Positive H1 Trading Update & Directorate Change
Tristel plc reported a positive first half with revenues up 14% year-on-year, maintaining gross margins at 81% and increasing adjusted EBITDA by 17% to 28% margins, exceeding their 25% target. The company remains debt-free and cash generative, with cash balances at £13.3 million as of December 31, 2025, and continues to see progress in the US market. However, the company also announced that CEO Matt Sassone will resign at the end of the financial year to take a role with a US multinational, though the board is confident in management depth and the ongoing recruitment process.
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Positive H1 Trading Update
& Directorate Change
Tristel plc (AIM: TSTL), the manufacturer of infection prevention products, announces a positive trading update for the six months ended 31 December 2025. The board remains confident in delivering full year results in line with market expectations and the Company's own performance targets.
H1 Financial Highlights
- H1 revenues increased by 14% year-on-year
- Gross Margins maintained at 81%
- Adjusted EBITDA increased by 17%
- EBITDA margins of 28%, comfortably ahead of the 'at least 25% target'
- Continued progress in US with revenue growth in line with internal forecasts
- Tristel continues to be debt free and cash generative
- Cash balances at 31 December 2025 were £13.3m
The above highlights are based on unaudited figures and the Company intends to announce its interim results in early March.
Directorate Change
The Company also announces that Matt Sassone, Chief Executive Officer, has confirmed to the Board his decision to resign to take up a worldwide President role with a large US multinational, leading a significant global business. Matt will actively continue in post until the end of the financial year and has fully committed to continue leading the business through this period. The Board has already commenced the process to appoint a new CEO and is confident that there is sufficient management depth in the business to ensure that trading will not be impacted during the transition.
Commenting Matt Sassone, Chief Executive Officer, said:
"This is undoubtably one of the hardest business decisions I have ever had to make. The real strength of Tristel has never been one person, as the business has been carefully built on leaders at every level. Our strategy for growth is robust and remains unchanged, and the momentum we have is very real and can be seen already in the strong H1 performance. I am confident that the investment case of the business remains as compelling as ever.
"The opportunity I have to return to the US with my family, and to work in such a senior role with a large US multinational, is one which resonates with me on a personal level. It is with a very heavy heart that I will be leaving Tristel and I remain confident in our ability to take full advantage of the market opportunities, particularly in the US where there is clear evidence of traction and scale-up potential.
"I would like to thank the Board and the wider Tristel team for their support and hard work, and I would like to reassure investors that the business remains in a very strong position. Any new CEO coming into this role will see that this business has a well established platform to deliver significant growth."
Bruno Holthof, Chair of the Tristel Board, commented: "On behalf of the Company I would like to offer my thanks to Matt for his leadership, energy and contribution to Tristel since joining us in 2024. He has made a real impact in short period of time, and whilst we're sad to see him go, we respect his decision and wish him every success. We are confident in the strength of the leadership team and the wider organisation, and we remain confident that the strong momentum of the business will continue. The Board has already commenced the process of recruiting a new CEO, working carefully to find the right leader to build on the strong foundations already in place."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.