REG - One Health Group PLC - Final Results
23/06/2025 07:00
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RNS Number : 8558N One Health Group PLC 23 June 2025
One Health Group plc
("One Health", the "Company" or the "Group")
Results for the year to 31 March 2025
Notice of Annual General Meeting
and
Dividend Timetable
One Health Group plc (AIM: OHGR), an independent provider of NHS-funded
medical procedures, for patients referred through 'Patient Choice' for
treatment in Orthopaedics, Spine, General Surgery, Gynaecology and Urology,
announces its audited results for the year ended 31 March 2025.
Financial Highlights
• Turnover of £28.4 million (FY24: £23.0 million) an organic increase of 23%.
• Underlying EBITDA £2.02 million (FY24: £1.52 million) an increase of 33%.
• Underlying adjusted earnings per share of 13.75 pence (FY24: 7.42 pence) an
increase of 185%.
• Following listing on AIM on 20 March and fundraise, year-end cash was £11.4
million (2024: £4.7 million) (including cash in the Employee Benefit Trust of
£1.2 million) providing substantial resources for investment in growth,
including funding of our first surgical hub.
• Final dividend proposed of 4.13 pence per share, in line with the Board's
stated dividend policy.
• Total dividend paid in respect of the year ended 31 March 2025 of 6.20 pence
per share, with dividend cover of 2.2 times.
• The Financial Statements are set out below and should be read in conjunction
with the 2025 Annual Report which contains the notes to the Financial
Statements. The Annual Report and Financial Statements 2025 can be viewed
here: www.onehealth.co.uk/investors (http://www.onehealth.co.uk/investors)
• Post period-end, trading in the first quarter has remained strong.
Strategic Highlights: Surgical Hubs
• Contracts exchanged to purchase land in the North of England with a full
planning application submitted in March 2025 for the construction of the first
Surgical Hub which is expected to deliver significant additional operating
capacity in 2026. Subject to planning approval, construction work is expected
to commence in H1 2025/26.
• Further locations are being explored for a second Surgical Hub and One Health
continues to identify additional operating capacity in the independent sector
to help deliver on Government Waiting List reduction targets.
Operational Highlights
• The Group has maintained strong momentum over the year delivering new records
in all operational KPIs.
• 28% increase in new NHS patient referrals to 17,020 for the year
(FY24:13,266).
• Total patient consultations of 42,238 delivered, an increase of 25% (FY24:
33,695).
• A total of 7,043 surgical procedures delivered for NHS patients (FY24: 6,169)
a 14% increase, delivered through 9 independent hospitals.
• 80 NHS Consultants provided their services to the Group over the year, an
increase of 27% (FY24: 63).
• Introduced Urology to the range of procedures provided to support a wider
population of NHS patients.
• Established 5-year contracts with the Group's largest NHS commissioners
representing approximately 70% of revenue, moving away from the historic
annual renewal process and derisking future revenue streams.
• Support provided to six NHS trusts over the year with internal waiting list
reductions with NHS waiting list patient transfers representing 10% of full
year revenue.
• New agreement between the NHS and independent sector announced on 6 January
2025 to help tackle waiting lists and actively promote 'greater patient
choice' with the NHS increasingly looking to independent providers for
additional support.
Commenting on trading and the outlook, Adam Binns, Chief Executive Officer,
said:
"The whole team have delivered an exceptional year with multiple records
established in key operational and financial measures across the organisation.
"In addition to a significant uplift in direct referrals from NHS patients
exercising their statutory right to choose One Health as their provider of
care through 'Patient Choice' after visiting their GP, we have continued to
support five individual NHS Trusts' with their internal patient waiting lists,
further reducing the pressure on the NHS.
"Amongst several highlights in the year was a successful listing on AIM in
March raising £7.8 million, with net proceeds to the Group of £5.6 million
and £2.2 million gross proceeds to selling shareholders. This funding will be
used to develop our first surgical hub, a key part of our mid to long term
growth strategy to deliver strategic surgical capacity growth in underserved
areas, with planning feedback expected shortly.
"We have delivered a strong performance in all our three drivers of growth;
more patients, more operating theatre capacity and a record number of new
surgeons applying to provide their services to the Group. This has enabled us
to provide our services to a wider community of NHS patients.
"Finally, and importantly, key to our continued development is the investment
in our people to ensure we continue to attract and retain the best talent,
whilst focussing on nurturing and developing the expertise within the One
Health team to support robust, clinically safe growth.
"Given the considerable progress made over the last year, One Health is well
placed to support the increasing demands of NHS commissioners and NHS patients
through the delivery of fast, free, local healthcare.
