Inspiration Health - Final Results
16 June 2026
Inspiration Healthcare Group plc
("Inspiration Healthcare", the "Group" or the "Company")
Final results for the year ended 31 January 2026
Inspiration Healthcare Group plc (AIM: IHC), the global medical technology company, pioneering, specialist neonatal intensive care medical devices, announces its final results for the year ended 31 January 2026 ("FY26").
Financial Highlights
· Group revenue of £47.5m (FY25: £38.3m) up 24% on prior year
o SLE products £31.5m +56%
o Inspiration Healthcare £13.9m -11%
o Airon £2.1m -13%
· Gross profit of £20.8m (up 27% year-on-year) with margin of 43.7% (FY25: 42.8%)
· Adjusted EBITDA1 of £2.8m (FY25: £0.2m)
· Adjusted operating profit of £0.8m (FY25: loss of £1.9m)
· Operating loss of £0.1m (FY25: loss of £14.7m)
· Operating cash inflow of £7.5m (FY25: outflow (£1.5m)) with significant working capital improvements achieved in FY26
· Net debt3 (excluding IFRS16 lease liabilities) declined 39% to £5.1m (FY25: £8.3m)
1Earnings before interest, tax, depreciation, amortisation, impairment, share-based payments and non-recurring items
2Earnings before interest, tax, impairment, share-based payments and non-recurring items
3Cash and cash equivalents, less revolving credit facility and invoice finance borrowings
Operational Highlights
· Completion of biggest single export order for SLE6000 and SLE1500 for global humanitarian aid organisation and first part of Middle East order - £9.5m one-off export revenues
· Underlying SLE business growth of 10% and improving pipeline of opportunities for FY27
· Airon signs multi-year purchasing agreement with leading US healthcare provider
· Production output increased to meet demand through efficiency gains with further improvements planned for FY27
· Inventory reduced by 33% (£4.3m) to £8.8m through improved working capital management
· New range of SLE branded consumables on track for launch in FY27
· Development project for US market entry continues with FDA filing now expected in late 2027
· Achieved ISO14001 Environmental Management System certification and successful submission to the NHS Evergreen Framework
· Recruitment of regional managers for Asia Pacific, Latam and Airon to drive international sales, also medical affairs and director of marketing and product management with neonatal and clinical expertise to support commercial teams
Post year-end
· On 2 June 2026, the Group announced the transfer of the infusion business to Micrel Medical Devices SA with effect from the end of FY27 resulting in Inspiration Healthcare becoming a focussed neonatal business
· Net debt (excluding IFRS16 lease liabilities) at 31 May 2026 £5.6m
Outlook
· Current trading in line with Board expectations for FY27
· Orderbook and opportunity pipeline provide confidence in meeting full-year market expectations
· Further working capital improvement with inventory reducing
· The Board has confidence in the outlook for FY28 given the underlying performance of its core business units, notwithstanding the recently announced loss of the lower-margin infusion products distribution business which is expected to reduce revenues
Raffi Stepanian, CEO of Inspiration Healthcare, said: "FY26 has been a transformational year for the Group. The period has marked a transition from stabilisation under our Back-to-Basics strategy to growth execution, with a core focus on global market expansion, product innovation especially with regard to consumables and services; and operational efficiency improvements across the Group. We are positioned to scale through our three core platforms and strengthen our global leadership in neonatal ventilation and related neonatal medtech solutions.
"With a clear strategy, strengthened operational foundations and a portfolio of life-saving technologies trusted worldwide, we are now firmly focused on accelerating growth, expanding globally and delivering long-term value for patients, customers and shareholders."
For further information, please contact:
Inspiration Healthcare Group plc
Tel: +44 (0)330 175 0000
Raffi Stepanian, Chief Executive Officer
Alan Olby, Chief Financial Officer
Singer Capital Markets (Nominated Adviser & Broker)
Tel: +44 (0)20 3100 2000
Alex Bond
Jalini Kalaravy
Cavendish Capital Markets (Joint Broker)
Tel: + 44 (0)20 7220 0500
Giles Balleny / Joe Smith
Nigel Birks
Harriet Ward
Walbrook PR Ltd (Media & IR)
Tel: +44 (0)20 7933 8780 or inspirationhealthcare@walbrookpr.com
Anna Dunphy
Mob: +44 (0) 7876 741 001
Rachel Broad
Mob: +44 (0) 7747 515 393
About Inspiration Healthcare
Inspiration Healthcare (AIM: IHC) designs, manufactures and markets pioneering medical technology. Based in the UK, the Company specialises in neonatal intensive care medical devices, which are addressing a critical need to help to save the lives and improve the outcomes of patients, starting with the very first breaths of life.
The Company has a broad portfolio of its own products and complementary distributed products, for use in neonatal intensive care designed to support even the most premature babies throughout their hospital stay. Its own branded products range from highly sophisticated capital equipment such as ventilators for life support through to single-use disposables.
The Company sells its products directly to hospitals and healthcare providers in the UK and Ireland, where it also distributes a range of advanced medical technologies for infusion therapy. In the rest of the world the Company has an established network of distribution partners around the world giving access to more than 75 countries.
The Company operates in the UK from its world-class Manufacturing and Technology Centre in Croydon, South London and in the USA from its facility in Melbourne, Florida.
Further information on Inspiration Healthcare can be found at www.inspirationhealthcaregroup.com
Chair's Report
Welcome to my annual review as Chair of Inspiration Healthcare Group.
I am pleased to report that the Group had a strong performance in the year ended 31 January 2026 ("FY26") with almost all of our financial metrics now trending in the right direction over the period and exceeding original market expectations for the year.
Back-to-Basics Delivering
Overall FY26 revenues grew strongly by 24% in the year to £47.5m (FY25: £38.3m). As a result, Adjusted EBITDA also improved to £2.8m (FY25: £0.2m). Strong management of working capital also contributed to operating cash generation of £7.5m (FY25: £(1.5)m) which resulted in Net Debt (excluding IFRS16 liabilities) reducing by 39% to £5.1m at year end (FY2025: £8.3m).
The implementation of our Back-to-Basics strategy over the past two years has driven this improvement in performance and while we continue to focus on the basics of driving sales, improving profitability and working capital we are now evolving our strategic focus to identifying how we can deliver growth and leadership in our three refocused businesses:
1. SLE - a recognised global leader in neonatal ventilation which sells worldwide through a network of highly qualified distributors and through Inspiration Healthcare Ltd in the UK.
