Half-year Financial Report

2 March 2026

TRISTEL plc

("Tristel", the "Company" or the "Group")

 

Half-year Report

Unaudited Interim Results for the six months ended 31 December 2025

 

Tristel plc (AIM: TSTL), the manufacturer of infection prevention products utilising proprietary chlorine dioxide technology, announces its unaudited interim results for the six months to 31 December 2025, a period which delivered revenue growth and a 17% increase in adjusted EBITDA. The Company remains cash generative, with no debt, and maintains a progressive dividend policy with a consistent interim payment.

 

Financial highlights

·      Revenue up 14% to £25.65m (2024: £22.57m) with the business firmly on track to meet market expectations for the year

·      UK sales up 13% to £9.88m (2024: £8.75m); Overseas sales up 14% to £15.77m (2024: £13.82m) with a sixfold growth in the USA

·      Gross margin remains steady at 81% (2024: 82%)

·      Reported EBITDA up to £6.83m (2024: £5.02m)

o  Adjusted* EBITDA up 17% to £7.34m (2024: £6.27m)

·      Reported profit before tax up 36% to £4.96m (2024: £3.66m)

o  Adjusted* profit before tax up 11% to £5.47m (2024: £4.91m)

·      Basic reported EPS 8.28p (2024: 5.72p) up 45%.

o  Basic adjusted* EPS 9.36p (2024: 8.17p)

·      Tax charge £1.00m (2024: £0.93m)

·      Interim dividend unchanged at 5.68p per share (2024: 5.68p)

·      No debt and cash and short-term investments of £13.29m (2024: £11.74m) after paying dividends of £4.07m (2024: £3.94m).

 

*Adjusted for share-based payments (£0.39m) and exceptional succession costs (£0.13m), totalling £0.52m (2024: £1.25m)

 

Operational highlights

·      Appointment of Anna Wasyl as CFO

·      Launch of Tristel OPH in the US, a high-level disinfectant (HLD) foam for use on ophthalmic medical devices

·      Updated American Institute of Ultrasound in Medicine (AIUM) guidelines now include chlorine dioxide for HLD of ultrasound probes, strengthening the clinical and commercial adoption framework for Tristel ULT™ in the US market

·      Launch of VISICLEAN™, expanding Tristel's infection prevention portfolio and supporting improved cleaning efficiency and compliance at the point-of-care

·      Successful completion of in-house wipe manufacture

 

Commenting on the interim results, Matt Sassone, Chief Executive of Tristel, said:

"Tristel has delivered a strong first-half performance, with Group revenues increasing by 14% to £25.6m and adjusted profit before tax rising by 11% to £5.5m. Profitability remains robust, with gross margin of 81% and an adjusted EBITDA margin of 29%, comfortably ahead of our medium-term targets. Performance has been driven by sustained momentum across our core markets, underpinned by volume growth, pricing discipline, and consistent commercial execution.

 

"We are particularly encouraged by progress in the United States, where we saw a more than sixfold increase in revenues year-on-year. This growth has been driven by accelerating ULT product sales, expanding clinical validation, and favourable developments in US clinical guidance, including updated AIUM guidelines recognising chlorine dioxide foam technologies. Adoption by leading healthcare institutions and increasing utilisation metrics reinforce our confidence in the scalability of the US ultrasound opportunity. The launch of OPH has exceeded expectations with the numerous customers adopting our solution without an evaluation. Benefiting from the foundations laid with ULT, Tristel OPH is gaining traction in leading hospital eye institutions, the clinical value proposition of efficiency, safety, and point-of-care usability is resonating with early adopters, and the Company is strategically investing in accelerating this initial success.

"Alongside this, we have continued to invest in growth initiatives, expanding our commercial infrastructure, digital capabilities, and strengthening our innovation pipeline while maintaining strong financial discipline and a debt-free balance sheet.

 

"As previously announced, I will be stepping down as Chief Executive Officer at the end of the financial year. This was a deeply considered personal decision. Tristel is a business with exceptional people, strong leadership depth, and a clear strategic trajectory. I remain fully committed to supporting a smooth transition, and I am confident that the Company is well-positioned to continue delivering long-term shareholder value. Trading remains robust and is comfortably in line with expectations for the year to 30 June 2026."

