Continued strong momentum in H2. Tristel has this morning released a trading update for the year to 30th June. Revenue for the period was £46.5m, in line with our £46.3m estimate, with PBT as reported (excluding share-based payments) of no less than £10.1m vs. our £10.0m forecast on an equivalent basis. Cash at period-end stood at £12.8m vs. our £11.5m estimate. Since the H1’25 stage, trading has remained solid across all main geographies (H2 revenue growth +15% in CER). In the US (where, as previously announced, Tristel OPH for high-level disinfection of ophthalmic devices gained FDA clearance during the period), demand has remained robust. Our view A solid update, flagging overall trading in line with our expectations for the year. Although early US sales have been lower than initially anticipated, we remain positive on the US opportunity for ULT and OPH. In Europe, we also expect a more focused sales effort to drive increasing uptake of Tristel’s Cache range of product for surface disinfection. We leave our forecasts unchanged. Reiterate Buy.