2. Inspiration Healthcare - our UK focused medtech distribution channel in the UK and Ireland selling SLE products and complementary products and solutions in the space and
3. Airon - a global leader in pneumatic ventilation, currently selling predominantly in the USA.
During the year besides executing the Back-to-Basics strategy under the leadership of Raffi Stepanian, our CEO, we updated our strategy strengthening our organisational structure, processes and culture. These improvements position us well for the future and the Board remains focused on maintaining the momentum we have created and delivering sustainable shareholder value.
Board and Organisation
As part of its ongoing governance of the business the Board continues to evaluate the focus and strategy of the business along with the resources and structure of the organisation including the Board itself to ensure alignment. As a result of this we saw the following changes to the Board in FY26:
§ Neil Campbell stepped down as Non-Executive Director in July 2025
§ Liz Shanahan stepped down as Non-Executive Director in November 2025
I would like to take this opportunity to thank Neil and Liz for their commitment and service to the business during their respective tenures.
We are fortunate to work in a business that helps save lives from the very first breath in this world. It is a privilege to work with our customers - the doctors and nurses around the world - to help make a difference every day. I would like to thank all our customers for their continued use of our products and the trust they place in us to support the lifesaving work they do.
I would also like to thank our employees and partners around the world for all their hard work. It is their dedication that makes Inspiration Healthcare the Company that it is, and I am proud of their efforts in rising to the daily challenges we face as a business in such a positive way.
Finally, I would like to thank our shareholders for their continuing support for the business. I believe we are now moving in the right direction and will be able to deliver on the potential the business has.
Long-term strategy
Following the FY25 pivotal year where we kicked-off the Back to Basics strategy, FY26 has been a year where we continued that focus while at the same time setting the new strategic direction of the Group, defining our organisational culture, mission and structure, enhancing our processes and starting to define our roadmap of solutions and offerings for our customers.
With a world-class manufacturing site in Croydon and a dynamic and motivated team we are well-positioned to reclaim leadership in the neonatal ventilation market globally with SLE, to be the partner of choice for neonatologists and the NHS in the UK with Inspiration Healthcare and to grow Airon globally as a unique provider of pneumatic ventilators.
The actions we have taken in the past year have strengthened our organisation, increased customer satisfaction metrics and energised our distribution partners who trust and are excited by our vision and future direction.
Whilst the transfer of the distribution of Micrel's infusion products will reduce revenues within our Inspiration Healthcare distribution business in the short term, we are confident in the Group's ability to capitalise on the opportunities ahead. We believe the business has a clear strategy, a solid portfolio of best-in-class, life-saving technologies that are addressing a critical need and are in constant demand worldwide and a strong team to deliver on the opportunities ahead of us.
Roy Davis
Non-Executive Chair
Chief Executive Officer's Report
Welcome to my first annual report as CEO of Inspiration Healthcare Group. The past year has seen a continuation of the changes started under our Chair (and at the time interim CEO) Roy Davis, with a focus on 'Back to Basics' and strengthening the organisation with renewed processes, structure and human resources.
'Back-to-Basics' aimed at putting our patients and customers at the very centre of everything we do by ensuring we are engaging with our end-users and sales channel distributors to provide excellence in the products we offer and the services we deliver. Ultimately, this will help us increase sales and improve our financial performance.
Our FY26 financial results were very positive, with revenue growth of 24% to £47.5m, (FY25 £38.3m), fuelled by our growth in core SLE capital sales, offset slightly by a decrease in Infusion Therapies and Airon. We have delivered on our targets of reduced running costs and inventory, while reducing working capital and net debt ahead of previous market expectations. We achieved this while working in parallel on our long-term improvements, towards a leaner and more efficient organisation.
During the year we have clarified our new strategy and the vision for the mid-term future of the Group. Looking at the company offerings, our strengths and opportunities, and the growth potential, we have re-aligned our activities and brands into three distinct business units:
SLE, with a well-recognised and strong brand name worldwide, is positioned as a global leader in neonatal ventilation. With its 70-year history and expertise, in-house R&D and clinical innovation, SLE is the core of our group and presents the biggest growth opportunity for the business. This growth will be achieved through:
- Market expansion: including entry to US, share gain in Western Europe and renewed focus on Asia Pacific and Latin America
- Consumables: increasing our product offerings and focused sales efforts, driving flow-business of accretive margins to ensure stable and higher quality revenue vs lumpier capital sales
- Service: through optimised customer offerings with Service-as-a-Product
Inspiration Healthcare, a strong brand in the UK and Ireland, is positioned as a trusted medtech distributor, focusing on neonatal care areas and infusion therapies. Our direct sales and field service teams hold a market-leading position in neonatal ventilation (through SLE products) and will drive the distribution of adjacent neonatal products that add value to customers with their innovation and comprehensive solution-based approach. We will review our portfolio continuously to add new products to that end.
Airon, a robust platform of good brand name in the US market with its unique pneumatic technology to ventilate adults to neonates. The products operate without any electronics or batteries and are ideal for transport, early mobility, ambulance and other emergency services settings. From its strong base in the US, we will grow the brand globally where there are significant opportunities.
With the different opportunities presented by these three business units, our vision is to double the sales for the group over the next five years. This will be achieved through detailed strategies specific to each of the businesses, with clear ownership and accountabilities across the organisation.
Key highlights of these three business units in the year follow below.
2026
2025
Revenue
£'000
£'000
SLE products
31,562
20,222
+56%
Inspiration Healthcare (Medtech distribution)
13,898
15,631
-11%
Airon
2,087
2,398
-13%
Total
47,547
38,251
+24%
SLE products:
Capital
23,041
12,475
+85%
Consumables
5,220
4,568
+14%
Service
3,301
3,179
+4%
31,562
20,222
+56%
SLE
Delivering breaths in moments that matter
It was a strong year for SLE, with sales growing 56% to £31.6m (FY25: £20.2m) driven the by the successful completion of a major project with a global humanitarian organisation in Central Asia and the first part of our Middle East contract, these large one-off export orders contributed £9.5m to revenue for the year. Besides the impact of these projects, the underlying SLE business also grew 10%, with a growing pipeline of orders and opportunities built for FY27, underlining the strong demand for our products globally.
In addition to the international success, our UK team grew ventilator capital unit sales by 20% in the year. We currently hold the market-leading position in neonatal ventilation with the NHS in England, a testament to the efforts of our team and the products and service we provide.
