Speedy Glez is correct. The 05 and early 06 bikes had this issue. The pistons would get dirty and not slip freely through the seals, and after the brakes had been applied, the seals would pull the pistons back, away from the pads and then on the next application, most of the brake lever travel would be taken up moving the pistons forward toward the disk. I hope this makes some sense. Two temporary fixes can help. Pull out the pistons and clean them. This will help until they get dirty again. Another temporary fix that I used to do was to force the pistons right back into the calipers, pump up the brake lever and they would stay good for a week or two, but the problem would slowly return.
I know a couple of other riders who replaced their master cylinders with a Kawasaki ZX9 MC which had a larger piston diameter. This seemed to help also. I have an 04 speedy with a similar issue and I fixed it by fitting a radial MC off an 09 Speedy. Now the 04 brakes are almost as good as the Brembos on my 2010 model. The other benefit of fitting the radial MC is that it has a bleeding screw on the MC, which helps to ensure there is no air trapped in the system.
Triumph released a good will fix for those affected. Strangley it did not affect every bike but most owners had the issue. Triumph supplied a kit with ceramic coated pistons (same as used in the 675) and new seals, to be fitted by your dealer, free of charge. This fixed the problem and during the 06 model run switched to these pistons as OEM.
Firstly I would try pushing the pistons back into the calipers and then pumping them up to see if that gives some temporary relief. If it does then it will confirm that you have this issue.