Half-year Report

About this update from Spire Healthcare Group Plc

[{"type":"text","content":"\n \n Spire Healthcare reports its results for the six months ended 30 June 2025 \n Delivery in-line with market expectations. Successful period of major business transformation. \n   \n London, UK, 31 July 2025, Spire Healthcare Group plc (LSE: SPI) ('Spire Healthcare', 'the Group' or 'the Company'), a leading independent healthcare group in the United Kingdom, today announces its interim results for the six months ended 30 June 2025 ('the period', 'H1' or 'H125'). \n Summary Group results for the six months ended 30 June 2025   \n \n \n \n \n \n \n \n Six months ended 30 June (Unaudited) \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n     2025 \n \n \n                                    2024 \n \n \n Variance \n \n \n Comparable y/y growth (1) \n \n \n \n \n Revenue \n \n \n 796.7 \n \n \n 762.5 \n \n \n 4.5% \n \n \n 4.9% \n \n \n \n \n Adjusted EBITDA (3) \n \n \n 133.8 \n \n \n 130.6 \n \n \n 2.5% \n \n \n 2.8% \n \n \n \n \n Adjusted EBITDA margin \n \n \n 16.8% \n \n \n 17.1% \n \n \n (33)bps \n \n \n (35)bps \n \n \n \n \n Adjusted operating profit (Adjusted EBIT) \n \n \n 76.0 \n \n \n 75.7 \n \n \n 0.4% \n \n \n 0.7% \n \n \n \n \n Adjusting items included in operating profit \n \n \n (13.0) \n \n \n (4.1) \n \n \n NM \n \n \n NM \n \n \n \n \n Operating profit \n \n \n 63.0 \n \n \n 71.6 \n \n \n (12.0)% \n \n \n NM \n \n \n \n \n Profit before taxation \n \n \n 10.8 \n \n \n 22.7 \n \n \n (52.4)% \n \n \n NM \n \n \n \n \n Adjusted profit before taxation \n \n \n 23.8 \n \n \n 26.8 \n \n \n (11.2)% \n \n \n NM \n \n \n \n \n Profit after taxation \n \n \n 7.0 \n \n \n 14.1 \n \n \n (50.4)% \n \n \n NM \n \n \n \n \n Basic earnings per share, pence \n \n \n 1.6 \n \n \n 3.3 \n \n \n (51.5)% \n \n \n NM \n \n \n \n \n Adjusted basic earnings per share, pence (2) \n \n \n 4.1 \n \n \n 4.7 \n \n \n (12.8)% \n \n \n NM \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Return on capital employed (ROCE) (%) (6) \n \n \n 8.1% \n \n \n 7.6% \n \n \n 50 bps \n \n \n NM \n \n \n \n \n Adjusted FCF (4) \n \n \n 15.3 \n \n \n 18.6 \n \n \n (17.7)% \n \n \n NM \n \n \n \n \n Net bank debt (5) \n \n \n 356.7 \n \n \n 323.4 \n \n \n 10.3% \n \n \n NM \n \n \n \n \n Net bank debt / EBITDA covenant ratio \n \n \n 2.2 \n \n \n 2.1 \n \n \n 0.1 \n \n \n NM \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Financial highlights: H1 performance in line with expectations \n (Unless otherwise stated, y/y growth and margin expansion metrics are presented on a comparable basis 1 ) \n ·      Group: Revenue grew 4.9% y/y . Adj. EBITDA was up 2.8% y/y, or, >5% y/y before National Insurance (NI) and Minimum Wage (NMW) rises. \n ·      Hospitals growth (7) : Revenue growth of 4.7% y/y to £732.3m and adj. EBITDA growth of 3.3% y/y to £130.0m, with a margin of 17.8%. \n o  Payor mix : Private patient revenue grew 0.8% y/y. Self-pay volume trends were similar to the FY24 exit rate, improving in recent months. PMI volumes were softer - i n that backdrop we gained share in our addressable private market in FY24 9 . NHS revenue grew 16.2% y/y with increasing high acuity procedures. \n o  Profitability : Adj. EBITDA margin in H1 largely reflects the weighting of the savings programme and the impact of NI and NMW rises. Excluding NI/NMW rises, Hospital adj. EBITDA grew >5% y/y. \n ·      Primary Care growth : Revenue grew 6.5% y/y to £64.4m supported by successful contract growth and wins. Adj. EBITDA declined (14.0)% y/y to £3.8m, which included losses from startup clinics, expected to break even by year two. Excl. these startup clinics, adj. EBITDA grew >6% y/y. \n ·      Transformation savings delivered on target : \n o  With new savings of >£10m in H1. A further £20m are expected in H2, for which the major programmes have already been implemented, mainly headcount reductions. \n o  Given the majority of savings benefits will flow in H2, the weighting of their delivery has impacted both adjusted profit before tax and free cash flow during H1. We therefore