Tristel Reports 23% Surge in Adjusted Pre-Tax Profit for FY2025

Tristel’s FY2025: Strong double‑digit growth, fatter margins, bigger dividend

Tristel has turned in another tidy set of audited results for the year to 30 June 2025. Revenue rose 11% to £46.5m, adjusted pre-tax profit jumped 23% to £10.1m, and cash generation stayed robust. The balance sheet remains debt free, and the total cash and short-term investments stack finished at £12.8m.

The engine room is still medical device disinfection under the Tristel brand – 87% of sales – with the Cache surface disinfection range at 8%. The US story is gathering pace with FDA approvals in ultrasound and ophthalmology, early traction across c.200 health systems, and supportive clinical evidence. The dividend is up again, and management has set fresh multi-year targets that commit to double-digit growth and a 25%+ EBITDA margin.

Key numbers investors should know

Revenue	£46.5m (+11%)
Gross margin	81% (FY2024: 80%). Adjusted gross margin 84%
Adjusted pre-tax profit	£10.1m (+23%)
Reported pre-tax profit	£8.4m (+18%)
Adjusted EPS	17.15p (FY2024: 15.34p)
Basic EPS	13.92p (FY2024: 13.68p)
Adjusted EBITDA margin	27.8% (FY2024: 26.0%)
Operating cash flow	£10.3m (FY2024: £10.9m)
Cash + short-term investments	£12.8m (FY2024: £11.8m)
Total dividend	14.20p per share (+5%). Final 8.52p
ROCE	22%

What drove the performance

Most of the top-line growth came from doing more, not charging more. Of the £4.5m revenue uplift, £3.8m was volume and £0.8m price. The average price increase was 2% (FY2024: 11%), which suggests underlying adoption is doing the heavy lifting now that the big pricing resets are behind them.

• Medical device decontamination sales rose 11% to £40.4m.
• Cache surface disinfection grew 9% to £3.7m.
• UK grew 6% and accounted for 37% of Group revenue; overseas rose 13% to 63% of sales.

Gross margin ticked up to 81% thanks to mix and efficiencies. On an adjusted basis, gross margin was 84%. The insourcing of Trio Wipes Manufacturing delivered £0.8m net annual savings, which should continue to support margin resilience.

Adjusted vs statutory – what changed and why it matters

Adjusted figures exclude £0.4m of share-based payments and £1.4m of exceptional items tied to CEO/CFO succession. On a reported basis, pre-tax profit was £8.4m. Excluding those items, adjusted pre-tax profit was £10.1m – up 23% year on year. This is the number to compare operational performance year to year.

The effective tax rate rose as Patent Box benefits reduced. That held back statutory EPS growth a touch, but adjusted EPS still rose 12% to 17.15p.

Dividend, cash and balance sheet strength

The Board is proposing a final dividend of 8.52p, taking the full-year payout to 14.20p – up 5%. Timings: ex-dividend 27 November 2025, record date 28 November, payment on 18 December 2025.

Cash generation remains a bright spot. Operating cash flow was £10.3m, and the Group ended the year with £8.6m cash and £4.2m in short-term investments. No debt, only lease liabilities. This supports ongoing investment and the progressive dividend policy.

United States – real milestones, early revenue

FY2025 was Tristel’s first full commercial year in North America. Royalty income rose to £108k (FY2024: £74k) – still small in the context of the Group, but the groundwork looks solid:

• Tristel OPH – FDA-cleared high-level disinfectant (HLD) for ophthalmic devices – launched in May 2025.
• Updated US standards now recognise chlorine dioxide foam as a recommended HLD method.
• Mayo Clinic 90-day study concluded Tristel ULT is an effective and efficient HLD for ultrasound probes, with less device damage risk.
• Post year-end, Q1 sales of DUO ULT were reported as more than double H1 2024.

Management reports engagement across approximately 200 health systems. The focus now is deepening adoption within these accounts to drive recurring consumables revenue. That is the crux: the US is a volume and repeat-purchase story, and the indicators are moving in the right direction.

Product roadmap and digital edge

Beyond ULT and OPH, Tristel launched VISICLEAN in September 2025 – a coloured manual cleaning technology designed to improve compliance by giving visible assurance that cleaning has been done properly. The company is also sharpening the Cache strategy on high-risk hospital environments where sporicidal performance matters most.

On software, the 3T digital platform gets a two-track push in FY2026 – 3T Lite for easier adoption at point-of-care and 3T Pro as a paid, recurring revenue product. Traceability and audit are increasingly non-negotiable in infection prevention; a software layer strengthens stickiness and data-led compliance.

Geography and customer concentration

Tristel continues to broaden geographically. Spain and India moved to direct operations, and Austria was added. The Middle East nearly doubled year-on-year and now contributes 4% of Group sales. Germany is benefiting from KRINKO guideline changes that endorse chlorine dioxide wipes for HLD.

One watch-out: concentration remains high in the UK. A single UK customer represented 26% of Group revenue, and 58% of Cache revenue came from one UK customer. It is not unusual in NHS-heavy businesses, but it is a risk to monitor.

What looks positive, and what needs watching

Positives

• Consistent delivery against targets – revenue up 11%, adjusted PBT up 23%, EBITDA margin at 27.8%.
• High and improving gross margins with tangible manufacturing savings now in the base.
• US milestones achieved – two FDA-cleared products and evidence base strengthening.
• Cash generation supports a progressive dividend – full-year dividend up 5% to 14.20p.
• Clear FY2025-FY2030 targets: double-digit growth, ≥25% adjusted EBITDA margin, progressive dividends.

Watch-outs

• US revenue is still modest at £108k royalty income – commercial conversion within large health systems can be slow.
• Tax rate moving up as Patent Box benefits reduce, dampening statutory EPS leverage.
• Customer concentration in the UK remains material at 26% of Group revenue.
• Australia dipped 3% for medical device decontamination; surface disinfection in “Other ROW” fell 33%.

Management, governance and people

Post period-end, Anna Wasyl joined as CFO. Exceptional items of £1.4m relate to outgoing CEO and CFO succession costs. The Group highlights strong diversity metrics and talent retention, which matters for scaling a specialist portfolio globally.

Outlook and what to watch next

The Board remains confident, and the plan is clear: scale in North America, deepen penetration in existing markets, grow the portfolio, and monetise the 3T platform. The near-term catalysts are adoption curves for ULT and OPH in the US, early traction for VISICLEAN, and continued mix-led margin support.

If Tristel can turn its US pipeline into recurring consumables revenue while maintaining 25%+ EBITDA margins, the compounding effect could be meaningful. The ingredients – regulatory approvals, clinical evidence, and a partner with reach – are in place. Execution is now the lever.

Investor access and materials

• Results webinar and replay via Investor Meet Company: investormeetcompany.com
• Company website: tristelgroup.com
• Investor hub (CEO video overview in due course): investors.tristel.com/investor-hub