Sales in Europe declined during the year after a strong finish in FY25 due to the lumpy nature of capital sales. However, the pipeline looks stronger for FY27 with expected market share gain across all of Europe and specifically in Western Europe where our strategy of clinical marketing and increased sales support is delivering.
In the Middle East we delivered the first part of the large order which was previously announced (in FY25). We have shipped the second part of the order in H1 FY27 and are positive for the outlook for the region for the year.
Central Asia had a fantastic year with the large order from the global humanitarian organisation as a driver, in addition to continuous growth in the underlying business. With the large order currently installed, we expect further opportunities with consumables and service revenue, and good level of ongoing projects in the wider region. It remains a key geography for the company.
Asia-Pacific recorded a decline in sales which was again due to the lumpy nature of capital sales and a further loss of share in China due to local competition. We had success in India in FY26 where our back-to-basics approach resulted in record sales in the country where SLE has had a long-term distribution partner. Looking forward we see opportunities for growth in both these markets, as well as in Japan, where we are refocusing our efforts through our distribution partners. We have appointed a new Regional Manager for the region based in Singapore, and the increased level of support to our partners is already increasing our identified revenue pipeline.
Latin America is a region with significant potential and grew revenues from a low base in FY26. To support continued growth at the start of FY27 we appointed a Regional Manager for this region based in Mexico, and the response from our channel partners has been positive. This reinforces our confidence for the future sales in the region for FY27 and beyond.
In terms of product breakdown, our capital sales grew 85%, consumables by 14% and service by 4%. Currently our capital sales comprise 73% of the total SLE revenue and this underlines the importance of our strategy to focus on our consumables and service offerings to improve the profile of earnings and reduce the impact of lumpier capital orders. In FY27 we plan to launch several consumable products which support achieving this objective.
Alongside our flagship product range (SLE6000 series) which is geared towards high-acuity neonatal intensive care units (NICUs), during FY26 we have re-positioned and re-launched a complementary product, the SLE1500. This will enhance our position in lower-acuity care areas, like step-down (or high-dependency) units, intra-hospital transport and delivery rooms. Both products offer a continuum of care with innovative features like the Oxygenie® algorithm, which offers automated oxygen delivery to fragile neonates, helping to free up nursing time and keep neonates in specified oxygenation levels, to help minimise complications.
With a growing product range in capital devices, consumables and technical service, we are increasing our footprint and sales opportunities and solidifying SLE's position as a global leader in neonatal ventilation, across the neonatal care pathway.
We will be marking the 70th anniversary of SLE's foundation in 2026 and focus on its renewed purpose:
Delivering breaths in moments that matter
Inspiration Healthcare
Advancing Patient Care Together
Inspiration Healthcare is the Group's medtech distribution entity for UK & Ireland, and along with sales of the Group's own SLE products, it includes 3rd party neonatal products and the Infusion Therapies segment of ambulatory infusion pumps from Micrel.
Inspiration Healthcare sales declined in FY26 by 11% to £13.9m (FY25 £15.6m) mainly due to a 13% decline in sales of the Infusion Therapies products (sales of £9.7m versus £11.2m in FY25) which forms the biggest part of this unit (sales figures exclude UK/Ireland sales of SLE products).
The performance of the Infusion Therapies was due to overstocking by a major customer in FY25, impacting sales through most of FY26. This situation is now resolved and sales at the end of the year and the start of FY27 have returned to expected levels.
In the parenteral nutrition (PN) segment, the new Serena series along with the previous generation of pumps, PN+, command a market leading position with over 50% share of installed pumps in England. These are used primarily in a home setting. In pain management, the new Ultima series had a successful year with more than 50% growth in sales year-over-year. These pumps are used in hospital settings and follow the NHS purchasing process with tenders that are longer-term and often subject to long purchasing cycles. With focused marketing, strengthened clinical and sales teams we are confident about the future growth of this segment.
Inspiration Healthcare launched the Monsoon 4 jet ventilator for adult and paediatric surgery in the UK in FY26 following the receipt of its MDR certification, having been the UK distributor for Monsoon products for several years. We have a strong pipeline of opportunities for capital sales in FY27 from which we can also build recurring consumable and service revenues. Post period, the next generation neonatal transport incubator that the Group has also distributed for many years received it's MDR certification and there is a growing pipeline of opportunities for this much needed product.
In parallel, we are continuously streamlining the remainder of the 3rd party portfolio assessing the value of the products we distribute, only adding new solutions that would enhance our offering in the neonatal care domain, to position Inspiration Healthcare as a trusted partner of neonatologists in the UK and Ireland.
Airon
Giving breath to the world
Airon is a leading manufacturer of pneumatic ventilators, which can be used in patient transport and MRI for neonates through to adults. It has an established sales channel through a national distributor in the US, supported by our in-house sales team.
Airon revenues declined 13% to £2.1m (FY25 £2.4m). This was driven by slower-than-expected uptake by our national distributor and the delay in signing of a major contract towards the end of the year. In January 2026, we announced the signing of a significant three-year purchasing agreement with a large US healthcare provider which represents an important milestone in Airon's expansion in the US market. The agreement includes an initial order for 150 units of the Model A and Neo ventilators and provides a longer-term high-quality revenue stream for consumables and service. The initial capital order has been shipped in the first quarter of FY27.
During the year we appointed a new General Manager for the business and renewed our sales and marketing efforts to win a fair share for the products in the US, and moreover planned for the global expansion, through our existing SLE distribution channels. The global opportunity is real and will add the needed extra level of sales to Airon, in line with our goal of doubling revenue within the next 5 years.
Operations
Croydon is our manufacturing and distribution centre for the SLE and Inspiration Healthcare products while Airon operates out of Melbourne, Florida. Through the past couple of years, we have closed all our other sites across the UK and streamlined the UK business into two legal entities, reducing complexity within our operations.
With the increased demand on our SLE ventilators, we are proud to share that we have been able to increase our monthly output without additional resources, through more efficient assembly and testing processes. These efforts will continue in FY27 to identify and implement additional production efficiencies.
The supply chain challenges seen over recent years have decreased and, with improved working capital management, we reduced inventory by 33% (£4.3m) to £8.8m at 31 January 2026 and expect this to fall further in FY27, while ensuring we secure our short-term and long-term capabilities to manufacture and service our installed base of capital equipment and also reduce lead times for customer deliveries. Challenges remain with various (specifically electronic) components being discontinued or phased out and as a result our R&D and purchasing teams are continuously evaluating alternatives and upgrading our parts sourcing.
