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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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