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Spire HealthcareAnnouncement

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RNS Number : 9688J  Spire Healthcare Group PLC  03 December 2025

Spire Healthcare Group plc

Trading update

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

3rd December 2025

Spire Healthcare Group plc (LSE: SPI) ('Spire Healthcare', 'the Group' or 'the
Company'), a leading independent healthcare group in the UK, today announces a
trading update for the period ending 31 October 2025, an update on its FY26
outlook and the successful extension of its existing lending facilities.

 

FY25 trading

Spire update

Since our interim results in July, trading has been positive with Group
revenue growth of 3.6% y/y in the four-month period from July to October
2025(1). The business has responded well to the challenges of inflation and
the increase in National Minimum Wage and employer National Insurance
Contributions. Our transformation programme is on track to deliver £30m of
new savings during the year, which includes an uplift of £10m that was
identified in early 2025 in response to the increase in National Insurance and
National Minimum Wage. This uplift offsets half of the additional cost with
more savings to come in 2026.

The launch of our Patient Support Centres (PSCs) in the summer, which saw us
transfer patient booking and administrative functions from nearly all
Hospitals into three centres, was an important part of this. Whilst we saw
some initial disruption to private bookings after their launch, this has
largely settled and they are now gaining in efficiency and contributing
towards improving private patient trends and are a key platform for future
growth.

Primary Care remains on track and we have recently opened a new outpatient-led
clinic in Kings Lynn, supporting referrals to nearby Norwich and Cambridge
hospitals.

Market trends

Self-pay trends have continued to improve and PMI trends are broadly unchanged
since H1. However, this has not been sufficient to offset the well-publicised
recent slowdown in NHS commissioning activity to the Independent Sector, due
to Integrated Care Board budgetary restrictions. We continue to work with
local commissioners to navigate what we believe to be a near-term challenge
and deliver quality care outcomes and continuity of care for patients.

FY25 outlook

Bringing this together, despite strong progress in business transformation,
due to market trends, we expect full-year adjusted Group EBITDA for FY25 to be
around the bottom end of our guidance range of £270m to £285m.

 

FY26 outlook

Spire strategy

We expect continued improvement in Self-Pay and PMI trends as our PSCs reach
operational maturity, albeit there remains the possibility of ongoing
proactive tendering in the PMI sector. We are prioritising investments to
further strengthen PMI partnerships, self-pay marketing and patient experience
including further progress with the services offered by our PSCs.

In Primary Care we intend to continue building scale supported by bolt-on
M&A in high growth areas, which also drives referral activity into our
Hospital business.

We also expect to deliver a further £30m of new savings, which is already
supported by a detailed plan.

Market environment

We anticipate NHS volumes to be a material uncertainty across the sector,
particularly in Q1. We note that the NHS has recently published a consultation
on 2026/27 NHS Payment Scheme prices. The proposed annual tariff uplift falls
significantly short of the prevailing rate of inflation. We will contribute
actively to this consultation to support the partnership agreement between the
NHS and Independent Sector.

FY26 outlook

Given our current visibility on the market environment, we would expect FY26
Group adjusted EBITDA to be broadly in line or slightly ahead of 2025. Looking
further ahead, we would naturally expect this market environment to lead to
further growth in private patient volumes and we remain confident in the
medium-term outlook.

 

Extension of debt facilities

We are pleased to announce an 18-month extension to the maturity of our
existing banking facilities of £425 million to August 2028. Terms are
unchanged from our previous arrangement, and the facility still comprises of a
term loan of £325m and a £100m revolving credit facility with the same
syndicate of lenders.

 

Evaluation of actions to drive shareholder value

As announced on 19 September, the company is actively evaluating actions that
could drive long-term sustainable shareholder value. As part of this review,
it has commenced discussions with a number of parties in relation to a range
of potential options, which may include (but is not limited to) a potential
sale of the Company, value generation from the Hospital property estate and
increased strategic focus on private payors.

The process remains ongoing and at this early stage there can be no certainty
either that any offer will be made for the Company nor as to the terms of any
offer, if made.

The Board will make a further announcement on this matter in due course as
appropriate.