A significant undertaking in FY26 has been the upgrading of the Group's ERP system through which we manage all our transactions, from supply chain to operations, inventory management, finance, sales, service and customer interactions. We are now at a much more efficient level to deliver improvements in both customer satisfaction and speed in our processes.
Research and development
Apart from supply challenges, our R&D team have continued to focus on launching additional features for the SLE6000 and SLE1500 ventilators and progressing the FDA registration project, and a new consumables range for launch in FY27, as well as supporting the Group's transition to the new MDR standards in Europe.
The FDA application project remains our highest priority R&D project in terms of market expansion and growth, with our R&D and Regulatory teams fully engaged in this project which will deliver new electronics and software to extend the life of the SLE6000 internationally as well as providing a variant of the SLE6000 for submission to the FDA. Challenges associated with these changes for the US market combined with the approach being taken by the FDA to such submissions means that we now anticipate FDA filing in late 2027, with clearance in H1 2028.
We have identified a new ventilator technology platform with a broader market reach which would expand SLE's product portfolio, and which may also provide a lower risk route to US market entry. The technology is focussed on lower acuity care areas for step down care, not intensive care where the SLE6000 is targeted. This market segment is estimated to be approximately $116m globally with a ~5% CAGR and is more than double the market size of the intensive care segment where the SLE6000 has ~30% market share. Securing access to this technology would accelerate our time to market with a new product by at least three years. Management are currently undertaking due diligence to further assess this opportunity.
Organisation
In line with our overall strategy of creating a dynamic team, a focus on sales, and innovation in our product offerings, we have strengthened the organisation with new additions and various changes.
We have defined our internal values around Customer Focus, with the patient at the heart of everything we do. With a clear focus on Teamwork, Accountability and Ownership, as well as Continuous Improvement, we aim to unify the various organisational cultures into a single impactful force to deliver on the long-term vision:
To pioneer medical technology that improves patient care, starting with the very first breaths of life
To increase support for our distribution partners globally, we have strengthened the team with dedicated Regional Managers in Asia Pacific and Latin America, as well as the General Manager at Airon.
To lay the grounds for our future innovation as well as to strengthen our current clinical marketing and partnership with key opinion leaders, we have partnered with a globally renowned key opinion leader in neonatal ventilation, as well as appointed a Medical Affairs Director who is also a practicing clinician. We will further build this capability to include a clinical advisory board, to drive thought leadership in neonatal ventilation.
Finally, post year end, we have appointed a new Director of Product Management and Marketing with long-standing experience in both neonatal and ventilation segments, to lead our marketing team and global product managers.
We are continuously assessing our human resources with the constant urge to improve capabilities, through new additions, education and training.
Priorities for FY27
We start the new financial year with continued focus on our Back-to-Basics actions driving better financial performance, with clarified vision and strategy around three business units and a strong pipeline of sales in the UK and Internationally.
Our key priorities will be:
- Increasing share globally, specifically in Europe, while continuing to grow in AsiaPac, LatAm and Middle East (SLE)
- Launch of the first products in our consumables range (SLE)
- Development of our Service offerings
- Entry to US market - FDA submission project (SLE)
- Addition of valuable and adjacent 3rd party products to our neonatal offering (Inspiration Healthcare - UK)
- Due diligence and decision on ventilator technology platform
- Growth in emergency services in US and global market (Airon)
- Continued streamlining of group-wide ERP system for efficiency gains (Group)
- Continued focus on material management, inventory and working capital (Group)
Our team is geared up to the exciting year with clear goals and objectives, putting our patients at the centre of everything we do.
I want to thank them and our partners worldwide for their hard work in making our vision a reality, every day. With your dedicated efforts, we help our fragile patients have a better chance at leading healthy lives.
Post period
On 1 June 2026, the Group entered into a framework agreement with Micrel Medical Devices SA ("Micrel") for the transfer of the distribution of Micrel's infusion products to an entity controlled by Micrel effective from 31 January 2027.
The Group has been the exclusive distributor of Micrel's ambulatory infusion pumps and related consumables in the United Kingdom since 2011. During this time Inspiration Healthcare has built a market leading position in the homecare market for parenteral nutrition and a growing presence in the NHS. The infusion products generated revenue of £9.7million at a contribution margin of approximately 25% for the Group in the year ended 31 January 2026.
Under the terms of the framework agreement, the existing distribution agreement will expire on 31 January 2027 with Micrel taking full control for the sale and distribution of the products in the UK. The Inspiration Healthcare employees responsible for the infusion products will transfer to Micrel under TUPE from 1 July 2026. In addition, Micrel will buy back unsold inventory on the final transfer date and make a compensation payment to Inspiration Healthcare in exchange for the orderly transition of the business and reflecting the goodwill generated during Inspiration's tenure as UK distributor.
Inspiration Healthcare will continue to manage and sell the products during a transition period until 31 January 2027 meaning there will be no impact on the Group's revenue and gross profit estimates for the current financial year. The transfer of employees to Micrel on 1 July will generate savings in operating expenses in the second half. The Board expects these savings, combined with the compensation payment, to contribute to reducing net debt by approximately 20% during FY27.
Outlook
Current trading is in line with the Board's expectations, and the Group has an increasing orderbook and an improving pipeline of opportunities for FY27. We have already secured some notable orders from European distributors which has been a strategic priority under the back-to-basics campaign.
The announcement that the infusion product rights will return to Micrel after 31 January 2027, allows the Group to focus on its core business of neonatology and neonatal ventilation in particular which are the markets where we have the most growth potential. As such, we are increasing our focus on the strategy to grow sales of our own products and in particular drive growth in higher margin and recurring revenues from consumables and service. The Group has also identified opportunities to grow its product portfolio and footprint in this area through additional third party distribution and will continue to assess these and further opportunities.
Raffi Stepanian
Chief Executive Officer
Operational and Financial Review
Revenue
Group revenue increased 24% to £47.5m (FY25 £38.3m) driven by the strong performance of the SLE products in FY26 and as discussed in more detail in the Chief Executive Officer's report.
Gross profit
Gross profit of £20.8m was 27% higher than the prior year (FY25 £16.4m) and represents both absolute revenue growth and a gross margin increase to 43.7% for the year, from the 42.8% achieved in FY25. The margin improvement being driven by the growth in capital sales of the SLE products.
Operating profit and Adjusted EBITDA
The Group reported an Operating loss of £0.1m for the year (FY25 loss of £14.7m). This included non-recurring items of £0.9m (FY25 £12.8m) and an underlying Adjusted Operating profit of £0.8m (FY25 loss of 1.9m).