continue to expect y/y growth in both metrics for the full year. \n o  Group reported PBT declined (52.4)% to £10.8m, including adjusting items of £(13.0)m, largely driven by restructuring costs associated with the reduced roles in Hospitals as part of the transformation programme. \n ·      ROCE (6) increased to 8.1%, up from 7.6% in H124. Excluding NI and NMW rises, ROCE increased to 8.3%. \n Outlook in-line with market expectations \n ·      FY25 guidance is unchanged and we are currently trading   in line with market expectations 8 . \n ·      The Board is pleased with the progress made in implementing strategic and efficiency initiatives and believes that these, together with Spire's freehold property valued at >£1.4bn and a well invested asset base, are not yet reflected by the market in full. The Board will continue to actively evaluate and implement any appropriate action that drives long term shareholder value. \n Successful implementation of significant change whilst maintaining business delivery \n ·      Shift change in transformation : We consolidated the administration and bookings functions of 36 Hospitals into three Patient Support Centres. This complex change was completed with minimal disruption and we are operating with a c.10% reduction in staffing and call response five times quicker than before. We also implemented clinically-led more flexible resourcing in hospitals, reducing c.400 permanent colleague roles. \n ·      Scaling Primary Care through bolt-on M&A, and contract wins: In July we acquired a physiotherapy business, Physiolistic, for £5.2m at an EBITDA multiple of c.5.5x., which will enhance our network and referral capability in the Thames Valley. This follows our acquisition of Acorn Occupational Health announced earlier in the year. Both businesses are expected to generate a combined annual run-rate EBITDA of c.£2m. We also signed with John Lewis Partnership to provide Occupational Health services. All of this takes us another step closer towards our Primary Care medium-term EBITDA target of £40m. \n ·      Pursued our three-payor strategy to successfully manage market dynamics:  \n o  Market trends : Self-Pay has seen some improvement; PMI is softer with tightening in claims access and ongoing proactive tendering, plus growth in younger lives covered needing less treatment; NHS is in strong growth, though there is pressure on commissioning budgets. \n o  Our responses : i) Improve mix - high margin procedures increased to >38% of Private Hospital admissions. ii) Price recovery - Hospital Average Revenue Per Case increased >4% y/y. iii) Lower the cost of delivery - clinical staff costs per Hospital admission declined vs FY24, due to automation, digitisation and efficiency initiatives. iv) Strategic partnering and proactive engagement with PMIs and NHS commissioners. \n ·      Maintained the highest standards of quality and innovation: \n o  Successfully retained our existing ratings at two sites in England following Care Quality Commission inspections, keeping 98% of our inspected Hospital sites 'good' or 'outstanding' or the equivalent. \n o  Invested in multiple additional robotic surgery platforms. \n   \n Justin Ash, Chief Executive Officer of Spire Healthcare, said: \n \"We have delivered performance in line with expectations in the first half of the year and are on track to do so in the second half. Our business continues to operate successfully in a fast-changing market. \n Our strategy has progressed on many fronts. We continue to manage our mix with discipline through our diversified three-payor strategy, focusing on more complex care.  