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REG - One Health Group PLC - Half-year Financial Report

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RNS Number : 5046J  One Health Group PLC  01 December 2025

 

One Health Group plc

("One Health", the "Company" or the "Group")

 

Half-year Financial Report

 

H1 26 Revenue and EBITDA significantly ahead of prior year

Strong growth across all KPIs

 

One Health Group plc (AIM: OHGR), the independent provider of NHS-funded
surgical procedures for patients referred from the NHS through 'Patient
Choice', announces it unaudited interim results for the six months to 30
September 2025 ("H1 26"), showing continued growth across all operational and
financial key performance indicators, in-line with management expectations.

 

Key Financial Highlights

 

                    H1 26       H1 25    Growth

 Revenue            £15.6m      £13.3m   +18%
 Gross profit       £3.12m      £2.32m   +35%
 Underlying EBITDA  £1.18m      £0.96m   +23 %
 Underlying EPS     6.89p(1)    7.46p    - 8%
 Cash balance       £10.9m(2)   £4.9m    +122%
 Interim dividend   2.10p       2.07p    +1%

 

Operational Highlights

 

                                                  H1 26   H1 25   Growth

 New NHS patient referrals                        9,111   7,857   +16%
 Number of consultations                          23,927  19,674  +22%
 Number of surgical procedures                    4,009   3,427   +17%
 Number of consultants (excluding anaesthetists)  80(3)   70      +14%
 Number of Outreach Clinics                       40      37      +8%
 Number of Surgical Operating Facilities          12      10      +20%

 

(1) H1'26 Underlying EPS lower due to 43% more shares in issue following March
2025 AIM IPO

(2) Includes AIM IPO proceeds payable to the Company of £5.6 million (net)
and after purchasing land for development of the surgical hub

(3) 22 additional NHS consultants have been onboarded since January 2025

 

Market overview

·    One Health revenue is derived from over 60 NHS commissioning bodies
and contracts directly with NHS hospitals, transferring their patients from
the national waiting list for faster treatment.

·    NHS national waiting lists remain very high (7.39 million at the end
of September), impacted by industrial action and record demand despite
continued efforts to reduce them.

·    'Patient Choice' actively promoted by the UK Government with
increased use of independent sector support cited as one of the key actions to
reduce NHS waiting lists.

·    Further planned industrial action by NHS staff and pending 'NHS
Winter Pressures' likely to impact waiting lists further and increase the need
for outsourced, independent capacity.

·    The Government manifesto commitments on waiting times will be
challenging to achieve without additional support from the independent sector.

Surgical Hub progress

·    Approved planning application for the Group's first Surgical Hub in
Scunthorpe, Lincolnshire. Acquisition of the land completed (in September),
and a highly experienced contractor appointed to project manage the build.

·    In the final phase of securing the remaining pre-commencement
planning condition signoffs and progressing a wide range of design,
procurement and early-stage readiness tasks to maintain an expected one year
build time.

·    The new surgical hub is expected to deliver significant additional
surgical operating capacity on completion and has the potential to increase
the profitability of the Group.

·    Further geographic locations in underserved areas with high NHS
demand are being explored for preliminary assessment of suitability and
viability for future surgical hubs.

 

Outlook

·    Good progress being made on sourcing additional independent hospital
surgical capacity on a wider geography to support further organic growth in
new geographical areas.

·    Clear strategy to drive continued organic growth through increased
patient referrals, a strong pipeline of new surgeons, and additional surgical
capacity in existing and new independent sector hospitals to help deliver on
challenging Government Waiting List reduction targets.

·    The Company remains well funded to deliver further organic growth and
execute the carefully planned roll-out of the first surgical hub to accelerate
growth and improve profitability.

·    The Board remains confident, with the Company on track to deliver
growth at the revenue and underlying EBITDA levels for FY 26, in-line with
market expectations(3).

 

(3)Management understands market forecasts for revenue and underlying EBITDA
for FY 26 to be £29.6 million and £2.3 million respectively.

 

Declaration of Interim Dividend

The Board of Directors has declared an interim dividend at the rate of 2.10p
per share, in line with the Board's stated dividend policy, to be paid on 23
January 2026 to shareholders on the register as at close of business on 5
January 2026. The ex-dividend date will be 2 January 2026.