Administrative expenses excluding non-recurring items, increased by 10% to £20.2m (FY25: £18.3m) largely because of the large one-off export contracts delivered in the year. These projects were contracted directly with the end customers and not via a distributor unlike our traditional international sales. As a result, commissions were paid to local agents who were involved in the delivery of these contracts, which amounted to £1.7m. The Group also recorded foreign exchange losses of £0.6m in the year (FY25: £nil), excluding these items, underlying administrative expenses were 3% lower than the prior year reflecting the benefit of cost saving measures implemented in FY25 and ongoing cost control.
Adjusted EBITDA increased to £2.8m (FY25 £0.2m) due to the significant increase in revenue and the improved gross profit margin. A reconciliation of operating loss to adjusted EBITDA is set out below
2026
£000
2025
£000
Operating loss
(78)
(14,686)
Non-recurring items
867
12,802
Adjusted Operating loss
789
(1,884)
Depreciation
1,235
1,315
Amortisation of intangible assets
615
894
Share based payments
146
(115)
Adjusted EBITDA
2,785
210
Non-recurring items in FY26 were £0.9m (FY25 £12.8m). These are predominantly restructuring costs resulting from employee severance payments, and increased provision for dilapidations at the Group's old site in Croydon where the leases were formally exited during the year. See note 3 for further detail on non-recurring items.
Net finance expenses reduced by 13% to £0.9m (FY25 £1.1m) reflecting the declining level of average net debt carried through the course of the year, combined with a fall in the effective interest rate compared with FY25 as prevailing market rates also fell.
Loss per share
Basic loss per share for the year was 1.16pence per share compared to a basic loss per share in FY25 of 18.82pence.
Dividends
The Board is not recommending payment of a final dividend (FY25 nil) while the focus remains on reducing net debt and investing in the SLE product portfolio. The Board has therefore agreed to maintain the suspension of dividend payments until further notice and will keep the dividend policy under review.
Non-current assets
The value of non-current assets as at 31 January 2026 totalled £17.1m, an increase of £1.2m over the year as additions to capitalised research and development costs and property, plant and equipment exceeded depreciation and amortisation charges for the year. The Group increased its investment in the SLE product portfolio in FY26 capitalising £2.1m of costs predominantly linked to development projects for the SLE6000 product, compared with £1.4m in FY25.
Current assets and liabilities
Current assets reduced by £6.6m to £18.6m at 31 January 2026 with a strong focus on working capital management as part of the back-to-basics campaign. Inventory was reduced by £4.3m (33%) in the year to £8.8m (FY25 £13.1m) because of strong sales of capital items combined with improved forecasting and additional purchasing controls. Inventory is expected to fall further in the coming year. Trade and other receivables were also reduced by £2.7m to £8.6m (FY25 £11.3m) resulting from our focus on strengthening credit control, and despite increased sales in the last quarter.
Trade and other payables reduced to £6.2m at 31 January 2026 (FY25 £8.2m) due to a significant reduction in trade payables following the actions taken to reduce inventory and the timing of purchases around year end.
Non-current liabilities
Borrowings under the Group's RCF reduced by £3.0m to £4.0m and non-current lease liabilities fell by £0.3m leaving non-current liabilities of £9.4m at 31 January 2026 compared to £12.6m a year ago.
Cash generated from operations
Net cash generated from operations was £7.5m for the year, a significant turn round from the £1.5m outflow in FY25. This was achieved through a combination of the increase in adjusted EBITDA, a significant reduction in working capital and R&D tax credits received of £0.7m. These R&D tax credits represent claims in relation to three financial years (FY23-FY25) which were completed during the year.
Cashflows from investing and financing activities
Cash used in investing activities increased to £3.0m (FY25: £1.7m) as investment in R&D projects to support the SLE products increased. Capitalised development costs were £2.1m in the year (FY25: £1.4m) and capital expenditure £0.6m (FY25 £0.5m).
Cash outflow from financing activities amounted to £4.1m (FY25: inflow of £3.6m) and comprised net repayments of the Group's RCF of £3.0m (FY25: drawings of £2.0m), interest on borrowings of £0.7m (FY25: £0.8m) and lease payments of £0.7m (FY25: £0.7m).
Net debt
Net debt (excluding IFRS16 lease liabilities) declined by £3.2m (39%) to £5.1m at 31 January 2026, compared with £8.3m at 31 January 2025 showing the benefits of improved adjusted EBITDA and working capital management during the year.
The Group retains access to its Revolving Credit Facility ('RCF') of £10.0m as well as an invoice discounting facility of up to £5.0m. As at 31 January 2026, £4.0m of the RCF and £2.3m of the invoice discounting facility were being utilised.
