Tristel

Website: Tristel
Index: Main Market
EPIC: TSTL
Supersector: Health Care
Sector: Health Care Equipment and Services
Subsector: Health Care Providers
Market Cap: £190.99M
Payout Frequency: Semi-Annual

Tristel Dividend Analysis and Summary

Key Dividend Details

Final dividend declared: 8.52p per share (FY24: 8.28p)
Interim dividend paid: 5.68p per share
Total FY2025 dividend: 14.20p per share (up 5% YoY)
Ex-dividend date: 27/11/2025
Record date: 28/11/2025
Payment date: 18/12/2025
Dividend policy: Board reiterates a progressive dividend, with intention to increase annually, underpinned by cash generation

Coverage and Financial Support

EPS: Basic 13.92p; Adjusted 17.15p
Payout ratio: ~102% of basic EPS; ~83% of adjusted EPS
Cash generation: Operating cash flow £10.3m vs dividends paid £6.66m (c. 1.6x OCF cover). Post-maintenance capex/intangibles (~£2.0m), implied cash cover ~1.25x
Balance sheet: Debt-free; cash and short-term investments £12.8m at 30/06/2025
Profitability: Adjusted PBT up 23% to £10.1m; gross margin 81%; adjusted EBITDA margin ~28%

Short, Focused Analysis

Sustainability: The dividend is well supported by cash generation and a debt-free balance sheet. While the basic EPS payout looks stretched (~102%), coverage on an adjusted EPS basis (~83%) and cash flow coverage (c. 1.25x after capex) suggest the dividend is sustainable absent a downturn.
Growth trajectory: Total DPS grew 5% YoY, consistent with the company’s stated progressive policy. Management’s medium-term targets (double-digit revenue growth, =25% adjusted EBITDA margin) and continued cash discipline support further gradual DPS growth.
Capital allocation: Tristel is funding organic growth (geographical expansion, product launches, digital platform) while maintaining dividends. Strong margins and OCF enable both reinvestment and distributions; no leverage required.

Structural or Policy Factors Affecting Future Dividends

Policy reaffirmation: Explicit commitment to a progressive dividend backed by cash generation.
Operational efficiencies: Insourcing of Trio Wipes Manufacturing (net annual savings ~£0.8m) supports margins and cash flow.
Leadership changes: New CFO appointed; management succession costs treated as exceptional in FY25. No change to dividend policy indicated.
Expansion initiatives: FDA clearance of OPH and growing U.S. engagement provide medium-term growth optionality; 3T digital monetisation (3T Pro) may add recurring revenue over time.
No M&A, demerger, or share consolidation disclosed; minor option-related share issuance only (limited dilution).

Risks and Flags to Dividend Stability

Customer concentration: ~26% of Group revenue tied to a single UK customer (NHS Supply Chain), representing a concentration risk.
Execution risk in the U.S.: Early-stage revenue (royalty income £108k)—time and investment required to scale may create variability in near-term earnings.
Tax headwind: Reduced Patent Box benefit lifted the effective tax rate; could modestly temper net profit growth and dividend headroom.
FX and macro: Exposure to overseas markets and evolving global trade environment could affect margins and cash conversion.
One-offs: FY25 exceptional succession costs are non-recurring, but leadership transitions can carry short-term execution risk.

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 (400p) = 3.55%

Ex Dividend Date	Payment Date	Type	Amount	Currency
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

Number of Shares:

Payment	Paid	Amount
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