"Activity into Q1 26 has remained strong and we look forward to the future
with confidence, as our business model which has been providing care, free at
the point of delivery to NHS patients for over 20 years, continues to grow,
providing more care to more patients through 'Patient Choice' across an
ever-increasing geography to reduce the pressure on the NHS."
Online investor presentation
Derek Bickerstaff, Chairman and Adam Binns, Chief Executive Officer will
provide an overview of the Company's full-year financial results, key
achievements and strategic outlook via a SparkLive Webcast at 15:30 BST today
(Monday, 23 June 2025). The presentation will offer insights into One Health's
growth strategy and long-term vision, and will be followed by a live Q&A.
Please click on the link below to register for the webcast:
https://sparklive.lseg.com/ONEHEALTHGROUP/events/d0e32595-a4a2-4379-a646-7da97431a300/one-health-group-investor-event-and-full-year-results-announcement-for-2025
(https://sparklive.lseg.com/ONEHEALTHGROUP/events/d0e32595-a4a2-4379-a646-7da97431a300/one-health-group-investor-event-and-full-year-results-announcement-for-2025)
Participants will be able to submit questions using the 'Ask a question'
button on the webcast page.
Notice of AGM
One Health announces that the 2025 Annual General Meeting ("AGM") of the
Company will be held at 131 Psalter Lane, Sheffield S11 8UX on Friday 12
September 2025 at 11:00 a.m.
Full details of the AGM (including how to participate in the AGM) and the
resolutions that will be put to shareholders are set out in the Notice of AGM.
The Company's Annual Report and Financial Statements 2025, Notice of AGM and
Proxy Form have been posted today to all shareholders who have elected to
receive printed copies. Electronic copies of these documents are available on
the Company's website: www.onehealth.co.uk/investors
(http://www.onehealth.co.uk/investors) .
Dividend Timetable
The Company proposes to declare a final dividend of 4.13p per ordinary share
in respect of the year ended 31 March 2025, subject to shareholder approval at
the Company's forthcoming AGM. The ex-dividend date for the final dividend is
4 September 2025, the record date is 5 September 2025 and the expected payment
date is on or around 19 September 2025.
This announcement contains inside information for the purposes of
the UK Market Abuse Regulation and the Directors of the Company are
responsible for the release of this announcement.
For more information, please contact:
One Health Group plc www.onehealth.co.uk/investors (http://www.onehealth.co.uk/investors)
Derek Bickerstaff, Chairman Via Walbrook PR
Adam Binns, CEO
Panmure Liberum (Nominated Adviser and Broker) Tel: +44 (0)20 3100 2000
Emma Earl, Will Goode, Mark Rogers
Rupert Dearden
Walbrook PR (Media & Investor Relations) Tel: +44 (0)20 7933 8780 or onehealth@walbrookpr.com
(mailto:onehealth@walbrookpr.com)
Alice Woodings / Paul McManus /
Mob: +44 (0)7407 804 654 / +44 (0)7980 541 893 /
Rachel Broad
+44
(0)7747 515 393
Further information on the Company can be found on its website at
www.onehealth.co.uk (http://www.onehealth.co.uk) .
About One Health Group plc
One Health engages 80 NHS Consultants (excluding anaesthetists) who
sub-specialise in the various surgeries offered by the Company, through a
growing network of community-based outreach clinics and surgical operating
locations. One Health continues to deliver strong growth and, in the year, to
March 2025 provided much needed care to 17,020 new patients, through over
42,000 consultations and over 7,000 surgical procedures. One Health deploys
surgeons and anaesthetists that are mostly employed by the NHS, on a
subcontracted basis. It currently works with over 100 professionals across 9
independent hospitals and 37 outreach clinics. Within these community-based
outreach clinics all consultations and post operative physiotherapy is
delivered where required, reducing patient inconvenience and excess travel.
One Health's activities are focused on areas where NHS patient needs are
under-supplied by the local NHS service, population density is relatively high
and the level of private medical insurance or the ability to self-fund is
relatively low. Currently, the Company's activities are focused in Yorkshire,
Lincolnshire, Derbyshire, Nottinghamshire and Leicestershire. Revenue is
derived from over 60 NHS commissioning bodies in addition to contracts with
local NHS Hospital Trusts to transfer their internal waiting list patients to
One Health for quicker treatment.
One Health's business model has focused to date on four main areas:
orthopaedics, spine, general surgery and gynaecology, with urology introduced
at the end of FY25.