 

Adam Binns, Chief Executive Officer, commented:

"We are delighted to deliver a strong first half with impressive growth across
all key performance metrics and remain on track to meet market expectations
for the full year. As a long-standing and trusted provider of support to the
NHS we are well-positioned to reduce pressure on the NHS and support
Government initiatives to reduce waiting lists, providing free high-quality
care at the point of delivery for NHS patients, across areas of the UK that
need it the most.

 

"We continue to work constructively with the local planning department and are
in the final phase of securing the remaining pre-commencement planning
condition signoffs for the new Surgical Hub, all of which are close to
completion, with several conditions already recommended for discharge. The
remaining work relates to reaching an agreement on land contamination and
remediation strategy, and ecology and biodiversity safeguards.

 

"To ensure the programme does not lose time while these conditions are
finalised, we are progressing a wide range of design, procurement and
early-stage readiness tasks and remain confident in meeting our expectation of
a one-year build time, whether approval comes before the calendar year end or
in early 2026."

 

Online investor presentation

Derek Bickerstaff, Chairman, and Adam Binns, Chief Executive Officer, will
provide an overview of the Company's interim results, key achievements and
outlook via a SparkLive Webcast today at 15:00 GMT (Monday, 1 December 2025).
The presentation will be followed by a live Q&A where participants will be
able to submit questions using the 'Ask a question' button on the webcast
page.

 

Please click on the link below to register for the webcast:

https://sparklive.lseg.com/ONEHEALTHGROUP/events/3c988809-19ad-454c-af31-cfe86bfe7da5/one-health-group-half-year-results-announcement
(https://sparklive.lseg.com/ONEHEALTHGROUP/events/3c988809-19ad-454c-af31-cfe86bfe7da5/one-health-group-half-year-results-announcement)

 

If you wish to keep up to date on Company news please email:
onehealth@walbrookpr.com (mailto:onehealth@walbrookpr.com)

 

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

 

About One Health Group plc (www.onehealth.co.uk (http://www.onehealth.co.uk) )

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 130 professionals across 12
independent hospitals and 40 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.

 

 

 

Group Statement of Comprehensive Income

For the period ended 30 September 2025

 

                                                                                   6 months ended      6 months ended      Year ended

                                                                                   30 September 2025   30 September 2024   31 March 2025

                                                                           Notes   UNAUDITED           UNAUDITED           AUDITED
                                                                                   £                   £                   £

 TURNOVER                                                                          15,636,711          13,296,385          28,381,835
 Cost of sales                                                                     (12,520,743)        (10,981,259)        (23,029,660)
 GROSS PROFIT                                                                      3,115,968           2,315,126           5,352,175

 Other operating income                                                            45,421              52,491              119,310
 Administrative expenses excluding depreciation and other adjusting items          (1,977,128)         (1,407,562)         (3,449,871)
 Adjusted EBITDA *                                                         3       1,184,261           960,055             2,021,614

 Costs of admission of shares to AIM                                               -                   (50,030)            (399,796)
 EBITDA                                                                            1,184,261           910,025             1,621,818

 Depreciation                                                                      (65,463)            (68,172)            (134,359)
 OPERATING PROFIT                                                                  1,118,798           841,853             1,487,459
                                                                                                       -
 Finance income                                                                    208,001             50,062              147,767
 Finance costs                                                                     (43,819)            (46,614)            (89,685)
 PROFIT BEFORE TAXATION                                                            1,282,980           845,301             1,545,541

 Taxation                                                                          (337,725)           (180,898)           (467,636)
 PROFIT AND TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD                    945,255             664,403             1,077,905

 Earnings per share
 Basic (pence per share)                                                   4       6.89                6.94                10.00

 Diluted (pence per share)                                                 3       6.78                6.80                9.81

 

* Adjusted EBITDA refers to earnings before interest, tax, depreciation and
amortisation, share-based payments, costs of admission to the AIM market, and
other exceptional items.

