Tristel comfortably beat our forecasts for the year ending June 2015, with sales, EBITDA (adj.) and PBT (adj.) ahead of expectations by 2.4%, 5.0% and 14.1%, respectively. Dividend per share for the full year increased to 5.7p (FY 2014A: 1.6p), including a special dividend of 3.0p per share. Net cash increased from £2.6m to £4.0m. We are upgrading our sales forecasts for FY 2016 by 6.1% and our PBT (adj.) forecast by 12.3%. We are also raising our target price to 110p from 90p. Ba