Our transformation programme is helping us deliver with greater flexibility and efficiency and we implemented two significant initiatives. Our Patient Support Centres and new flexible resourcing model are improving consistency, agility and responsiveness while reducing our cost to serve and maintaining our high quality standards. These changes included a material reduction in permanent colleague roles and I would like to thank our colleagues and consultant partners for their professionalism and commitment throughout. \n Primary Care saw strong growth through existing and new Occupational Health clients, including a new contract with John Lewis Partnership; and we strengthened our network via bolt-on acquisitions. Investment in new robotics platforms and MOUs with med-tech companies supported our continued focus on quality and innovation. \n Put simply, the foundations we have laid in H1 do more than underpin £20m of savings in the second half. They support a fundamental shift towards our vision of an integrated healthcare business, giving us greater control over the patient journey. We have made strong strategic progress and have a valuable business, backed by a freehold property portfolio valued at more than £1.4bn and a well invested estate. The market will remain dynamic and challenging throughout H2, but our ability to use all the levers at our disposal to flex what we offer our patients and payors, and where we offer it, is the highest it has ever been.\" \n   \n Reminder of FY25 guidance \n ·      Group revenue growth: mid-single digit % y/y \n ·      Group adjusted EBITDA: £270m - £285m. Currently trading in-line with market expectations 8 \n ·      Capex: c.£90m - £100m \n ·      ROCE: Ahead of FY24 \n ·      Group bank debt leverage: c.2x (ahead of any M&A) at year end \n ·      Dividend: Policy maintained at 25% - 35% profit after tax \n   \n Footnotes: \n 1.    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). Therefore, where meaningful, we have presented certain financial information on a 'Comparable Basis' where we have deducted the contribution from Tunbridge Wells and Acorn in the H1 periods of the prior and current year, respectively. \n 2.    Adjusted basic earnings per share is stated before the effects of Adjusting Items. \n 3.    Adjusted EBITDA is calculated as Operating Profit, adjusted to add back depreciation, amortisation and Adjusting items, referred to hereafter as 'Adjusted EBITDA'. Refer to page 9. For EBITDA for covenant purposes, refer to note 18. \n 4.    Adjusted Free Cash Flow (FCF) is calculated as Adjusted EBITDA, less rent, capital expenditure cash flows and changes in working capital after adjusting for one-off items which are not related to the normal trading activity of the business. Rent cash flows are defined as interest on, and payment of, lease liabilities. Capital expenditure cash flows are defined as the Purchase of plant, property and equipment. \n 5.    Net bank debt is defined as bank borrowings less cash and cash equivalents. \n 6.     Return on capital employed (ROCE) is the ratio of the group's Adjusted EBIT to total assets less cash, capital investments made in the last 12 months and current liabilities. \n 7.    The Hospitals Business relates to business operations performed at hospital sites. All other Group operations are referred to as 'Primary Care' and include the Doctors Clinic Group (DCG), Vita Health Group (VHG) and the Spire clinics (community facilities that offer a range of diagnostics and treatment that do not require an overnight stay). Unless otherwise stated, all metrics are on a Group basis. \n 8.     As of 30 July 2025, adjusted EBITDA consensus is £276.1m, based on estimates by all eight analysts providing estimates to the Company, ranging from £271.9m to £280.8m. \n 9.     The latest market data available is to the end of the 2024 period. H125 market data is not yet available. \n   \n   \n Analyst and investor meeting \n There will be a hybrid analyst and investor meeting today at 9.00am. \n In-person: The presentation will be hosted from our offices in Blackfriars. 