Alan Olby
Chief Financial Officer
Consolidated Income Statement
for the year ended 31 January 2026
2026
2026
2026
2025
2025
2025
Note
Adjusted
£'000
Non-recurring items
£'000
Total
£'000
Adjusted
£'000
Non-recurring items
£'000
Total
£'000
Revenue
2
47,547
-
47,547
38,251
-
38,251
Cost of sales
(26,786)
-
(26,786)
(21,873)
-
(21,873)
Gross profit
20,761
-
20,761
16,378
-
16,378
Administrative expenses
3
(20,241)
(867)
(21,108)
(18,262)
(12,802)
(31,064)
Other income
269
-
269
-
-
-
Operating loss
789
(867)
(78)
(1,884)
(12,802)
(14,686)
Finance income
10
-
10
34
-
34
Finance expense
(937)
-
(937)
(1,096)
-
(1,096)
Loss before tax
(138)
(867)
(1,005)
(2,946)
(12,802)
(15,748)
Income tax
4
(35)
-
(35)
781
-
781
Loss for the year attributable to owners of the parent company
(173)
(867)
(1,040)
(2,165)
(12,802)
(14,967)
Loss per share
Basic (pence per share)
5
(1.16p)
(18.82p)
Consolidated Statement of Comprehensive Income
for the year ended 31 January 2026
2026
2026
2026
2025
2025
2025
Adjusted
£'000
Non-recurring items
£'000
Total
£'000
Adjusted
£'000
Non-recurring items
£'000
Total
£'000
Loss for the year
(173)
(867)
(1,040)
(2,165)
(12,802)
(14,967)
Other comprehensive (expense)/income
Currency translation differences
(73)
-
(73)
24
-
24
Total other comprehensive (expense)/income for the year
(73)
-
(73)
24
-
24
Total comprehensive loss for the year
(246)
(867)
(1,113)
(2,141)
(12,802)
(14,943)
Consolidated Statement of Financial Position
as at 31 January 2026
2026
2025
Note
£'000
£'000
Assets
Non-current assets
Intangible assets
6
7,078
5,333
Property, plant and equipment
7
5,651
5,889
Right of use assets
4,388
4,709
17,117
15,931
Current assets
Inventories
8
8,848
13,083
Trade and other receivables
9
8,574
11,336
Cash and cash equivalents
1,173
733
18,595
25,152
Total assets
35,712
41,083
Liabilities
Current liabilities
Trade and other payables
10
(6,165)
(8,238)
Contract liabilities
(818)
(498)
Borrowings
11
(2,289)
(2,089)
Lease liabilities
(434)
(540)
Provisions
12
(927)
(467)
(10,633)
(11,832)
Non-current liabilities
Contract liabilities
(113)
-
Borrowings
11
(4,000)
(6,985)
Lease liabilities
(5,044)
(5,361)
Provisions
12
(254)
(270)
(9,411)
(12,616)
Total liabilities
(20,044)
(24,448)
Net assets
15,668
16,635
Shareholders' equity
Share capital
8,966
8,966
Share premium
19,487
19,487
Reverse acquisition reserve
(16,164)
(16,164)
Share based payment reserve
311
165
Foreign exchange reserve
(49)
24
Retained earnings
3,117
4,157
Total equity
15,668
16,635
Consolidated Statement of Changes in Equity
Share
capital
Share
premium
Reverse
acquisition
reserve
Share based
payment
reserve
Foreign exchange
reserve
Retained
earnings
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
At 1 February 2024
6,823
18,905
(16,164)
280
-
19,124
28,968
Loss for the year
-
-
-
-
-
(14,967)
(14,967)
Exchange differences arising on translation of overseas subsidiaries
-
-
-
-
24
-
24
Total comprehensive loss for the year
-
-
-
-
24
(14,967)
(14,943)
Transactions with owners in their capacity as owners
Issue of ordinary shares, net of transaction costs and tax
2,143
582
-
-
-
-
2,725
Share based payment credit
-
-
-
(115)
-
-
(115)
Total transactions with owners
2,143
582
-
(115)
-
-
2,610
At 31 January 2025
8,966
19,487
(16,164)
165
24
4,157
16,635
Loss for the year
-
-
-
-
-
(1,040)
(1,040)
Exchange differences arising on translation of overseas subsidiaries
-
-
-
-
(73)
-
(73)
Total comprehensive loss for the year
-
-
-
-
(73)
(1,040)
(1,113)
Transactions with owners in their capacity as owners
Share based payment expense
-
-
-
146
-
-
146
Total transactions with owners
-
-
-
146
-
-
146
At 31 January 2026
8,966
19,487
(16,164)
311
(49)
3,117
15,668
Consolidated Cash Flow Statement
for the year ended 31 January 2026
2026
2025
Note
£'000
£'000
Cash flows from operating activities
Loss for the year
(1,040)
(14,967)
Adjustments for:
Depreciation and amortisation
1,850
2,209
Remeasurement of leases, including foreign exchange differences
14
13
Impairment of intangible assets
-
8,492
Impairment of tangible assets and right of use assets
-
1,808
Employee share scheme expense/(credit)
146
(115)
R&D tax credit
(262)
-
Loss on disposal of tangible assets
76
8
Finance income
(10)
(34)
Finance expense
937
1,096
Income tax
4
35
(781)
1,746
(2,271)
Changes in working capital
Decrease in inventories
4,235
660
Decrease/(increase) in trade and other receivables
2,047
(2,214)
(Decrease)/increase in trade and other payables
(2,140)
1,753
Increase/(decrease) in contract liabilities
433
(127)
Increase in provisions
423
737
Cash flows generated from/(used in) operations
6,744
(1,462)
Taxation received/(paid)
796
(87)
7,540
(1,549)
Cash flows from investing activities
Interest received
10
34
Proceeds from sale of short-term investments
-
197
Purchase of property, plant and equipment
7
(610)
(529)
Purchase of intangible assets
6
(224)
(62)
Capitalised development costs
6
(2,136)
(1,379)
Net cash used in investing activities
(2,960)
(1,739)
Cash flows from financing activities
Proceeds from issue of shares
-
2,725
Principal elements of lease payments
(579)
(758)
Principal elements of lease receipts
140
310
Interest paid on lease liabilities
(250)
(253)
Interest paid on loans and borrowings
(666)
(833)
Proceeds from invoice financing facility
11
200
435
Proceeds from revolving credit facility
11
1,015
2,980
Repayment of revolving credit facility
11
(4,000)
(997)
(4,140)
3,609
Net increase in cash and cash equivalents
440
321
733
412
Cash and cash equivalents at the end of the year
1,173
733
Notes to the Consolidated Financial Statements
1 Basis of the announcement
Inspiration Healthcare Group plc ("Company") is a public limited company incorporated in England and Wales and domiciled in England. The Company's registered address is Unit 7/8, Commerce Park, Commerce Way, Croydon, CR0 4YL and the registered company number is 03587944. The Company's ordinary shares are traded on the AIM Market of the London Stock Exchange plc.
The principal activities of Inspiration Healthcare Group plc and its subsidiaries (together, the "Group") continue to be the sale, service and support of critical care equipment to the medical sector including hospitals.
The individual financial statements of each entity in the Group are presented in the currency of the primary economic environment in which it operates (the functional currency). The Group Financial Statements are presented in pounds sterling, which is the presentation currency of the Group.
The financial information included in this announcement does not constitute the Company's statutory accounts for the year ended 31 January 2026 but is derived from those accounts. Statutory accounts for the year ended 31 January 2025 have been delivered to the registrar of companies. The auditor has reported on those accounts; their report was (i) unqualified (ii) did not include a reference to any matters to which the auditor drew attention to by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The consolidated financial statements of the Group have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and in accordance with the UK adopted international accounting standards.
Going concern
The Group relies on a combination of cash generated from operations and borrowing facilities from external lenders to finance its ongoing operations. The Group has access to a revolving credit facility ('RCF') of £10.0million and an invoice finance facility of up to £5.0million. The RCF facility contains certain customary financial covenants relating to the Group.