 

Group Statement of Financial Position

As at 30 September 2025

 

                                        Notes  30 September 2025 UNAUDITED      30 September 2024      31 March

2025
                                                                                UNAUDITED

                                                                                                       AUDITED
                                               £                                £                      £
 NON-CURRENT ASSETS
 Property, plant and equipment          5      2,904,754                        1,200,923              1,379,858
 Investment property                    5      1,513,490                        1,840,771              1,840,771
                                               4,418,244                        3,041,694              3,220,629

 CURRENT ASSETS
 Trade and other receivables                   4,442,621                        3,616,388              3,992,978
 Restricted cash and cash equivalents          57,746                           91                     1,170,971
 Cash and cash equivalents                     10,813,760                       4,889,076              10,218,182
                                               15,314,127                       8,505,555              15,382,131

 TOTAL ASSETS                                  19,732,371                       11,547,249             18,602,760

 CURRENT LIABILITIES
 Borrowings                                    (29,388)                         (1,128,293)            (25,641)
 Trade and other payables                      (6,214,906)                      (4,415,733)            (5,367,216)
 Current tax liabilities                       (341,576)                        (513,359)              (466,897)

                                               (6,585,870)                      (6,057,385)            (5,859,754)

 NET CURRENT ASSETS                            8,728,257                        2,448,170              9,522,377
 TOTAL ASSETS LESS CURRENT LIABILITIES         13,146,501                       5,489,864              12,743,006

 NON-CURRENT LIABILITIES
 Borrowings                                    (1,071,797)                      -                      (1,089,741)
 Deferred tax provision                        (119,768)                        (79,891)               (96,930)
                                               (1,191,565)                      (79,891)               (1,186,671)

 TOTAL LIABILITIIES                            (7,777,435)                      (6,137,276)            (7,046,425)

 NET ASSETS                                    11,954,936                       5,409,973              11,556,335

 CAPITAL AND RESERVES
 Share capital                                 68,548                           52,751                 68,548
 Share premium account                         5,432,223                        392,048                5,432,223
 Revaluation reserve                           94,709                           29,454                 29,988
 Share option reserve                          226,989                          226,989                226,989
 Own shares                                    (372,408)                        (829,117)              (372,408)
 Retained earnings                             6,504,875                        5,537,848              6,170,995

 EQUITY                                        11,954,936                       5,409,973              11,556,335

 

Group Statement of Changes in Equity

For the period ended 30 September 2025

 

                                                             Share     Share      Revaluation reserve  Share option reserve  Own shares  Retained earnings  Total equity attributable to owners of the parent

                                                             capital   premium
                                                             £         £          £                    £                     £           £                  £
 At 1 April 2024 (unaudited, as presented in interims)       52,751    392,048    28,920               226,989               (829,117)   5,261,541          5,133,132
 Adjustment per year end                                     -         -          -                    -                     -           (167,576)          (167,576)
 At 1 April 2024 (audited)                                   52,751    392,048    28,920               226,989               (829,117)   5,093,965          4,965,556

 Profit and total comprehensive income for the period        -         -          -                    -                     -           664,403            664,403
 Deferred tax on market value of share options               -         -          -                    -                     -           2,114              2,114
 Deferred tax on revalued property                           -         -          870                  -                     -           (870)              -
 Transfer of revalued property                               -         -          (336)                -                     -           336                -
 Dividends paid                                              -         -          -                    -                     -           (389,676)          (389,676)

 Adjustment per year end                                     -         -          -                    -                     -           167,576            167,576
 At 30 September 2024 (unaudited)                            52,751    392,048    29,454               226,989               (829,117)   5,537,848          5,409,973

 Profit and total comprehensive income for the period        -         -          -                    -                     -           245,926            245,926
 Issue of share capital                                      15,797    5,671,342  -                    -                     -           -                  5,687,139
 Transaction costs on issue of share capital                 -         (631,167)  -                    -                     -           -

                                                                                                                                                            (631,167)
 Dividends                                                   -         -          -                    -                     -           (198,108)          (198,108)
 Sale of own shares                                          -         -          -                    -                     456,709     714,171            1,170,880
 Tax on sale of own shares                                   -         -          -                    -                     -           (129,242)

                                                                                                                                                            (129,242)
 Deferred tax on market value of share options               -         -          -                    -                     -           934