3 Dorset Rise, City of London, London EC4Y 8EN \n Virtually:   Webinar link https://storm-virtual-uk.zoom.us/webinar/register/WN_IjXcXO0oRbKvn6_WG-8JDg   \n Webinar ID: 860 4427 5811 \n The webinar will be available for replay shortly following the meeting through the Company's investor website: https://investors.spirehealthcare.com/home/ \n   \n Upcoming events in 2025 \n \n \n \n \n Date \n \n \n Event \n \n \n Location \n \n \n \n \n 1 August \n \n \n Analyst roundtable \n \n \n London \n \n \n \n \n 5 to 11 September \n \n \n Post interims roadshow \n \n \n London \n \n \n \n \n 19 September \n \n \n Barclays MedTech Bus Tour \n \n \n London \n \n \n \n \n 23 September \n \n \n Jefferies C-Suite Back to School Healthcare Fireside \n \n \n Virtual \n \n \n \n \n 7 October \n \n \n Berenberg UK Opportunities Conference \n \n \n London \n \n \n \n \n   \n The person responsible for making this announcement is: Mantraraj Budhdev, Company Secretary \n For further information please contact: \n \n \n \n \n Spire Healthcare                       \[email protected] \n \n \n Instinctif Partners  \[email protected] \n \n \n \n \n Amie Gramlick: Director of Investor Relations & Commercial Finance \n \n \n Julian Walker \n Tim Pearson \n \n \n \n \n   \n Registered Office and Head Office: \n Spire Healthcare Group plc \n3 Dorset Rise \nLondon \nEC4Y 8EN \n Registered number 09084066 \n   \n About Spire Healthcare \n Spire Healthcare 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. \n Working in partnership with over 8,700 experienced consultants, Spire Healthcare delivered tailored, personalised care to over 1 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. \n Spire Healthcare'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 Healthcare's inspected locations are rated 'Good,' 'Outstanding' or the equivalent by health inspectors in England, Wales and Scotland. \n Spire Healthcare is listed on the London Stock Exchange and is a member of the FTSE 250. \n   \n Cautionary statement \n This announcement contains inside information. \n 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. \n 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. \n   \n Operating review \n (Unless otherwise stated, y/y growth and margin expansion metrics are presented on a comparable basis 1 ) \n Our purpose   is to \"make a positive difference to people's lives through outstanding personalised care\". We are bringing this to life, building an integrated healthcare service that combines Primary and Hospital care; through our 38 Hospitals, >50 Clinics, in the workplace and online. \n   \n Market dynamics and our strategic response \n Demand for independent healthcare services remains robust; supported by increasing health and wellness awareness, long NHS waiting times, high levels of long-term sickness absence in the workplace and an ageing UK population. \n Trend: Highly dynamic payor landscape. Our response: Managing payor mix more effectively with growth and margin levers. \n Hospital private patient revenue grew 0.8% y/y. PMI revenue grew 2.5% y/y with strong pricing growth, offsetting a small decline in volumes, which we believe is largely a result of some insurers tightening claims access and faster growth in policies covering younger lives, who typically require less complex healthcare. We are also seeing ongoing proactive tendering by insurers. In response, we are leveraging price and specialty mix management, expansion into Primary Care, including physio, Talking Therapies and dermatology, and broader strategic initiatives to drive volumes. Self-pay revenue was (2.6)% y/y. Volumes saw a similar trend to the exit rate in FY24, with an improvement in more recent months. The latest market data by the Private Healthcare Information Network shows we gained share in our addressable private admissions markets in FY24 9 . Going forward, our focus will remain on clinical outcomes and quality, patient experience and investment in the latest surgical technologies and robotics, in order to expand our private market share further. \n NHS revenue grew strongly y/y by 16.2%, underpinned by strong orthopaedic mix. NHS waiting lists have declined marginally but remain elevated, with c.40% of patients still waiting longer than 18-weeks to receive treatment. Whilst Integrated Care Boards are adapting to recent changes at NHS England and responding to budgetary pressures through commissioning, the Government has clearly set out its aims to reduce waitlists and re-confirmed the independent sector will be a key partner