AIM-listed hospital disinfectant maker Tristel (TSTL) issued a positive H1 trading update and confirmed its FY outlook. It also announced CEO Matt Sassone would take up a post with a large US multinational from July 2026.
| Share price: 410p (+2.4%) | PE: 24.3x |
| Market cap: £195m | Yield: 3.8% |
MARGIN EXPANSION
Focusing on the H1 performance, revenue increased 14% to around £26 million with a gross margin of 81%. Adjusted EBITDA increase by 17% to just under £17.5 million, climbing to 28% of sales.
For the full year, the company reiterated its guidance of an EBITDA margin ‘comfortably ahead’ of its 25%-plus target. Meanwhile, the business remains cash-generative and debt-free with net cash of £13.3 million as of December 2025.
The firm didn’t say much about its US sales but in its November trading update it revealed revenue had soared five-fold. The US continues to represent an extraordinary growth opportunity for the business.
These are solid numbers from Tristel, and we suspect the full year will be better still. The momentum in the business is ‘very real’, says Sassone, and the potential to scale up in the US is significant.
While it’s obviously not ideal to lose a CEO, the investment case remains strong in our view. Also, there is sufficient management depth to deal with a transition and the firm has time to find a replacement.
Read the press release here: https://investors.tristel.com/
Read related news here: https://sharesify.com/tristel-reveals-strong-start-to-year/
