Half-year Financial Report

About this update from One Health Group Plc

  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") , show ing continued growth across all operational and financial key performance indicators, in-line with management expectations .   Key Financial Highlights       H1 26   H1 25   Growth   Revenue £15.6 m £13.3 m +18% Gross profit £3.12m £2.32m +35% Underlying EBITDA £1.18 m £0.96 m + 23 % Underlying EPS 6.89 p 1 7.46 p - 8 % Cash balance £10.9 m 2 £4.9 m + 122 % Interim dividend 2.10 p 2.07 p + 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   If you wish to keep up to date on Company news please email: [email protected]   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 Derek Bickerstaff, Chairman Adam Binns, CEO   www.onehealth.co.uk/investors Via Walbrook PR Panmure Liberum (Nominated Adviser and Broker) Emma Earl, Will Goode, Mark Rogers Rupert Dearden   Tel: +44 (0)20 3100 2000 Walbrook PR (Media & Investor Relations) Alice Woodings / Paul McManus / Rachel Broad Tel: +44 (0)20 7933 8780 or [email protected] Mob: +44 (0)7407 804 654 / +44 (0)7980 541 893 /                                                                     +44 (0)7747 515 393     About One Health Group plc ( 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       Notes 6 months ended 30 September 2025 UNAUDITED 6 months ended 30 September 2024 UNAUDITED Year ended 31 March 2025 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 UNAUDITED 31 March 2025 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 capital Share premium Revaluation reserve Share option reserve Own shares Retained earnings Total equity attributable to owners of the parent   £ £ £ £ £ £ £ 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   At 31 March 2025 (audited) 68,548 5,432,223 29,988 226,989 (372,408) 6,170,995 11,556,335   Profit and total comprehensive income for the period - - - - - 945,255 945,255 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  30 September 2025 UNAUDITED 6 months ended  30 September 2024 UNAUDITED Year ended 31 March 2025 AUDITED   £ £ £ 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 Proceeds from issue of shares - - 5,687,139 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 compliant expenditure   57,746 91 1,170,971               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 30 September 2025 UNAUDITED 6 months ended 30 September 2024 UNAUDITED Year ended 31 March 2025 AUDITED   £ £ £ Earnings for the purpose of basic earnings per share being net profit attributable to owners of the parent 945,255 664,403 1,064,415 Earnings for the purposes of diluted earnings per share 945, 255 664,403 1,064,415     Number of shares 6 months ended 30 September 2025 UNAUDITED 6 months ended 30 September 2024 UNAUDITED Year ended 31 March 2025 AUDITED   £ £ £ Weighted average number of ordinary shares for the purposes of basic earnings per share 13,709,615 9,573,027 10,645,311 - 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 earnings per share 13,943,510 9,773,910 10,846,194     Earnings per share   Earnings 6 months ended 30 September 2025 UNAUDITED 6 months ended 30 September 2024 UNAUDITED Year ended 31 March 2025 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 30 September 2025 UNAUDITED 6 months ended 30 September 2024 UNAUDITED Year ended 31 March 2025 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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