Spine and orthopaedics are particularly attractive areas for One Health as the
Directors believe that they benefit from powerful growth drivers in terms of
an ageing demographic, physical inactivity and an increasing proportion of the
population being categorised as obese. Within orthopaedics, the most common
surgeries performed by One Health are knee and hip replacements.
*(https://www.onehealth.co.uk/investors
(https://www.onehealth.co.uk/investors) )
Chairman's Statement
I am delighted to present One Health Group PLC's third annual report
reflecting on a very successful year, culminating in our move to AIM and
successfully raising funding to develop our first surgical hub, supporting the
achievement of our strategic goals. The healthcare market a remains buoyant
and dynamic sector.
One Health Group has had an extremely successful year, achieving a marked
increase in all our main indices for growth including patient numbers,
operations performed, outreach clinic and operating site numbers and medical
consultant partners. Unsurprisingly, this has led to a significant increase in
year-on-year revenue and profit, which was recognised by investors in our
recent AIM IPO. Our improved indices for growth are due to increasing our
support to established NHS commissioners but also increasing our geographical
footprint to provide our services to more NHS patients. With this steady
organic growth, we have increasing capacity to take advantage of opportunities
to aid the NHS in winning its battle to control elective surgery waiting lists
in a fast-moving and expanding healthcare market. This includes our plans to
establish new-build surgical hubs in areas which are presently poorly served.
With the very long list of people already waiting for surgery there is no
shortage of patients, these being in addition to increasing numbers of new
patients referred daily following GP referrals. We believe we have the ability
to continue increasing our capacity and productivity to be a significant
partner to the NHS.
We have a highly motivated and dedicated senior management team who worked
tirelessly to achieve our successful move to AIM whilst still supporting the
business to achieve our excellent figures. They are supported by an
experienced non-executive team with a focus on achieving our strategic goals
whilst maintaining our robust clinical, corporate and financial governance.
Our vision is to be part of the fabric of the health community.
Strategy
We support the NHS in managing its elective surgery waiting list and,
consistent with the NHS charter, all our services are free at the point of
delivery. In the past year we have demonstrated our ambitious organic growth
strategy which will continue, expanding from our present footprint in the
Midlands, Lincolnshire and North of England. Our strategy is in line with
government policy to drive down elective waiting lists culminating in an
agreement on 6th January between the NHS and Independent Sector. Patients are
referred to us through "Patient Choice", which is achieving increased
recognition, or directly from Hospital Trusts that ask for support with the
management of their own internal waiting lists. This is serviced by a
continual expansion of our community‑based outreach clinics in areas of poor
provision and by attracting greater numbers of highly skilled NHS surgeons to
the Group to meet the ever-increasing demand from the NHS waiting list.
We continue to expand our operating capacity in partnership with independent
sector hospitals and the NHS in line with our organic growth. However, with
the funding raised at IPO and cash, we have now begun our additional strategic
growth plan to increase our surgical operating capacity by building our own
surgical hubs. We have the land for our first surgical hub and are confident
that our planning application will be successful with a proposed opening in
late summer 2026. A site has been identified for our second hub. Our ambition
is to open a network of surgical hubs where we identify areas of poor
geographic provision for NHS patients, by either the NHS's own infrastructure
or other independent providers, in our ever-expanding footprint.
Employees
One Health Group's strength is in the people who work in the organisation. We
are proud of our patient focused culture throughout the organisation which has
been part of the fabric of One Health since its inception over 20 years ago.
This culture is imbued into our new employees as we expand our personnel to
meet the increasing demand of NHS patient referrals.
Outlook
We believe One Health's outlook is healthy in a growing and dynamic health
market. Our strategy to improve healthcare by moving elective surgical
services into the community, particularly in under resourced areas, is
consistent with government policy. We have demonstrated strong organic growth,
which we believe will continue, and this is supplemented by strategic growth
in the development of a network of surgical hubs where required. With the
continuing demand of patient referrals from a historically long NHS waiting
list, we are confident we can achieve our future forecasts.
We remain a nimble and agile organisation able to take advantage of
opportunities arising in a rapidly evolving health sector. It remains exciting
and stimulating to be in an organisation that has the potential to do so much
social good.
Derek Bickerstaff
Chair
20 June 2025
Strategic report
One Health has had a period of strong year-on-year growth with multiple new
records established across the organisation and good progress made in the
development of our first surgical hub, a key part of our mid to long term
growth strategy.
