High-single digit revenue growth, improved margin Tristel has this morning released H1 results for the period to 31st December. Revenue for the period was £22.6m (+8% YoY, +9% in CER), representing a record first-half performance, as indicated in the trading update on 16th December. Gross margin improved to 81.8% (+129bps YoY), and adjusted EBITDA and adjusted PBT were £6.3m (+14% YoY) and £4.9m (+19%), respectively. Adjusted EPS (Investec: excl. exceptionals net of tax, incl. SBPs) was 7.2p from 6.3p in H1’24. Net cash (incl. leases) at period-end stood at £5.8m, from £5.9m at the FY’24 stage and £4.8m at H1’24. Hospital device decontamination sales (Tristel) increased by 7.3% to £19.6m, with surface disinfection (Cache) sales up by 4.3% to £1.7min, other products up by 22% to £1.2m. Operational measures underway to improve growth include addressing temporary staff disruptions in France and Australia, and refining the Cache sales model, including a focus on high-priority areas for disinfection such as ICUs’, operating rooms and neonatal wards. In the US, Tristel Duo is gaining rising traction with existing and new accounts, although, as previously announced, the sales process is taking longer than initially expected. During the period, Tristel conducted over 2,200 online training events to help drive uptake. Solid results, reiterate Buy A strong set of results, highlighting an earnings growth trajectory in line with our expectations. We leave our forecasts unchanged and reiterate Buy.