.24) per each Ordinary 2,709 2,488
6,658 6,224
Company 2025 2024
£000 £000
Dividend received/receivable from subsidiaries (10,036) (9,417)
During the year £5m dividends were received which has been recognised in
operating cashflows (2024: £nil), at year end £5m (2024: £9m) is
outstanding as receivable from Group companies.
Proposed final dividends not recognised in the accounts
The proposed final dividend is subject to approval by shareholders at the
forthcoming Annual General Meeting and has not been included as a liability in
the financial statements.
£8.52 (2024 - £8.28) per each Ordinary share totalling £4,067,200 (2024 -
£3,936,000) These dividends have not been accrued in the Statement of
Financial Position.
8 Earnings per share
The calculations of earnings per share are based on the following profits and
number of shares:
2025 2024
£000 £000
Retained profit for the financial year attributable to equity holders of the 6,640 6,489
parent
Shares Shares
'000 '000
Number Number
Weighted average number of ordinary shares for the purpose of basic earnings 47,687 47,421
per share
Share options 331 423
48,018 47,844
Earnings per ordinary share
Basic 13.92p 13.68p
Diluted 13.83p 13.54p
The Group also presents an adjusted basic earnings per share figure which
excludes share-based payments charges:
2025 2024
£000 £000
Retained profit for the financial year attributable to equity holders of the 6,640 6,489
parent
Adjustments:
Exceptional items 1,358 -
Share based payments 371 1,089
Tax on share-based payments (189) (303)
Net adjustments 1,540 786
Adjusted earnings 8,180 7,275
Adjusted basic earnings per ordinary share 17.15p 15.34p
9 Non-GAAP measures Income statement reconciliation
The group presents adjusted profit measures (gross profit, operating
profit/EBIT, Profit after tax, Profit before tax and EBITDA) by making
adjustments for costs and profits, which management believes to be significant
by virtue of their size, nature or incidence. Such items may include, but are
not limited to, share based payments expense, impairments, fair value
movements on investments, restructuring and exceptional items. In addition,
the group presents gross profit, adjusted gross profit, EBITDA and adjusted
EBITDA (adjusted in the same manner) as management believes that this is an
important metric for the shareholders. The group uses adjusted measures to
evaluate performance and as a method to provide shareholders with clear and
consistent reporting. See below reconciliation of gross profit, operating
profit (EBIT), profit before tax, net profit and EBITDA to the respective
adjusted measures.
Adjusted profit measures 2025 Statutory Adjustment 1 Adjustment 2 2025 Adjusted
£000 £000 £000 £000
Operating profit (EBIT) 8,397 371 1,358 10,126
Net finance costs 19 - - 19
Profit before tax 8,416 371 1,358 10,145
Income tax expense (1,776) 151 (340) (1,965)
Profit attributable to equity shareholders 6,640 522 1,018 8,180
Effective tax rate 21% 19%
Profit before tax margin 18% 22%
Profit for the year 6,640 522 1,018 8,180
Income tax expense 1,776 (151) 340 1,965
Net finance cost (19) - - (19)
Depreciation, 2,867 - - 2,867
amortisation
and impairments
EBITDA 11,264 371 1,358 12,993
Revenue for the year 46,462 - - 46,462
EBITDA margin 24% 28%
ROCE 2025 Statutory
£000
Total assets 45,806
Current liabilities (7,265)
Capital employed 38,541
EBIT 8,416
ROCE 22%
Adjusted profit measures Notes 2024 Statutory Adjustment 1 2024 Adjusted
£000 £000 £000
Operating profit (EBIT) 6,982 1,089 8,071
Net finance income 100 - 100
Profit before tax 7,082 1,089 8,171
Income tax expense (593) (303) (896)
Profit attributable to equity shareholders 6,489 786 7,275
Effective tax rate 8% 11%
Profit before tax margin 17% 19%
Profit for the year 6,489 786 7,275
Income tax expense 593 303 896
Net finance income (100) - (100)
Depreciation, amortisation and impairments 2,773 - 2,773
EBITDA 9,755 1,089 10,844
Revenue for the year 41,933 - 41,933
EBITDA margin 23% - 26%
ROCE 2024 Statutory
£000
Total assets 44,109
Current liabilities (6,592)
Capital employed 37,517
EBIT 6,982
ROCE 19%
Specific adjusted items are as follows:
1. Share-based payment charges under IFRS 2
2. Exceptional items (see note 4)
Gross profit margin reconciliation
The Group presents adjusted gross profit measures by making adjustments to
cost of sales regarding production costs. The Group presents these adjusted
measures as a method to provide shareholders with clear and consistent
reporting.
Adjusted profit measures
2025 Adjustment 1 2025
Statutory Adjusted
£000 £000 £000
Revenue 46,462 - 46,462
Cost of sales excluding depreciation (8,524) 1,163 (7,361)
Depreciation included within Cost of sales (479) 479 -
Total Cost of sales (9,003) 1,642 (7,361)
Gross Profit 37,459 1,642 39,101
Gross Profit Margin 81% 84%
2024 Adjustment 1 2024
Statutory Adjusted
£000 £000 £000
Revenue 41,933 - 41,933
Cost of sales (7,974) 966 (7,008)
Depreciation included within Cost of sales (381) 381 -
Total cost of sales (8,355) 1,347 (7,008)
Gross Profit 33,578 1,347 34,925
Gross Profit Margin 80% 83%
Specific adjusted items are as follows:
1. Reallocation of costs of production to Administrative expenses.
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