Important Takeover Code (the "Code") note

Following its announcement on 19 September, the Company entered into an 'offer
period' for the purposes of the Code and as a result became subject to the
rules of the Code including Rule 28 relating to profit forecasts. The
following statements in this announcement are considered profit forecasts for
these purposes (the "Forecasts"):

·    "we expect full-year adjusted Group EBITDA for FY25 to be around the
bottom end of our guidance range of £270m to £285m."; and

·    "we would expect FY26 Group adjusted EBITDA to be broadly in line or
slightly ahead of 2025."

Given the requirement to announce inside information under the UK Market Abuse
Regulation as soon as possible, there has not been time for the Company to
obtain the reports normally required by Rule 28 in relation to the Forecasts.
However, the Takeover Panel Executive has confirmed that the Company may
comply with the requirements of Rule 28 of the Code in due course.

 

Appendix

H1 25 Group revenue growth was 4.9% y/y(1).

 

Note

1.       Unless otherwise stated, y/y growth metrics are presented on a
comparable basis, consistent with the representation of comparable growth
metrics at the time of the H1 25 results. On 31 March 2024, the Group sold the
business operations and assets of Spire Tunbridge Wells to the local NHS
Trust. On 31 March 2025, the Group acquired Acorn Occupational Health Limited
(Acorn). On 30 July 2025, the Group acquired Physiolistic. Therefore, where
meaningful, we have presented certain financial information on a 'Comparable
Basis' where we have deducted the contribution from Tunbridge Wells, Acorn and
Physiolistic in the referred periods of the prior and current year,
respectively.

 

 

 

For further information please contact:

 

 Spire Healthcare Group plc                                               +44 (0)80 0169 1777

 Amie Gramlick, Director of Commercial Finance & Investor Relations
 Brunswick (Communications adviser)                                       +44 (0)20 7404 5959

 Simon Sporborg / Ayesha Bharmal
 J.P. Morgan Cazenove (Financial adviser and joint corporate broker)      +44 (0)20 3493 8000

 James Mitford / Alia Malik / Jem de los Santos
 Berenberg (Joint corporate broker)                                       +44 (0)20 3207 7800

 Toby Flaux / Ben Wright / Detlir Elezi
 Rothschild & Co (Lead financial adviser)                                 +44 (0)20 7280 5000

 Hedley Goldberg / Thibault Poirier

 

 

About Spire

Spire is a leading independent healthcare group in the United Kingdom, running
38 hospitals and over 50 clinics, medical centres and consulting rooms across
England, Wales and Scotland. It operates a network of private GPs and provides
occupational health services to over 800 corporate clients.

 

Working in partnership with over 8,700 experienced consultants, Spire
delivered tailored, personalised care to over one million inpatients,
outpatients and daycase patients, and occupational health programme clients,
and is the leading private provider, by volume, of knee and hip operations in
the United Kingdom. It also delivers a range of private and NHS mental health,
musculoskeletal and dermatological services under the Vita Health Group brand.

 

Spire's well-located and scalable hospitals have delivered successful and
award-winning outcomes, positioning the group well with patients, consultants,
the NHS, GPs and private medical insurance ('PMI') providers. 98% of Spire's
inspected locations are rated 'Good,' 'Outstanding' or the equivalent by
health inspectors in England, Wales and Scotland.

 

Spire is listed on the London Stock Exchange and is a member of the FTSE 250.

 

Cautionary statement

This announcement contains inside information.

