REG - Tristel PLC - Half-year Financial Report
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RNS Number : 7998U 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
(https://www.brrmedia.co.uk/broadcasts-embed/69a1caf28775ab0013373b19/?popup=true)
.
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
(https://www.investormeetcompany.com/tristel-plc/register-investor) . The
second presentation will be held in-person in the City of London at 4.30pm.
For further details and to register for this event please email
tristel@walbrookpr.com (mailto:tristel@walbrookpr.com)
For further information please contact:
Tristel plc Via Walbrook PR
Matt Sassone, Chief Executive www.investors.tristel.com
Anna Wasyl, Chief Financial Officer
Cavendish
Geoff Nash / Callum Davidson / Joe Smith (Corporate Finance) Tel: 020 7220 0500
Sunila de Silva (Corporate Broking)/Louise Talbot (Sales)
Walbrook PR Ltd Tel: 020 7933 8780 or tristel@walbrookpr.com
Paul McManus/ Lianne Applegarth / Anna Dunphy Mob: 07980 541 893 / 07584 391 303/ 07876 741 001
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 (https://tristel.com)
Chairman's statement
Revenue
During the half, sales reached £25.6m (2024: £22.6m), an increase of 14%.
£2.5m of the £3.1m sales growth in the period (2024: £1.3m of £1.7m) was
derived from additional volume of product sold and £0.6m (2024: £0.4m) was
due to the price increases.
Tristel Medical Device product sales increased by 15% to £22.6m (2024:
£19.6m) and Cache Surface products by 30% to £2.3m (2024: £1.6m).
On a local currency basis, the Group delivered a strong performance across the
UK and EMEA, with multiple key markets achieving double-digit revenue growth,
including the Netherlands (22%), France (13%), Germany (12%), and Italy (13%).
This broad-based momentum reflects continued adoption of our chlorine dioxide
technologies and the effectiveness of our commercial execution strategy.
Performance in APAC was more mixed, with Australasia delivering modest growth
of 2%, partially offset by a 2% decline across the remainder of the region. In
the Americas, trading continues to progress in line with internal plans, with
encouraging signs of traction supporting our confidence in the region's
medium-term growth potential.
Americas
Performance in the Americas strengthened significantly during the period, with
regional revenue increasing by 236% versus the prior period, driven primarily
by growth in the United States.
US revenues increased materially year-on-year by 542%, reflecting accelerating
direct product sales and strong royalty income growth. The performance was
supported by expanding commercial activity and improving customer adoption,
while distributor revenues across the wider region remained stable.
H1 FY25 H2 FY25 Full Year H1 FY26 H1 YOY Growth
FY 25
£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 4,068 3,949 3,949
share **
Interim dividend for the year ended 30 June 2025 of 5.68p (2024: 5.24p) per - - 2,709
share
4,068 3,949 6,658
Proposed interim dividend for the year ended 30 June 2026 of 5.68p (2025: 2,713 2,708 -
5.68p) per share
** 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 3,954 2,730 6,640
parent
Shares Shares Shares
'000 '000 '000
Number Number Number
Weighted average number of ordinary shares for the purpose of basic earnings 47,744 47,692 47,687
per share
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 3,954 2,730 6,640
parent
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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