 

CEO video

Please find a link to a video overview relating to the Company's interim results from the Group's Chief Executive Officer, Matt Sassone here.

 

Investor presentation

Matt Sassone, CEO, and Anna Wasyl, CFO, will present the Company's results in two separate events open to all investors. The same presentation will be given at both events which are being held at different times to offer convenient options for those wishing to attend. Both will be held today, 2 March 2026. The first will be held online via the Investor Meet Company platform at 9.30am - investors can sign up to Investor Meet Company for free and register here. The second presentation will be held in-person in the City of London at 4.30pm. For further details and to register for this event please email [email protected]

 

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 [email protected]
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

 

 

Chairman's statement

Revenue

During the half, sales reached £25.6m (2024: £22.6m), an increase of 14%. £2.5m of the £3.1m sales growth in the period (2024: £1.3m of £1.7m) was derived from additional volume of product sold and £0.6m (2024: £0.4m) was due to the price increases.

Tristel Medical Device product sales increased by 15% to £22.6m (2024: £19.6m) and Cache Surface products by 30% to £2.3m (2024: £1.6m).

On a local currency basis, the Group delivered a strong performance across the UK and EMEA, with multiple key markets achieving double-digit revenue growth, including the Netherlands (22%), France (13%), Germany (12%), and Italy (13%). This broad-based momentum reflects continued adoption of our chlorine dioxide technologies and the effectiveness of our commercial execution strategy. Performance in APAC was more mixed, with Australasia delivering modest growth of 2%, partially offset by a 2% decline across the remainder of the region. In the Americas, trading continues to progress in line with internal plans, with encouraging signs of traction supporting our confidence in the region's medium-term growth potential.

 

Americas

Performance in the Americas strengthened significantly during the period, with regional revenue increasing by 236% versus the prior period, driven primarily by growth in the United States.

 

US revenues increased materially year-on-year by 542%, reflecting accelerating direct product sales and strong royalty income growth. The performance was supported by expanding commercial activity and improving customer adoption, while distributor revenues across the wider region remained stable.

 

		H1 FY25		H2 FY25		Full Year FY 25		H1 FY26		H1 YOY Growth
		£000		£000		£000		£000		£000
Direct USA product sale		3.8		29.2		33		146.3		3,750%
Royalty		37		71.5		108.5		115.7		213%
Total US		40.8		100.7		141.5		262		542%
Distributor Sales Canada & Chile		55.5		67.5		123		61.6		11%
Americas Total		96.3		168.2		264.5		323.6		236%

 

 

Adoption of Tristel technologies continues to be supported by leading US healthcare institutions, including Mayo Clinic, Johns Hopkins Hospital, Bascom Palmer Eye Institute, and Memorial Sloan Kettering Cancer Center. Engagement with such centres provides important clinical validation and is expected to support broader market adoption over time.

 

The Company's progress is further reinforced by favourable developments in US clinical guidance and industry standards, including recognition of chlorine dioxide foam technologies within ANSI/AAMI and AIUM updates. These developments strengthen the long-term adoption environment for Tristel's technologies.

 

Operational indicators of market activity continued to improve, including increased product volumes, growth in recorded traceability cycles, and expanding training engagement, supporting evidence of deepening utilisation within customer accounts.

 

The Company also made progress in device manufacturer engagement, with compatibility confirmations and early IFU inclusions for Tristel OPH™ reducing barriers to adoption across ophthalmic applications.

 

The Board remains encouraged by the trajectory of the US business. Increasing clinical validation, strengthening guideline support, and continued commercial execution underpin confidence in the region's medium-term growth potential

 

 

New Product development

In the period we launched Tristel VISICLEAN™, a breakthrough in ultrasound probe decontamination. VISICLEAN™ is the first detergent of its kind to incorporate colour technology, providing visible confirmation of cleaning and supporting high-level disinfection. Available as part of the VISI Combination Pack alongside Tristel DUO ULT™ and DRY WIPES™, this all-in-one solution delivers visible cleaning, confirmed disinfection, and digital traceability through our 3T™ platform. This innovation strengthens our leadership in infection prevention, expands our product portfolio, and creates significant global growth opportunities in the ultrasound market

 

Investments in Growth Initiatives

During the period, the Group continued to invest selectively in initiatives designed to support sustainable long-term growth, strengthen competitive positioning, and enhance operational effectiveness.

