Tristel
Website:
Tristel
Index:
AIM
EPIC: TSTL
Supersector:
Health Care
Sector:
Health Care Equipment and Services
Subsector:
Health Care Providers
Market Cap:
£188.13M
Payout Frequency: Semi-Annual
Tristel Dividend Analysis and Summary
Declared Dividend and Key Dates
- Type: Interim dividend
- Amount: 5.68p per share (unchanged vs prior interim)
- Ex-dividend date: 19/03/2026
- Record date: 20/03/2026
- Payment date: 09/04/2026
- Indicative cash outlay: ~£2.71m (Company estimate)
- Policy: Company reiterates a progressive dividend policy with a consistent interim payment
Coverage and Sustainability
- Earnings cover (H1 FY26): basic EPS 8.28p and adjusted EPS 9.36p vs interim 5.68p implies cover of ~1.46x (reported) to ~1.65x (adjusted).
- Cash cover: H1 operating cash flow £5.22m vs proposed interim cash cost ~£2.71m (covered ~1.9x).
- Balance sheet: No debt; cash and short-term investments of £13.29m at period end, supporting dividend capacity.
- Prior full-year context (FY25): total dividend 14.20p vs basic EPS 13.92p (thin reported cover, just under 1x), but covered on an adjusted EPS basis (17.15p).
Growth Trajectory and Outlook for the Dividend
- Interim held flat at 5.68p. Management still targets progressive year-on-year dividend growth, suggesting any FY26 uplift would likely come via the final dividend if H2 trading remains strong.
- Operational performance is supportive: revenue up 14% to £25.65m; adjusted EBITDA up 17% with a robust 29% margin; strong US momentum and healthy gross margin of 81%.
- Capital allocation balances investment (sales infrastructure, R&D, digital, in-house wipes manufacture) with ongoing cash returns to shareholders; business remains cash generative.
Structural/Corporate Changes Relevant to Dividend Policy
- CEO transition: CEO to step down at end of FY; succession process underway. Board expresses confidence in continuity and reiterates progressive dividend stance.
- CFO appointment: New CFO in place, which should support continuity of financial policy.
- Operational shift: Completion of in-house wipe manufacture—near-term margin drag already easing; expected to lower unit costs in H2, potentially improving future cash coverage for dividends.
- No demergers, M&A, or share consolidations disclosed.
Risks and Flags
- Leadership transition risk could introduce policy uncertainty, though Board guidance remains supportive of progressive dividends.
- US scaling execution: strong growth but reliant on continued adoption, clinical guidance tailwinds, and commercial execution.
- Margin sensitivity: gross margin slightly lower YoY (81% vs 82%); benefits from in-house manufacturing expected but timing/execution matter.
- Dividend cover optics: FY25’s reported EPS narrowly covered total dividend; current H1 cover is healthier, but sustained earnings and cash conversion are key to future increases.
- FX and regional mix may affect reported earnings and cash flows.
Read more
Tristel Annual Dividend Yield - 3.63%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 20/03/2025 |
11/04/2025 |
Interim |
5.68p |
GBX |
| 27/11/2025 |
18/12/2025 |
Final |
8.52p |
GBX |
Total (Annual Dividends Per Share):
14.20p
Dividend Yield =
Annual Dividends Per Share (14.20p)
÷ Share Price (391p)
= 3.63%
Tristel Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 19/03/2026 |
09/04/2026 |
Interim |
5.6800p |
GBX |
| 27/11/2025 |
18/12/2025 |
Final |
8.52p |
GBX |
| 20/03/2025 |
11/04/2025 |
Interim |
5.68p |
GBX |
| 28/11/2024 |
20/12/2024 |
Final |
8.28p |
GBX |
| 21/03/2024 |
12/04/2024 |
Interim |
5.24p |
GBX |
| 23/11/2023 |
22/12/2023 |
Final |
7.88p |
GBX |
| 16/03/2023 |
11/04/2023 |
Interim |
2.62p |
GBX |
| 17/11/2022 |
16/12/2022 |
Final |
3.93p |
GBX |
| 28/07/2022 |
10/08/2022 |
Special |
3.00p |
GBX |
| 07/04/2022 |
29/04/2022 |
Interim |
2.62p |
GBX |
| 18/11/2021 |
16/12/2021 |
Final |
3.93p |
GBX |
| 08/04/2021 |
30/04/2021 |
Interim |
2.62p |
GBX |
| 19/11/2020 |
18/12/2020 |
Final |
3.84p |
GBX |
| 26/03/2020 |
30/04/2020 |
Interim |
2.34p |
GBX |
| 21/11/2019 |
20/12/2019 |
Final |
3.50p |
GBX |
| 28/03/2019 |
30/04/2019 |
Interim |
2.04p |
GBX |
| 15/11/2018 |
14/12/2018 |
Final |
2.98p |
GBX |
| 22/03/2018 |
12/04/2018 |
Interim |
1.60p |
GBX |
| 16/11/2017 |
15/12/2017 |
Final |
2.63p |
GBX |
| 23/03/2017 |
13/04/2017 |
Interim |
1.40p |
GBX |
| 17/11/2016 |
16/12/2016 |
Final |
2.19p |
GBX |
| 28/07/2016 |
05/08/2016 |
Special |
3.00p |
GBX |
| 17/03/2016 |
01/04/2016 |
Interim |
1.14p |
GBX |
| 19/11/2015 |
18/12/2015 |
Final |
2.13p |
GBX |
| 25/06/2015 |
06/08/2015 |
Special |
3.00p |
GBX |
| 26/03/2015 |
13/04/2015 |
Interim |
0.58p |
GBX |
| 20/11/2014 |
19/12/2014 |
Final |
1.26p |
GBX |
| 26/03/2014 |
14/04/2014 |
Interim |
0.36p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
5.240 |
8.280 |
|
GBX |
13.520 |
28.760 |
| 2023 |
2.620 |
7.880 |
|
GBX |
10.500 |
9.940 |
| 2022 |
2.620 |
3.930 |
3.000 |
GBX |
9.550 |
45.800 |
| 2021 |
2.620 |
3.930 |
|
GBX |
6.550 |
5.980 |
| 2020 |
2.340 |
3.840 |
|
GBX |
6.180 |
11.550 |
| 2019 |
2.040 |
3.500 |
|
GBX |
5.540 |
20.960 |
| 2018 |
1.600 |
2.980 |
|
GBX |
4.580 |
13.640 |
| 2017 |
1.400 |
2.630 |
|
GBX |
4.030 |
-36.330 |
| 2016 |
1.140 |
2.190 |
3.000 |
GBX |
6.330 |
10.850 |
| 2015 |
0.580 |
2.130 |
3.000 |
GBX |
5.710 |
252.460 |
| 2014 |
0.360 |
1.260 |
|
GBX |
1.620 |
|
Tristel Dividend Calculator
Tristel Dividend Growth
| Dividend Growth (1Y) |
1.72%
|
| Dividend CAGR (5Y) |
17.06%
|
| Years of Growth |
8
|
| Payout Ratio |
87.44%
|
| Buyback Yield |
-1.82%
|
| Shareholder Yield |
1.82%
|
| P/E Ratio (TTM) | 24.17 |
|---|
| Forward P/E | 22.8 |
|---|
| P/FCF | 19.46 |
|---|
| Earnings Yield | 4.18% |
|---|
| FCF Yield | 5.14% |
|---|
| ROE | 24.19% |
|---|
| ROCE | 26.16% |
|---|
| Profit Margin | 15.88% |
|---|
| Operating Margin | 20.62% |
|---|
| Gross Margin | 81.66% |
|---|