                                                                                                                                                            934
 Transfer of depreciation on revalued property               -         -          (336)                -                     -           336

                                                                                                                                                            -
 Transfer of deferred tax on revalued property               -         -          870                  -                     -           (870)              -

 At 31 March 2025 (audited)                                  68,548    5,432,223  29,988               226,989               (372,408)   6,170,995          11,556,335

                                                             68,548    5,432,223  29,988               226,989               (372,408)   6,170,995          11,556,335

 At 31 March 2025 (audited)
                                                             -         -          -                    -                     -           945,255            945,255

 Profit and total comprehensive income for the period
 Reclassification on movement of investment property to PPE  -         -          65,490               -                     -           (65,490)           -
 Revaluation on transfer                                     -         -          (850)                -                     -           850                -
 Deferred tax on PPE                                         -         -          81                   -                     -           (81)               -
 Deferred tax on SBP                                         -         -          -                    -                     -           7,479              7,479
 Dividends paid                                              -         -          -                    -                     -           (554,133)          (554,133)

 At 30 September 2025 (unaudited)                            68,548    5,432,223  94,709               226,989               (372,408)   6,504,875          11,954,936

 

Group Statement of Cashflows

For the period ended 30 September 2025

 

                                                                                                      6 months ended        6 months ended        Year ended 31 March 2025

                                                                                                       30 September 2025     30 September 2024    AUDITED

                                                                                                      UNAUDITED             UNAUDITED
                                                                                                      £                     £                     £
 Cash flows from operating activities:
 Profit for the period                                                                                945,255               664,403               1,077,905
 Adjustments for:
 Tax charge                                                                                           337,715               180,898               467,636
 Depreciation charges                                                                                 65,138                68,172                134,359
 Loss on disposal of tangible assets                                                                  295                   -                     (1,365)
 Finance costs                                                                                        43,819                46,614                89,685
 Finance income                                                                                       (208,001)             (50,062)              (147,767)
 Costs of fundraising on AIM charged to the income statement                                          -                     -                     399,796
 (Increase)/decrease in trade and other receivables                                                   (449,641)             (286,153)             (662,744)
 Increase in trade and other payables                                                                 847,728               41,156                930,453
 Cash generated from operations                                                                       1,582,308             665,028               2,287,958

 Tax paid                                                                                             (439,660)             (3,103)               (612,048)

 Net cash inflow from operating activities                                                            1,142,648             661,925               1,675,910

 Cash flows from investing activities
 Purchase of tangible fixed assets                                                                    (1,263,079)           (19,045)              (264,166)
 Proceeds from disposal of tangible assets                                                            -                     -                     1,365
 Interest received                                                                                    208,001               50,062                147,767

 Net cash (used in) investing activities                                                              (1,055,078)           31,017                (115,034)

 Cash flow from financing activities                                                                  -                     -                     5,687,139

 Proceeds from issue of shares
 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
 Repayment of borrowings                                                                              (14,197)              (26,400)              (1,080,218)
 Proceeds from borrowings                                                                             -                     -                     1,100,000
 Interest paid                                                                                        (36,887)              (46,614)              (89,685)
 Equity dividends paid                                                                                (554,133)             (389,676)             (587,784)
 Net cash from/(used in) financing activities                                                         (605,217)             (462,690)             5,169,362

 Increase in cash and cash equivalents                                                                (517,647)             230,252               6,730,238
 Cash and cash equivalents at beginning of the period                                                 11,389,153            4,658,915             4,658,915

 Cash and cash equivalents at end of the period                                                       10,871,506            4,889,167             11,389,153

 Cash included in the above held by the employee benefit trust so restricted to                       57,746                91                    1,170,971
 compliant expenditure

 

 

Notes to the Interim Statements

For the period ended 30 September 2025

 

1. General information

 

One Health Group Plc is a public company limited by shares incorporated in
England and Wales. The registered address of the Company is 131 Psalter Lane,
Sheffield, South Yorks, S11 8UX. The consolidated financial statements (or
"financial statements") incorporate the financial statements of the Company
and entities (its subsidiaries) controlled by the Company (collectively
comprising the "Group").

 

The principal activity of the Group is that of the provision of surgical
facilities and associated healthcare.

