Tristel has published a trading update for its FY25 reporting period to the end of June 2025. The company notes strong trading during the period with revenue growth of 11% (H2 growth 15% at CER) YoY to £46.5m coming in slightly ahead of our Cavendish estimate of £46.1m and in line with the group’s performance target of annual average revenue growth of 10-15% over three years. Adjusted profit before tax (PBT) will be no less that £10.1m, in line with our FY25E forecasts, indicating a margin of at ....