to achieve this. Our focus therefore remains working closely with commissioners. \n Within this backdrop, we continue to respond to payor changes and have further improved our ability to steer our mix towards higher margin services at greater scale across the business. High margin procedures have increased their proportion to >38% of private Hospital admissions, and amongst NHS services, high acuity orthopaedic procedures have grown to represent >60% of admissions. Automation and efficiency initiatives have also enabled us to lower the cost of delivering Hospital services, without compromising on care quality, or safety, with clinical staff costs per Hospital admission declining vs FY24. \n   \n Trend: Demand for faster access and high quality healthcare in an inflationary environment. Our response: Accelerating transformation. \n There is a natural and growing demand from patients for the delivery of faster, more convenient, high quality healthcare, but we also operate in an inflationary environment. We are already successfully implementing our transformation programme to give us greater control over the customer journey and experience, the levers to deliver high quality care more cost-effectively and the ability to reinvest in fast-growing, high-returning segments of Hospitals and Primary Care. \n We accelerated transformation in our hospitals in the period, as planned, establishing more agile and flexible resourcing which included a reduction in permanent colleague roles. We also delivered a significant milestone in the period, substantially completing the consolidation of separate procurement, administration and booking functions in 36 hospitals into three regional Patient Support Centres. The new Centres have enhanced our ability to respond to patient enquiries more efficiently, with our average response time to calls five times quicker than before. With unified ways of working, it will provide us with improved oversight and management of patient pathways. \n This change was managed whilst minimising disruption and continuing high quality patient care. We underwent two successful Care Quality Commission inspections during the period, retaining our position where 98% of our inspected hospitals and clinics are rated 'Good', 'Outstanding' or the equivalent by regulators in England, Scotland and Wales. We were proud to be Highly Commended by Thrombosis UK for VTE prevention and management; and that our Pathology Management was highlighted in Dame Penny Dash's Patient Safety Review as an exemplar of best practice. \n   \n Trend: Increasing preventative, diagnostic and primary care demand. Our response: Scaling Primary Care to £40m EBITDA in the medium-term. \n Fast access to healthcare services keeps people in work and benefits the economy. The UK currently has the second highest preventable mortality rate in the G7 countries. Additionally, 6% of the working age population are not in employment due to long-term illness, prompting the Government to commission the 'Keep Britain Working' review, aimed at helping people return to work**. The NHS 10-year Health Plan reinforced this theme, as it set out its vision to shift care into the community, including preventive diagnostics and treatments. \n We are delivering Talking Therapy care at scale via Vita, one of the largest providers to the NHS. Through our network of >800 corporate clients, we have delivered Occupational Health and Talking Therapy services to over 1.7m employees; and achieved return-to-work rates of 97% and 95% for mental health and musculoskeletal conditions, respectively, targeting the two leading causes for workplace absence. \n We have a clear plan to scale our Primary Care business towards its medium-term target of £40m EBITDA. The building blocks to reach this include contract wins in our existing business, bolt-on M&A and new clinic openings. During H125, we commenced new long-term contracts worth c.