 

2. Accounting policies

 

2.1 Basis of preparation

 

The financial information set out in these interim consolidated financial
statements for the six months ended 30 September 2025 is unaudited. The
financial information presented are not statutory accounts prepared in
accordance with the Companies Act 2006, and are prepared only to comply with
AIM requirements for interim reporting. Statutory accounts for the year ended
31 March 2025, on which the auditors gave an audit report which was
unqualified and did not contain a statement under Section 498(2) or (3) of the
Companies Act 2006, have been filed with the Registrar of Companies.

 

These financial statements have been prepared in accordance with international
accounting standards ("IFRS") as adopted by the United Kingdom ("UK") insofar
as these apply to interim financial statements.

 

The interim consolidated financial statements have been prepared using
consistent accounting policies as those adopted in the financial statements
for the year ended 31 March 2025.

 

The interim consolidated financial statements are prepared in sterling, which
is the functional currency of the group.  Monetary amounts in these interim
consolidated financial statements are rounded to the nearest £1.

 

The financial statements have been prepared on the historical cost basis,
modified to include the revaluation of certain financial instruments at fair
value.

 

2.2 Basis of consolidation

 

The Group financial statements consolidates those of the parent company and
the subsidiaries of which the parent has control, together with the Employee
Benefit Trust. Control is established when the parent is exposed, or has
rights, to variable returns from its involvement with the subsidiary and has
the ability to affect those returns through its power over the subsidiary.

 

Where a subsidiary undertaking is acquired/disposed of during the year, the
consolidated profits or losses are recognised from/until the effective date of
the acquisition/disposal, being the date on which control is obtained or lost.

 

All inter-company balances and transactions between group companies have been
eliminated on consolidation.

 

Where necessary, adjustments are made to the financial information of
subsidiaries to bring the accounting policies used into line with those used
by the Group.

 

2.3 Going concern

 

The financial statements have been prepared on a going concern basis. The
Directors have reviewed and considered relevant information, including the
annual budget and future cash flows in making their assessment. The Directors
have tested their cash flow analysis to take into account the impact on their
business of possible scenarios, alongside the measures that they can take to
mitigate the impact of possible downside scenarios. Based on these
assessments, given the measures that could be undertaken to mitigate the
current adverse conditions, and the current resources available, the Directors
have concluded that they can continue to adopt the going concern basis in
preparing the annual report and accounts.

 

2.4 Revenue

 

Revenue

One Health Group applies IFRS 15 'Revenue from contracts with customers'.
Under IFRS 15, One Health Group applies the 5-step method to identify
contracts with its customers, determine performance obligations arising under
those contracts, set an expected transaction price, allocate that price to the
performance obligations, and then recognises revenues as and when those
obligations are satisfied.

 

Provision of medical and clinical services, specialist treatments and
diagnostics

Service revenue is recognised in accordance with the discharge of performance
obligations to the customer by each treatment, consultation or operation.
Value and control are transferred when surgery, consultation or other medical
procedures are performed, which means that revenue is recognised at a point in
time on the day in which the treatment, consultation or operation occurs.

 

Sale of medical implants

Knee replacements are supplied to surgeons under contracts where the key
performance criteria for One Health Group are the provision of such implants
for the provision of their services. The fair value of the revenue, being the
price per unit net of volume discounts and sales taxes, is recognised as
revenue at the point of transfer of control to the customer. Control transfers
at the point of physical delivery to the medical facility. As can be seen in
the revenue note, this not a numerically large element of the business.

 

Private practice

Other partners in the LLPs also provide private medical services to their own
patients. These are arranged through the LLPs as agent, so only the Group's
commission is included in revenue.

 

3. Adjusted EBITDA

The consolidated income statement has presented adjusted earnings before
interest, tax, depreciation, and amortisation, and the revaluation of
investment property ("EBITDA"). It further presents "Adjusted EBITDA" which is
EBITDA but further removing additional non-cash and non-recurring items
including share-based payments, discretionary bonus payments by the EBT to
employees and directors, and other non-recurring costs as a group, which are
not relevant to the underlying cash generation of the business.