Amongst several highlights in the year was a successful listing on AIM in
March raising £7.8 million, with net proceeds of £5.6 million that will be
used to fund our first surgical hub. Following positive feedback received from
an earlier preplanning application (pre-app), full planning was submitted at
the end of the year with contracts exchanged to purchase the associated land
subject to planning approval. We anticipate construction starting in 2025 and
completion in 2026. Our hub development strategy is focussed on geographies
with little or no surgical capacity, either NHS or independent sector, and
high NHS patient demand due to the inability to afford a 'self-pay' option
privately or medical insurance.
The significant volume increases achieved over the year reflect continued
strong organic growth derived from new surgical capacity sourced within
independent hospitals in new geographies as well as working in collaboration
with our current partners to maximise and extend utilisation of their surgical
facilities to advantageous effect.
Over 2025 we have delivered high quality care to over 17,000 NHS patients that
chose One Health through the 'Patient choice' initiative following a GP
referral or transferred from NHS Trusts internal waiting lists, the latter
representing approximately 10% of our activity. Trust transfers help local NHS
hospitals achieve internal 'long wait' targets and reduce the demand on NHS
infrastructure, enabling a focus on more complex and demanding patient needs.
As anticipated, the UK Labour government reconfirmed their commitment to 'Fix
the NHS' and 'reduce the waiting lists' as key priorities. This includes a
pledge to restore pre-pandemic NHS targets, with 92% of patients waiting no
longer than 18 weeks for routine hospital treatment by the end of the current
parliament in 2029. To achieve this ambitious goal, a greater use of
independent healthcare sector capacity is essential, in addition to achieving
significant efficiency and volume improvements within the NHS itself.
As part of this improvement drive, the government announced the signing of a
landmark NHS / Independent Sector agreement in January, established to help
tackle waiting lists, give patients greater choice and to increase the use of
the independent sector, a significant signal of intent. In support of this
objective the 'NHS App', widely used during the pandemic to prove vaccination,
has recently been modified to educate and inform patients and to ensure there
is a greater understanding of 'Patient Choice', in turn easing pressure on NHS
infrastructure.
In March, the government confirmed the government's intention to abolish NHS
England (NHSE) to reduce bureaucracy and duplication with the Department of
Health and Social Care (DHSC), to take control of decision making and to
deliver significant cost savings. It is widely anticipated that the
significant cost savings, primarily from headcount reductions, will be
redirected to front line care to the benefit of NHS patients.
One of One Health's strongest unique selling points (USP's) is the delivery of
most patient care interactions within the community, close to patients' homes,
with travel to a hospital only if surgery is required, typically around 40% of
new patients. This approach minimises disruption, inconvenience, travel cost
and unnecessary distress. Importantly, this long standing, community-based
approach by One Health is aligned with the governments pending '10 Year Health
Plan' to reform the health system, which is structured around three pillars,
one of which is shifting from delivering care in hospitals to delivering care
closer to home and into communities.
A review of the last year in relation to our three key objectives and drivers
of growth can be summarised as follows:
Patient numbers: The number of new NHS patients choosing One Health through
'Patient Choice' following a GP referral, treated within our network of
thirty-seven outreach clinics and through surgical procedures within one of
our nine independent hospital partners, has increased significantly to over
17,000. Included in this increase are significant numbers of NHS patients
transferred directly to One Health by five local NHS hospitals to reduce their
internal waiting lists representing approximately 10% of our activity.
Consultant numbers: We have continued to successfully increase the number of
NHS consultants providing their services to One Health to eighty, an increase
of 27% on 2024, supporting the expansion of our geographic footprint into the
Midlands and West Yorkshire. In addition, we have developed a talent bank
pipeline of approximately twenty more consultants to support future demand,
departures, and retirements.
Operating theatre capacity: Substantial progress has been made over the year
in sourcing additional operating capacity within new independent hospitals as
we have expanded our geographic footprint and with existing providers, wishing
to maximise the utilisation of their facilities. To supplement this capacity
and subject to planning approval, 2025 will also see the development of our
first surgical hub whilst we continue to identify locations for further hubs
in under supplied areas as part of our development strategy.
Given the considerable progress made over the last year, One Health is well
placed to support the increasing demands of NHS commissioners and NHS patients
through the delivery of fast, free, local healthcare.
Finally, and importantly, key to our continued development is the investment
in our people to ensure we continue to attract and retain the best talent,
whilst focussing on nurturing and developing the expertise within the One
Health team to support robust, clinically safe growth.
We look forward with excitement to 2026 with record demand for our services to
the NHS, and the development of our first surgical hub delivering strategic
surgical capacity growth in underserved areas.
