RE: Digging deeper5 May 2026 10:42
Thanks for the research Bear.
For context on Tristone probably worth adding the following from the latest Tristone AR (for year to 31 March 2025):
“(The past year) … marks a period where we have invested significantly in opening more services as demand for high quality children and adults care provision continues. We have been focussed on reinvesting heavily into creating more provision to support long-term, sustainable growth and high-quality care.
“Many of these services have only become operational after FY25 year-end yet the operational and capital expenditure associated with launching such services has been largely borne in FY25.”
…. “As a result of investing £1.33m into new services and infrastructure, EBITDA decreased by 8% from £3.9m to £3.6m.”