 

The EBT-settled employee bonuses are shown separately on the grounds that
these are paid from restricted cash, subject to approval by the EBT trustees
as opposed to the Group itself, and are paid based on the performance of the
Group by reference to EBITDA.

 

4. Earnings per share

 

The calculation of the basic and diluted earnings per share is based on the
following data:

 

 Earnings                                                               6 months ended      6 months ended      Year ended

                                                                        30 September 2025   30 September 2024   31 March 2025

                                                                        UNAUDITED           UNAUDITED           AUDITED
                                                                        £                   £                   £
 Earnings for the purpose of basic earnings per share being net profit  945,255             664,403             1,064,415
 attributable to owners of the parent

 Earnings for the purposes of diluted earnings per share                945,255             664,403             1,064,415

 

 

 Number of shares                                                               6 months ended      6 months ended      Year ended

                                                                                30 September 2025   30 September 2024   31 March 2025

                                                                                UNAUDITED           UNAUDITED           AUDITED
                                                                                £                   £                   £
 Weighted average number of ordinary shares for the purposes of basic earnings  13,709,615          9,573,027           10,645,311
 per share

 - Number of diluting share options                                             198,821             181,133             181,133
 - Number of diluting warrants                                                  35,074              19,750              19,750
 Weighted average number of ordinary shares for the purposes of diluted         13,943,510          9,773,910           10,846,194
 earnings per share

 

 

Earnings per share

 

 Earnings                                   6 months ended      6 months ended      Year ended

                                            30 September 2025   30 September 2024   31 March 2025

                                            UNAUDITED           UNAUDITED           AUDITED

 Pence per weighted average shares          6.89p               6.94p               10.00p

 Pence per weighted average diluted shares  6.78p               6.80p               9.81p

 

 Adjusted earnings per weighted average shares  6.89p  7.46p  13.75p

 

Adjusted Earnings per share

The Directors use adjusted earnings as a key measure, as detailed in note 3.
The calculated adjusted earnings per share is shown above on this basis.

 

 Adjusted Earnings per Share   6 months ended      6 months ended      Year ended

                               30 September 2025   30 September 2024   31 March 2025

                               UNAUDITED           UNAUDITED           AUDITED
                               £                   £                   £
 Profit/(loss) after taxation  945,255             664,403             1,064,415
 Adjusted for:
 Non-recurring costs           -                   50,030              399,796

 Adjusted Earnings             945,255             714,433             1,464,211

 

 Pence per weighted average shares          6.89p                  7.46p                 13.75p

 Pence per weighted average diluted shares  6.78p  7.31p                                 13.50p

 

5. Property, plant and equipment

                                                  Freehold land and buildings  Assets under construction        Plant and machinery  Fixtures and fittings     Computer equipment  Total

                                                  £                            £                                £                    £

                                                                                                                                                               £                   £
 Cost
 At 1 April 2025                                  876,097                      294,936               54,052                          104,084                   394,138             1,723,307
 Additions                                        563,153                      944,332               45,120                          -                         37,756              1,590,361
 Disposals                                        -                            -                     -                               -                         (8,909)             (8,909)
 At 30 September 2025                             1,439,250                    1,239,268             99,172                          104,084                   422,985             3,304,759

 Amortisation and impairment
 At 1 April 2025                                  103,959                      -                     18,453                          31,347                    189,690             343,449
 Amortisation charged for the period              17,530                       -                     5,000                           5,204                     37,404              65,138
 Eliminated on disposals                                                       -                                                                               (8,582)             (8,582)
 At 30 September 2025                             121,489                      -                     23,453                          36,551                    218,512             400,005

 Carrying amount
 At 30 September 2025                             1,317,761                    1,239,268             75,719                          67,533                    204,473             2,904,754

 At 31 March 2025                                 772,138                      294,936               35,599                          72,737                    204,448             1,379,858

 

 

In the period, one apartment at Psalter Lane that had been held as investment
property was renovated into office space for company use. The valuation of
property transferred was calculated using a percentage of floor space and
weighted accordingly.

 

Within additions to assets under construction is a purchase of land totalling
£682,263 and construction costs of £262,069 for the Scunthorpe surgical
facility. Land will not be depreciated, whilst other construction costs will
not be depreciated until the facility is brought into use.

 

 

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