This announcement contains certain forward-looking statements relating to the
business of Spire Healthcare Group plc (the "company") and its subsidiaries
(collectively, the "group"), including with respect to the progress, timing
and completion of the group's development, the group's ability to treat,
attract, and retain patients and customers, its ability to engage consultants
and GPs and to operate its business and increase referrals, the integration of
prior acquisitions, the group's estimates for future performance and its
estimates regarding anticipated operating results, future revenue, capital
requirements, shareholder structure and financing. In addition, even if the
group's actual results or development are consistent with the forward-looking
statements contained in this announcement, those results or developments may
not be indicative of the group's results or developments in the future. In
some cases, you can identify forward-looking statements by words such as
"could," "should," "may," "expects," "aims," "targets," "anticipates,"
"believes," "intends," "estimates," or similar words. These forward-looking
statements are based largely on the group's current expectations as of the
date of this announcement and are subject to a number of known and unknown
risks and uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from any future
results, performance or achievement expressed or implied by these
forward-looking statements. In particular, the group's expectations could be
affected by, among other things, uncertainties involved in the integration of
acquisitions or new developments, changes in legislation or the regulatory
regime governing healthcare in the UK, poor performance by consultants who
practice at our facilities, unexpected regulatory actions or suspensions,
competition in general, the impact of global economic changes, risks arising
out of health crises and pandemics, changes in tax rates, future business
combinations or dispositions, and the group's ability to obtain or maintain
accreditation or approval for its facilities or service lines. In light of
these risks and uncertainties, there can be no assurance that the
forward-looking statements made in this announcement will in fact be realised
and no representation or warranty is given as to the completeness or accuracy
of the forward-looking statements contained in this announcement. The group is
providing the information in this announcement as of this date, and we
disclaim any intention or obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.

 

Rule 26.1 disclosure

In accordance with Rule 26.1 of the Code, a copy of this announcement will be
available (subject to certain restrictions relating to persons resident in
restricted jurisdictions) at www.spirehealthcare.com
(http://www.spirehealthcare.com) by no later than 12 noon (London time) on the
business day following the date of this announcement. The content of the
website referred to in this announcement is not incorporated into and does not
form part of this announcement.

 

Additional Information

This announcement is not intended to, and does not, constitute or form part of
any offer, invitation or the solicitation of an offer to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of, any securities, or the
solicitation of any vote or approval in any jurisdiction, pursuant to this
announcement or otherwise. Any offer, if made, will be made solely by certain
offer documentation which will contain the full terms and conditions of any
offer, including details of how it may be accepted. The release, publication
or distribution of this announcement in jurisdictions other than the United
Kingdom may be affected by the laws of relevant jurisdictions. Therefore any
persons who are subject to the laws of any jurisdiction other than the United
Kingdom or shareholders of Spire who are not resident in the United Kingdom
will need to inform themselves about, and observe any applicable requirements.

 

Important notices

J.P. Morgan Securities plc, which conducts its UK investment banking business
as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), is authorised in the United
Kingdom by the Prudential Regulation Authority (the "PRA") and regulated by
the PRA and the Financial Conduct Authority. J.P. Morgan Cazenove is acting as
financial adviser and corporate broker exclusively for Spire and no one else
in connection with the matters set out in this announcement and will not
regard any other person as its client in relation to the matters in this
announcement and will not be responsible to anyone other than Spire for
providing the protections afforded to clients of J.P. Morgan Cazenove or its
affiliates, nor for providing advice in relation to any matter referred to
herein

 

Joh. Berenberg, Gossler & Co. KG ("Berenberg"), which is authorised and
regulated by the German Federal Financial Supervisory Authority and is
authorised and regulated in the United Kingdom by the FCA, is acting as joint
corporate broker exclusively for Spire Healthcare and no one else in
connection with the matters set out in this announcement and will not be
responsible to anyone other than Spire Healthcare for providing the
protections afforded to clients of Berenberg for providing advice in
connection with any matter referred to herein. Neither Berenberg nor any of
its affiliates (nor their respective partners, directors, officers, employees
or agents) owes or accepts any duty, liability or responsibility whatsoever
(whether direct or indirect, whether in contract, in tort, under statute or
otherwise) to any person who is not a client of Berenberg in connection with
this announcement, any statement contained herein or otherwise.

 

N.M. Rothschild & Sons Limited ("Rothschild & Co"), which is
authorised and regulated by the Financial Conduct Authority in the United
Kingdom, is acting exclusively for Spire Healthcare and for no one else in
connection with the subject matter of this announcement and will not be
responsible to anyone other than Spire Healthcare for providing the
protections afforded to its clients or for providing advice in connection with
the subject matter of this announcement.

 

A copy of this announcement is available at
https://investors.spirehealthcare.com/
(https://investors.spirehealthcare.com/)

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