Adam Binns
Chief Executive Officer
20 June 2025
Consolidated Statement of Comprehensive Income
For the year ended 31 March 2025
Notes 2025 2024
£ £
TURNOVER 4 28,381,835 23,040,121
Cost of sales (23,029,660) (19,038,274)
GROSS PROFIT 5,352,175 4,001,847
Other operating income 5 119,310 104,445
Administrative expenses excluding depreciation and other adjusting items (3,449,871) (2,963,460)
Adjusted EBITDA * 7 2,021,614 1,142,832
Costs of admission of shares to AIM 7 (399,796) -
7 1,621,818 1,142,832
EBITDA
Depreciation 14 (134,359) (134,250)
OPERATING PROFIT 8 1,487,459 1,008,582
Gain on revaluation of investment property 15 - 149,486
Finance income 10 147,767 80,594
Finance costs 10 (89,685) (157,213)
PROFIT BEFORE TAXATION 1,545,541 1,081,449
Taxation 11 (467,636) (373,508)
PROFIT AND TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 1,077,905 707,941
Earnings per share expressed in pence per share: 12
Basic 10.00 7.42
Diluted 9.81 7.28
Adjusted earnings per share expressed in pence per share: 12
Basic 13.75 7.42
Diluted 13.50 7.28
Consolidated Balance Sheet
At 31 March 2025
Notes 2025 2024
£ £ £ £
NON-CURRENT ASSETS
Property, plant and equipment 14 1,379,858 1,250,050
Investment property 15 1,840,771 1,840,771
3,220,629 3,090,821
CURRENT ASSETS
Trade and other receivables 16 3,992,978 3,330,235
Restricted Cash 1,170,971 91
Cash 10,218,182 4,658,824
15,382,131 7,989,150
TOTAL ASSETS 18,602,760 11,079,971
CURRENT LIABILITIES
Borrowings 18 (25,641) (1,095,600)
Trade and other payables 19 (5,367,216) (4,436,771)
Current tax payable (466,897) (451,740)
(5,859,754) (5,984,111)
NET CURRENT ASSETS 9,522,377 2,005,039
TOTAL ASSETS LESS CURRENT LIABILITIES 12,743,006 5,095,860
NON CURRENT LIABILITIES
Borrowings 18 (1,089,741) -
Deferred tax provision 20 (96,930) (130,304)
(130,304)
TOTAL LIABILITIES (7,046,425) (6,114,415)
NET ASSETS 11,556,335 4,965,556
CAPITAL AND RESERVES
Share capital 22 68,548 52,751
Share premium 5,432,223 392,048
Revaluation reserve 29,988 28,920
Share option reserve 27 226,989 226,989
Own shares (372,408) (829,117)
Retained earnings 6,170,995 5,093,965
EQUITY 11,556,335 4,965,556
Consolidated cash flow statement Notes 2025 2024
for the year ended 31 March 2025 £ £
Cashflows from operating activities
Profit for the year 1,077,905 707,941
Tax charge 467,636 373,508
Depreciation charges 134,359 134,250
(Gain)/loss on revaluation of investment properties - (149,486)
Loss on disposal of tangible assets (1,365) -
Finance costs 89,685 157,213
Finance income (147,767) (80,594)
Costs of fundraising on AIM charged to the Income Statement 399,796 -
(Increase)/decrease in trade and other receivables (662,744) 884,551
Increase in trade and other payables 930,453 372,952
Cash generated from operations 2,287,958 2,400,335
Tax paid (612,048) (152,829)
Net cash from operating activities 1,675,910 2,247,506
Cash flows from investing activities
Purchase of tangible fixed assets (264,166) (346,875)
Proceeds from disposal of tangible assets 1,365 -
Interest received 147,767 80,594
Net cash (used in) investing activities (115,034) (266,281)
Cash flows from financing activities - -
Proceeds from issue of shares 5,687,139 26,800
Cost of fundraising charged against share premium (631,167) -
Cost of fundraising charged against income statement (399,796) -
Sale of treasury shares 1,170,873 43,710
Purchase of treasury shares - (81,250)
Repayment of borrowings 1 (1,080,218) (52,800)
Proceeds from borrowings 1 1,100,000 -
Interest paid (89,685) (88,203)
Equity dividends paid (587,784) (607,254)
Net cash from/(used in) financing activities 5,169,362 (758,997)
Increase in cash and cash equivalents 6,730,238 1,222,228
Cash and cash equivalents at beginning of year 4,658,915 3,436,687
Cash and cash equivalents at end of year 11,389,153 4,658,915
Cash included in the above held by the employee benefit trust 1,170,971 91
so restricted to compliant expenditure
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