The Directors have considered financial projections for the next 18 months covering several scenarios including the transfer of the infusion products to Micrel from 31 January 2027, these include a significant revenue downside versus the budget for the period and certain mitigating actions within the Directors control. These projections demonstrate that the Group can operate within the facilities available to it and meet the relevant covenant targets for the foreseeable future.
The Directors, after taking into account the available facilities, its trading projections including working capital requirements, believe that they have a reasonable basis for concluding that the Group has adequate liquidity to continue as a going concern and have therefore adopted the going concern basis in the preparation of these financial statements. The financial statements do not reflect any adjustments that would be required if they were prepared on a basis other than the going concern basis.
Alternative financial measures
In the reporting of its financial performance, the Group uses certain measures that are not defined under IFRS, the Generally Accepted Accounting Principles (GAAP) under which the Group reports. The Directors believe that these non-GAAP measures assist with the understanding of the performance of the business. These non-GAAP measures are not a substitute for, or superior to, any IFRS measures of performance but they have been included as the Directors consider them to be an important means of comparing performance year-on-year and they include key measures used within the business for assessing performance.
The Group refers to the following alternative financial measures:
Measure
Definition
Adjusted EBITDA
Earnings before interest, tax, depreciation, amortisation, share based payments and non-recurring items
Adjusted Operating Profit/(Loss)
Operating profit/(loss) before non-recurring items
Net Debt excluding IFRS 16 lease liabilities.
Cash and cash equivalents, short term investments, less revolving credit facility and invoice financing borrowings
2 Revenue
The Group derives revenue from the transfer of goods and services over time and at a point in time in the following product and geographical split:
2026
2025
£'000
£'000
Products:
SLE Products
31,562
20,222
Inspiration Healthcare (Medtech distribution)
13,898
15,631
Airon
2,087
2,398
Total
47,547
38,251
Geography:
Domestic
- UK
17,093
19,629
- Ireland
1,032
656
International
- Europe
4,046
5,325
- Asia Pacific
18,657
7,204
- Middle East & Africa
3,185
1,907
- Americas
3,534
3,530
Total
47,547
38,251
3 Non-recurring Items
During the year, the Group recognised the following non-recurring items:
2026
2025
£'000
£'000
Impairment of goodwill and other assets
-
10,300
Restructuring
895
1,584
Contingent consideration, including foreign exchange gains
(74)
813
Other
46
105
Total
867
12,802
Restructuring costs of £895,000 (2025: £1,584,000) largely relate to severance payments arising from the restructuring of the Group's operations, as well as legal expenses associated with lease exits and exercising break options. These costs also include dilapidation provisions of £584,000 (2025: £415,000) associated with the exit of vacated premises in Hailsham and Croydon.
A credit of £74,000 was recognised in the year relating to the foreign exchange gains arising on the settlement of the contingent consideration due to the former shareholders of Airon. The maximum consideration of $1,000,000 was paid during the year on the basis that Airon revenue targets for the 12-month period ended 30 April 2025 were fully met.
Other non-recurring costs of £46,000 (2025: £105,000) comprise of settlement expenses and legal and professional fees associated with a contract dispute.
4 Income tax
Analysis of tax for the year is as follows:
2026
2025
£'000
£'000
Current tax
UK corporation tax
Current year
45
(134)
Prior year adjustment
7
(647)
Overseas income tax
Current year
(17)
-
Tax charge/(credit) on loss on ordinary activities
35
(781)
The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax applied to the Group's losses for the year are as follows:
Effective Tax Rate
2026
2025
2026
2025
£'000
£'000
%
%
Loss on ordinary activities before taxation
(1,005)
(15,748)
Tax using the effective UK corporation tax rate of 25.00% (2025: 25.00%)
(252)
(3,937)
25.0
25.0
Effects of:
Non-deductible expenses
62
2,832
(6.1)
(18.0)
Additional deduction for research and development
-
(155)
-
1.0
Fixed asset differences
3
1
(0.3)
-
R&D expenditure credits
66
-
(6.6)
-
Surrender of tax losses for R&D tax credit refund
-
202
-
(1.3)
Adjustment in respect of prior periods
7
(647)
(0.7)
4.1
Unrecognised temporary differences
166
923
(16.5)
(5.9)
Overseas tax refund
(17)
-
1.7
-
Total tax charge/(credit)
35
(781)
Effective tax rate
(3.5)
4.9
5 Loss per ordinary share
Basic loss per share for the year is calculated by dividing the loss attributable to ordinary shareholders for the year after tax by the weighted average number of shares in issue.
Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares in issue to assume conversion of all potential dilutive ordinary shares. No separate diluted loss per share is presented in the current and prior year as the exercise of share options would have the effect of reducing loss per share and is therefore not dilutive.
2026
2025
Loss attributable to equity holders of the company £'000
(1,040)
(14,967)
Weighted average number of shares in issue during the year
89,663,372
79,534,567
Dilutive effect of potential ordinary shares:
n/a
n/a
Diluted weighted average number of shares in issue during the year
n/a
n/a
The basic and diluted loss per share for the year are as follows:
2026
2025
Loss per share (pence)
(1.16)
(18.82)
6 Intangible assets
Intangible assets
Development
Intellectual
Goodwill
acquired
costs
property
Software
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 1 February 2024
7,938
5,540
7,232
276
959
21,945
Capitalised in the year
-
-
1,379
-
62
1,441
At 1 February 2025
7,938
5,540
8,611
276
1,021
23,386
Capitalised in the year
-
-
2,136
-
224
2,360
Disposals
-
-
-
(139)
-
(139)
At 31 January 2026
7,938
5,540
10,747
137
1,245
25,607
Accumulated amortisation and impairment
At 1 February 2024
-
2,238
5,395
276
758
8,667
Charge in the year
-
605
144
-
145
894
Impairments
7,610
403
461
-
18
8,492
At 1 February 2025
7,610
3,246
6,000
276
921
18,053
Charge in the year
-
457
105
-
53
615
Disposals
-
-
-
(139)
-
(139)
At 31 January 2026
7,610
3,703
6,105
137
974
18,529
Net book value
At 31 January 2026
328
1,837
4,642
-
271
7,078
At 31 January 2025
328
2,294
2,611
-
100
5,333
The Group tests goodwill and other intangible assets for impairment on an annual basis, or more frequently if there are indications that assets may be impaired. Goodwill and intangible assets are allocated on an individual basis to individual Cash Generating Units ('CGU'). The Directors have allocated the business to two CGUs being the legacy business created from the combination of Inspiration Healthcare, Viomedex and SLE, and Airon Corporation.