 

The Company continues to invest in commercial enablement and market development activities across its regions. These programmes are designed to strengthen route-to-market effectiveness, support revenue growth, and maximise the impact of the Group's expanding product portfolio.

 

In parallel, the Group has also prioritised digital and data-driven capabilities. Progress in areas such as AI-enabled internal support tools, sales data optimisation, and the global web shop rollout reflects a broader strategy to improve scalability, enhance decision-making, and drive commercial efficiency. These initiatives are expected to deliver both operational benefits and improved customer engagement over time.

 

A key area of focus has been the development of the Company's clinical and medical infrastructure. Investments in Medical Affairs, clinical evidence generation, and structured KOL engagement are intended to reinforce the scientific and regulatory foundations of the business, support market adoption, and ensure that our technologies remain aligned with evolving clinical practice and standards.

 

Finally, the Group remains committed to evaluating new application opportunities and adjacent market segments. This disciplined approach to opportunity assessment supports the identification of future growth vectors while maintaining strategic and financial prudence.

 

Collectively, these initiatives reflect Tristel's continued emphasis on balancing near-term performance with long-term value creation, ensuring that the business remains well-positioned to capture growth opportunities across its core and developing markets.

 

Costs, Margins and Profits

Adjusted profit before tax increased by 11% to £5.5m (2024: £4.9m), representing an adjusted PBT margin of 21% (2024: 22%).

 

Gross margin remained robust at 81% (2024: 82%). As previously indicated, in the period we transitioned to in-house wipes production, with associated manufacturing costs impacting the period. Cost efficiencies from the new production model began to emerge during the first half and are expected to deliver a greater benefit in the second half as production now operates at materially lower unit costs.

 

Administration and distribution expenses, excluding exceptional items, depreciation, amortisation, impairments and share-based payments, increased to £13.7m (2024: £12.3m), reflecting deliberate investment in growth initiatives, particularly across sales infrastructure, marketing capability, and R&D activities.

 

Reported Group profit before tax was £5.0m (2024: £3.7m). Adjusted EBITDA increased to £7.3m (2024: £6.3m), maintaining a strong adjusted EBITDA margin of 29%, comfortably above the Group's medium-term target of 25%.

 

Earnings and Dividend

Basic earnings per share (EPS) were 8.28p (2024: 5.72p). EPS adjusted for share-based payments and exceptional items was 9.36p (2024: 8.17p).

 

The Board is recommending an interim dividend of 5.68 pence (2024: 5.68 pence) to be paid on 9 April 2026. The associated ex-dividend date will be 19 March 2026 with a record date of 20 March 2026

 

 

 

Board changes

In January we announced, Matt Sassone has informed the Board of his decision to step down as Chief Executive Officer to accept a senior leadership role with a large US multinational. Matt will remain in post until the end of the financial year, ensuring continuity of leadership and supporting an orderly transition.

 

The Board has commenced a formal process to appoint a successor and is working carefully to identify a leader with the appropriate experience and capabilities to build on the Company's strong foundations and growth strategy. The Board remains confident in the depth and strength of the senior management team and does not expect trading or operational execution to be impacted during the transition period.

 

The Board would like to thank Matt for his leadership and contribution to the business and wishes him every success in his future role.

 

Outlook and targets

We are pleased with the results reported today and confirm that the business remains firmly on track to meet market expectations, for the year, with international expansion continuing to be a significant driver of growth. In particular, we are encouraged by the progress in the United States, where commercial momentum and customer adoption continue to develop positively. Our strategic priorities remain centred on scaling our presence in high-potential markets, further strengthening commercial execution, and continuing to optimise our product portfolio.

 

Supported by sustained investment in innovation, market development, and operational execution, Tristel remains well-positioned to deliver long-term shareholder value.

 

Bruno Holthof

Chairman