Tristel Stock Earnings Reports

Tristel reported another year of double-digit revenue growth (11% reported, 12.4% constant currency) to GBP 46.5m with adjusted PBT up 23% to GBP 10.1m and an adjusted EBITDA margin of c.28%. Gross margin improved to c.81% and the board proposed a 5% higher full-year dividend of 14.2p. Operational highlights include U.S. progress (FDA clearance and initial commercial traction for the ophthalmology product, continued rollout of ultrasound via a royalty partnership with Parker Labs), inclusion in updated guidelines, several impactful clinical studies (HPV, biofilms, a Mayo Clinic publication) and a move to insource ~75% of Trio wipes manufacturing (initial investment ~GBP 750k with expected annual cost savings of ~GBP 800k). The group remains cash-generative and debt-free. Strategy focuses on five levers: geographic expansion (with a strong emphasis on the U.S.), clinical leadership and evidence generation, focused surface disinfection opportunities, product innovation (new VISICLEAN cleaning/validation product), and digital offerings (train/track/trace evolving to premium recurring services). Management reiterated organic-only medium–long term targets: double-digit annual revenue growth to 2030, maintaining EBITDA margin around 25% and progressive dividends, with an aspirational GBP 100m revenue target by FY2030 (implying ~17% CAGR) while remaining open to complementary, cash-funded acquisitions.