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Highlights

  • Tristel’s H1FY25 revenue rose 7.8% YoY to GBP 22.57 million, led by U.K. and Germany sales
  • Profit before taxation grew 6.9% YoY to GBP 3.67 million, driven by European market momentum and global expansion
  • Gross margin of 81.8% outperformed the industry median of 73.8%; asset turnover at 0.52x vs 0.34x median

Tristel PLC (LSE:TSTL) is listed on the FTSE Index. It specialises in infection prevention solutions. The company develops and supplies chlorine dioxide-based products for healthcare. Its portfolio is marketed under two main brands. Tristel is used for the decontamination of medical devices. Cache is designed for sporicidal surface disinfection in hospitals.

In the first half of financial year 2025 (H1FY25), Tristel reported revenue of GBP 22.57 million, up 7.8% from GBP 20.94 million in H1 FY24. The increase was driven by sales in the U.K. and Germany, particularly within the hospital medical device decontamination segment.

Gross profit for the period rose 9.5% YoY to GBP 18.47 million, supported by higher revenues and a favourable product mix that leaned toward higher-margin services. Meanwhile, profit before taxation reached GBP 3.67 million, reflecting a 6.9% YoY increase, mainly due to continued sales momentum in core European markets and progress in international expansion initiatives.

In addition, the company delivered a gross margin of 81.8% in H1, well above the industry median of 73.8%. Asset turnover was also higher at 0.52x, compared to the industry median of 0.34x. However, return on equity declined to 8.5% in H1 FY25, down from 10.0% in the prior year.

Company Outlook

The company has reaffirmed its target of 10–15% CAGR revenue growth through June 2025. H1 revenue rose 8%, showing steady progress, and management expects similar momentum in H2.

Royalty income from ultrasound disinfection in the US grew to GBP 37k (H1 FY24: GBP 4k). This reflects use in over 50,000 procedures. Broader adoption across multiple US hospital systems highlights growing traction.

Top 10 Shareholders

The top 10 shareholders of Tristel collectively hold about 44.30% of the company’s shares. Liontrust Investment Partners LLP has the largest stake at roughly 9.94%, followed by Aviva Investors Global Services Limited [Activist] with around 5.97%.

Stock Information

TSTL closed at GBX 370 on 25 September 2025, reflecting a modest intraday rise of 1.37%. Over the past month, the share posted a positive gain of 2.78% and showed strength over six months, advancing 22.11%, but its one-year return stands at a loss of 11.38%. TSTL traded as high as GBX 460 in November 2024 and touched a low of GBX 260 as recently as April 2025, positioning its current price about 19.6% below its 52-week high.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 25 September 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

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Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.