Tristel PLC

Reported H1 revenue was GBP 25.6 million, up 14% year over year, and adjusted profit before tax was GBP 5.5 million, up 11%. Adjusted EPS was 9.36p and adjusted EBITDA margin was 29%, compared with a commitment to stay above 25%. Gross margin was 81% versus 82% in the prior year. Cash and deposits were GBP 13.3 million, the company was debt free, and H1 cash generation was GBP 6.7 million. For guidance, management said results were in line with expectations and the company remains on track to meet FY2026 market expectations; it also expects the full-year gross margin savings from wipe in-sourcing to show through in H2, estimated at GBP 300,000, and reiterated a full-year dividend increase despite the interim dividend of 5.68p being flat year over year. In the U.S., Tristel said Tristel ULT in-market sales are approaching USD 1 million and should exceed USD 2 million by year-end, while Tristel OPH generated USD 88,000 in H1 and was ahead of initial expectations.

Matthew Sassone framed the period as another strong half and said the company is executing a long-term growth plan built around geographic expansion, commercial investment, clinical leadership and digital development. He emphasized that Tristel’s biggest growth lever is replicating its U.K. position in other markets, especially Europe and the U.S., and said the business is increasing investment to support that aim. His tone was confident and upbeat, but he also underscored that he will step down at year-end and that he remains focused on a smooth transition.

Anna Wasyl highlighted the core financial strength of the business, citing 14% revenue growth to GBP 25.6 million, adjusted PBT of GBP 5.5 million, adjusted EPS of 9.36p, and 29% adjusted EBITDA margin. She said gross margin eased to 81% from 82% because of wipe in-sourcing, with the full benefit expected in H2 and estimated savings of GBP 300,000. She also pointed to GBP 13.3 million of cash and deposits, no debt, GBP 6.7 million of H1 cash generation, improving net working capital at 15% of annualized revenue, and ROCE of 25%, while reiterating a progressive dividend policy and an interim dividend of 5.68p.

Analysts pressed management on whether U.S. traction was slower than expected, and Julija Shabanova said initial pace had been slower but progress is now picking up as standards, guidelines, KOL support and user feedback build momentum; she also said OPH is being supported by recruitment and sales expansion. Questions about Nanosonics/trophon competition were met with a response that Tristel continues to win share in the U.K. and is starting to compete more directly in the U.S., where management sees room to displace incumbents in some accounts. Management also said U.S. tariffs have not had a significant impact because Parker manufactures U.S. products on Tristel’s licenses, and they addressed the recruitment strategy by saying they are deliberately selective in hiring salespeople who can credibly sell chlorine dioxide rather than just general medical devices.