£8m in annual revenue with the NHS and corporate clients, and were proud to have signed a contract with John Lewis Partnership to provide Occupational Health services. In March, the Group acquired Acorn Occupational Health, a well-established provider of occupational health services to both corporate and public sector clients, for an initial consideration of £3.3m. This was followed by the acquisition of Physiolistic in July, a physiotherapy business operating multiple clinics in the Thames Valley area, for an initial consideration of £5.2m. A small additional deferred consideration payment may be payable, dependent upon EBITDA performance in the 12-month period following the acquisition. These transactions represent EBITDA acquisition multiples of c.5.5x and are expected to generate a combined run-rate EBITDA of c.£2m. We also opened one new outpatient led clinic. \n   \n **  Preventable mortality and long-term illness data sourced from OECD (Health at a Glance 2023) and Office for National Statistics, respectively. \n   \n Trading performance \n (Unless otherwise stated, y/y growth and margin expansion metrics are presented on a comparable basis 1 ) \n   \n Group  \n Group revenue in H125 was up 4.9% y/y to £796.7m, driven by good growth in both our Hospital and Primary Care operations. Group adjusted EBITDA was £133.8m, up 2.8% y/y with a margin of 16.8% which was down y/y - primarily reflecting higher NI and NMW rates introduced from April, and the phasing of savings benefits largely expected to land in H2. Adjusting for NI and NMW rises, Group adjusted EBITDA grew >5% y/y. \n Transformation is delivering as expected. Of the >£30m new efficiency savings anticipated for the full year, approximately one third, or >£10m, was delivered in H1. The remaining c.£20m is expected in H2 as Hospital headcount reductions and Patient Support Centres become fully effective. \n Group adjusted PBT was also impacted by the aforementioned factors affecting adjusted EBITDA, declining (11.2)% y/y to £23.8m, following the deduction of depreciation, amortisation and net finance costs which, as usual, will be broadly evenly split across H1 and H2. H125 net finance costs of £52.2m (H124: £48.9m) and taxation charge of £6.7m (H124: £7.2m) were in line with expectations, resulting in adjusted net profit of £17.1m (H124: £19.6m). \n In terms of statutory performance, Group operating profit decreased (12.0)% y/y to £63.0m, including adjusting items of £13.0m of which £9.6m relates to business restructuring and headcount reduction. \n   \n Hospitals \n Revenue was up 4.7% y/y to £732.3m. Our focus on increasing high acuity procedures and pricing has supported Average Revenue Per Case (ARPC) growth of 4.2% y/y, with Admissions and Outpatient Procedure volumes up by 1.9% y/y. \n In the Private payor group (PMI and self-pay combined), we saw revenue growth of 0.8% y/y to £511.1m. ARPC grew 4.2% y/y, supported by our approach to pricing and procedure mix management, with PMI ARPC up 5.4% and self-pay ARPC up 4.2%. Admissions and Outpatient Procedures decreased (2.4)% y/y in Private overall, reflecting a modest decline in PMI volume, down (1.0)%, and a slightly improved trend in Self-Pay activity with volumes down (5.4)% y/y, a lesser decline compared with the FY24 exit rate. \n Combined, the Private proportion of Hospital revenue during H125 was 69.8% (H124: 72.5%), reflecting the higher growth in NHS activity during H1. \n NHS revenue accelerated 16.2% y/y to £206.8m, supported by the Government's commitment to reduce waitlists. Admissions and Outpatient Procedures increased 13.0% and ARPC was up 4.2%, exceeding the average NHS tariff growth of c.3.4%. \n ·      Adj. EBITDA rose 3.3% y/y to £130.0m, representing a (24)bps y/y decline in margin to 17.8%, primarily due to NI and NMW rises and our H2-weighted efficiency savings. The reduction of c.400 permanent roles takes full effect in July/ August and is key to making Hospital staff resourcing more flexible and responsive to the dynamic payor demand. Excluding NI and NMW rises, Hospital adj. EBITDA grew >5% y/y. \n   \n Primary Care \n Primary Care revenue was up 6.5% y/y to £64.4m (H124: £59.7m), primarily driven by Talking Therapies, delivered under our Vita brand. \n Adj. EBITDA