Tristel piles on more cash and trade and still targets a US boom

Based in Snailwell, near Newmarket, the company also increased EBITDA by 14 per cent and adjusted profit before tax by 19 per cent to £4.9m. The company has no debt and cash of £11.7 million (2023: £10.8m) after paying dividends of £3.9m.

A successful CEO transition from September 2 appears to have been seamless as far as the financials are concerned. New chief executive Matt Sassone says: “Tristel has delivered a strong financial performance in the first half of the year: These results have been driven by higher first-half revenues, maintained gross margin, and disciplined cost control, resulting in an adjusted PBT margin of 21 per cent.

“As outlined in our AGM statement, we remain on track to meet our internal revenue growth target of 10-15 per cent CAGR over the three years to June 30 2025.

“Following an exceptional performance for our UK business in year ended June 30, 2024, our largest market has now returned to a more typical trading pattern. Against this backdrop, global revenue grew by eight per cent in the period (nine per cent on a constant currency basis).

“Looking ahead, we see significant growth potential in our core medical device business, using geographic expansion as the primary driver with a focus on Spain, India, and Austria this financial year. Our largest opportunity remains the USA.

“USA ultrasound royalty receipts increased to £37k (2023: £4k), reflecting growing adoption by customers. We are ever more confident in the scalability of royalties as our US partner, Parker Labs, builds momentum.

“With support from our team in Boston, Parker is increasingly improving the sales cycle, leading to faster product take up. The significant level of interest that potential customers are showing in our product demonstrates the large unmet need for point-of-care manual high level disinfection.

“To build on this momentum, in September we made our second FDA submission – a 510(k) for Tristel OPH, our ophthalmic high-level disinfectant – and expect clearance by the end of the financial year. We have also finalised our commercial strategy and are in the process of establishing distribution channels.

”We are confident in our ability to maintain and build on our current trajectory, leveraging our expanding global footprint and innovative product portfolio.”