The recoverable amount of each CGU has been determined from value in use calculations. The key assumptions for the value in use calculations are the discount rate and growth rates used for future cash flows and the anticipated future changes in revenue and costs.
As a result of the impairment review for the year ended 31 January 2025, an impairment charge has been recognised in relation to the legacy business of £10,300,000 following a reassessment of the future cash flows and taking account past performance. This impairment loss has been allocated firstly against the £7,610,000 goodwill of this CGU which has been fully written down and then on a pro rata basis against other non-current assets of the CGU. No further impairment testing has been undertaken for this CGU in FY26 on the basis that the goodwill has been fully written down and there has been no significant change in future forecast cash flows that would result in a change in this assessment.
The forecasts for the Airon CGU cover a five-year period are based on the detailed budget for the year ended 31 January 2027 approved by the Board. The cashflows beyond the budget are extrapolated for a further four-year period based on future expectations. This forecast is then extrapolated to perpetuity using a 2.0% (FY25: 2.5%) growth rate.
Annual growth rates for revenues for the five-year forecast period have been included at 5% year-on-year and costs at 5% year-on-year. A post-tax discount rate of 12.5% (FY25: 12.5%) has been used in these calculations, equivalent to 15.3% on a pre-tax basis. The discount rate uses weighted average cost of capital which is reflective of a medical device Company operating in the USA.
For the Airon CGU, there is no reasonably foreseeable increase in the discount rate that would need to be applied for headroom to be eliminated.
7 Property, Plant and Equipment
Leasehold improvements
Fixtures and fittings
Plant, machinery, office equipment
Motor
vehiclesTotal
£'000
£'000
£'000
£'000
£'000
Cost
At 1 February 2024
6,919
87
2,479
50
9,535
Additions in the year
46
3
442
38
529
Disposals in the year
-
(6)
(6)
(50)
(62)
At 1 February 2025
6,965
84
2,915
38
10,002
Additions in the year
135
-
475
-
610
Foreign exchange differences
-
-
(7)
-
(7)
Reclassification
47
(34)
(13)
-
-
Disposals
-
(2)
(1,157)
-
(1,159)
At 31 January 2026
7,147
48
2,213
38
9,446
Accumulated Depreciation
At 1 February 2024
553
31
1,764
50
2,398
Charge for the year
352
10
375
4
741
Disposals
-
(2)
(2)
(50)
(54)
Impairments
908
7
108
5
1,028
At 1 February 2025
1,813
46
2,245
9
4,113
Charge for the year
319
2
437
8
766
Foreign exchange differences
-
-
(1)
-
(1)
Disposals
-
(1)
(1,082)
-
(1,083)
At 31 January 2026
2,132
47
1,599
17
3,795
Net book value
At 31 January 2026
5,015
1
614
21
5,651
At 31 January 2025
5,152
38
670
29
5,889
Depreciation charged for the financial year is split between cost of sales £79,000 (2025: £104,000) and administrative expense £687,000 (2025: £637,000) in the Consolidated Income Statement.
8 Inventories
2026
2025
£'000
£'000
Raw materials
4,421
7,233
Work in progress
673
337
Finished goods
3,754
5,513
Total
8,848
13,083
Inventories are presented net of provisions of £805,000 (2024: £544,000) to write down the values to management's estimate of net realisable value.
9 Trade and other receivables
2026
2025
£'000
£'000
Trade receivables
7,571
9,594
Loss allowance
(162)
(247)
Net trade receivables
7,409
9,347
Corporation tax receivable
211
786
Other taxes and social security
317
319
Net investment in leases
20
166
Other receivables
75
93
Prepayments and accrued income
542
625
Total
8,574
11,336
10 Trade and other payables
2026
2025
£'000
£'000
Trade payables
3,196
5,661
Other taxes and social security
344
404
Other payables
208
184
Accrued expenses
2,417
1,989
Total
6,165
8,238
11. Borrowings
2026
2025
£'000
£'000
Current liabilities
Invoice Financing Facility
2,289
2,089
Non-current liabilities
Revolving Credit Facility
4,000
6,985
Total
6,289
9,074
Invoice Financing Facility
The Group continues to benefit from an invoice financing facility to borrow against notifiable trade receivables. The arrangement with the bank is such that the customers remit cash directly with the bank and invoices are settled against the facility. The Group continues to bear the credit risk relating to any defaulting customers and therefore the related trade receivables continue to be recognised on the Group's Statement of Financial Position. Availability under the facility is capped at £5,000,000 and borrowings bear interest at 2.05% over base rate. There are no covenants relating to this facility.
Revolving Credit Facility ('RCF')
The Group has a committed RCF of £10,000,000 with a three-year term expiring in February 2027 with the option to extend for a further year. Covenants over interest cover and leverage are in place and are tested quarterly. Interest on borrowings from the RCF is charged at 3.25% over SONIA.
Covenants in place for 2026 and beyond require interest cover of greater than 3.0x and leverage of less than 2.0x with drawings from the invoice finance facility being excluded from the value of borrowings for the purposes of the leverage test.
A temporary cap on drawings from the RCF at £7,800,000 implemented in late 2024, has now been removed, allowing the Group access to the full facility, subject to ongoing covenant compliance.
The movement in the RCF borrowings during the year was as follows:
2026
2025
£'000
£'000
At 1 February
6,985
5,002
Proceeds from drawdown of loans
1,015
2,980
Repayment of loans
(4,000)
(997)
At 31 January
4,000
6,985
12. Provisions
2026
2025
£'000
£'000
At 1 February
737
-
Reallocation from trade and other payables
-
312
Unwinding of discount
10
10
Utilised in year
(165)
-
Charged to Consolidated Income Statement
599
415
At 31 January
1,181
737
Due within one year or less
927
467
Due after more than one year
254
270
1,181
737
The Group has recognised provisions of £1,181,000 (2025: £737,000) relating to leasehold dilapidations. Leasehold dilapidations relate to the estimated cost of returning a leasehold property to its original state at the end of the lease in accordance with the lease terms. The main uncertainly relates to estimating the cost that will be incurred at the end of the lease.
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Recent news on Inspiration Healthcare
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Inspiration Health - Final Results
Brief: Inspiration Healthcare Group Enters Framework Agreement With Micrel Medical Devices SA On 1 June
Inspiration Health - Notice of Results
Inspiration Health - Transfer of Non-Core Products to Focus on Neonatal