declined (14.0)% y/y to £3.8m, with a margin of 5.9% (H124: 7.2%). This performance includes new clinics which are naturally loss making in early months due to start-up and fixed costs but are expected to break even during Year two. Excluding startup clinics, the Primary Care business grew EBITDA by >6% y/y. \n Clinics send referrals to our nearby hospitals, for which the financial benefit is reflected in the Hospital division. Overall, including both clinic and downstream Hospital referrals, the clinic ecosystem generates positive EBITDA. \n   \n Returns and cash \n Adjusted EBIT rose 0.7% y/y to £76.0m, contributing to a ROCE increase to 8.1% (H124: 7.6%). Since FY21, we have delivered more than 300bps of ROCE expansion, reflecting our transformation programme and continued efforts in driving sustainable returns, such as leveraging Primary Care's capital light model to improve overall Group performance. \n In line with our capital allocation strategy, our primary focus remains investing for growth across both Hospital and Primary Care, including organic capex and bolt-on M&A. Total capital expenditure in H125 was £51.2m (H124: £51.5m). This consisted of growth capex investment of c.£27m, including Patient Support Centres, digitalisation and automation, MRI scanners and robotic surgery platforms. In addition, we have invested in AI software for MRI scanners to improve the throughput of our existing scanners. All these investments have been rigorously assessed against strategic and financial lenses such as ROCE and payback, and their ability to enhance our clinical capacity to service more patients at greater efficiency. For example, digitisation initiatives are expected to boost revenue by streamlining online bookings and billing, while cutting costs through automated admin tasks like appointment reminders and digital record-keeping. \n ·      The Group continued to be cash generative during the period. Cash inflow from adjusted operating activities was £127.1m (H124: £115.5m) which constitutes a cash conversion rate of 95% (H124: 88%). Adjusted free cash flow declined (17.7)% y/y to £15.3m, reflecting cost savings weighted towards H2 and capex towards H1, and the timing impact on working capital associated with higher NHS growth. \n Net bank debt at the end of H125 was £356.7m (FY24: £325.9m), with a cash balance of £20.8m (FY24: £41.2m) and net bank debt to Adjusted EBITDA covenant ratio, or bank leverage, of 2.2x (FY24: 2.0x).  This reflects the cashflow dynamics detailed above, in addition to share purchases brought forward to satisfy employee shares schemes amid a lower share price, and the acquisition of the remaining non-controlling interest in one of our Hospitals (Montefiore). Excluding the employee share purchases and buyout of the non-controlling interest, bank leverage would have been 2.1x at the period end. \n   \n 1. 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). Therefore, where meaningful, we have presented certain financial information on a 'Comparable Basis' where we have deducted the contribution from Tunbridge Wells and Acorn in the H1 periods of the prior and current year, respectively. \n   \n Financial review \n Selected financial information \n \n \n \n \n Six months ended 30 June (Unaudited) \n \n \n   \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n (£ million) \n \n \n Total before Adjusting items \n \n \n Adjusting \nitems \n(note 10) \n \n \n Total \n \n \n \n \n \n Total before Adjusting items \n \n \n Adjusting \nitems (note 10) \n \n \n Total \n \n \n \n \n Revenue \n \n \n  796.7 \n \n \n  -   \n \n \n  796.7 \n \n \n \n \n \n 762.5 \n \n \n - \n \n \n 762.5 \n \n \n \n \n Cost of sales \n \n \n  (435.5) \n \n \n - \n \n \n  (435.5) \n \n \n \n \n \n (416.4) \n \n \n - \n \n \n (416.4) \n \n \n \n \n Gross profit \n \n \n  361.2 \n \n \n - \n \n \n  361.2 \n \n \n \n \n \n 346.1 \n \n \n - \n \n \n 346.1 \n \n \n \n \n Other operating costs \n \n \n  (286.1) \n \n \n  (13.0) \n \n \n  (299.1) \n \n \n \n \n \n (273.2) \n \n \n (8.8) \n \n \n (282.0) \n \n \n \n \n Other income \n \n \n  0.9 \n \n \n -   \n \n \n  0.9 \n \n \n \n \n \n 2.8 \n \n \n 4.7 \n \n \n 7.5 \n \n \n \n \n Operating profit (EBIT) \n \n \n  76.0 \n \n \n  (13.0) \n \n \n  63.0 \n \n \n \n \n \n 75.7 \n \n \n (4.1) \n \n \n 71.6 \n \n \n \n \n Finance income \n \n \n  0.2 \n \n \n - \n \n \n  0.2 \n \n \n \n \n \n 0.4 \n \n \n - \n \n \n 0.4 \n \n \n \n \n Finance costs \n \n \n  (52.4) \n \n \n - \n \n \n  (52.4) \n \n \n \n \n \n (49.3) \n \n \n - \n \n \n (49.3) \n \n \n \n \n Profit before taxation \n \n \n  23.8 \n \n \n  (13.0) \n \n \n  10.8 \n \n \n \n \n \n 26.8 \n \n \n (4.1) \n \n \n 22.7 \n \n \n \n \n Taxation \n \n \n  (6.7) \n \n \n  2.9 \n \n \n  (3.8) \n \n \n \n \n \n (7.2) \n \n \n (1.4) \n \n \n (8.6) \n \n \n \n \n Profit for the period \n \n \n  17.1 \n \n \n  (10.1) \n \n \n  7.0 \n \n \n \n \n \n 19.6 \n \n \n (5.5) \n \n \n 14.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA (1) \n \n \n \n \n \n \n \n \n 133.8 \n \n \n \n \n \n \n \n \n \n \n \n 130.6 \n \n \n \n \n Basic earnings per share, pence \n \n \n \n \n \n \n \n \n 1.6 \n \n \n \n \n \n \n \n \n \n \n \n 3.3 \n \n \n \n \n Adjusted FCF (2) \n \n \n \n \n \n \n \n \n 15.3 \n \n \n \n \n \n \n \n \n \n \n \n 18.6 \n \n \n \n \n Net cash from operating activities \n \n \n \n \n \n \n \n \n 118.2 \n \n \n \n \n \n \n \n \n \n \n \n 112.0 \n \n \n \n \n Net bank debt (3) \n \n \n \n \n \n \n \n \n 356.7 \n \n \n \n \n \n \n \n \n \n \n \n 323.4 \n \n \n \n \n  1. Adjusted EBITDA is calculated as Operating profit, adjusted to add back depreciation, amortisation, and Adjusting items, referred to hereafter as 'Adjusted EBITDA' refer to page 9. For EBITDA for covenant purposes, refer to note 18. \n 2.  Adjusted FCF (Free Cash Flow) is calculated as Adjusted EBITDA, less rent, capital expenditure cash flows and changes in working capital after adjusting for one-off items which are not related to the normal trading activity of the business. Rent cash flows are defined as interest on, and payment of, lease liabilities. Capital expenditure cash flows are defined as the purchase of plant, property and equipment. \n 3.  Net bank debt is defined as bank borrowings less cash and cash equivalents. \n   \n   \n Revenue \n (Unless otherwise stated, y/y growth metrics and/or margin expansion metrics are presented on a comparable basis) \n Group revenues increased by 4.9% y/y to £796.7m (H124: £762.5m) driven by good growth in both our Primary Care and Hospital business. Hospitals Business revenue has increased by 4.7% y/y to £732.3m (H124: £702.8m) as we have focused on increasing high acuity procedures and pricing which has supported ARPC growth of 4.2%, with Admissions and Outpatient Procedure volumes up by 1.9%. Primary Care revenue was up 6.5% y/y to £64.4m (H124: £59.7m), primarily driven by Talking Therapies, delivered under our Vita brand. \n Revenue by location and payor \n \n \n \n \n \n \n \n Six months ended 30 June (Unaudited) \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n Variance % \n \n \n \n \n (£ million) \n \n \n Hospitals Business \n \n \n Primary Care \n \n \n Total \n \n \n   \n   \n   \n Hospitals Business \n \n \n Primary Care \n \n \n Total \n \n \n Hospitals Business \n \n \n Primary Care \n \n \n Total \n \n \n \n \n Total revenue \n \n \n  732.3 \n \n \n  64.4 \n \n \n  796.7 \n \n \n 702.8 \n \n \n 59.7 \n \n \n 762.5 \n \n \n 4.2% \n \n \n 7.9% \n \n \n 4.5% \n \n \n \n \n Of which: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Inpatient \n \n \n  288.1 \n \n \n  -   \n \n \n  288.1 \n \n \n 279.3 \n \n \n - \n \n \n 279.3 \n \n \n 3.2% \n \n \n - \n \n \n 3.2% \n \n \n \n \n Day case \n \n \n  228.8 \n \n \n  0.7 \n \n \n  229.5 \n \n \n 212.3 \n \n \n 0.1 \n \n \n 212.4 \n \n \n 7.8% \n \n \n NM \n \n \n 8.1% \n \n \n \n \n Out-patient \n \n \n  201.0 \n \n \n  63.6 \n \n \n  264.6 \n \n \n 197.2 \n \n \n 59.5 \n \n \n 256.7 \n \n \n 1.9% \n \n \n 6.9% \n \n \n 3.1% \n \n \n \n \n Other \n \n \n  14.4 \n \n \n  0.1 \n \n \n  14.5 \n \n \n 14.0 \n \n \n 0.1 \n \n \n 14.1 \n \n \n 2.9% \n \n \n - \n \n \n 2.8% \n \n \n \n \n Total revenue \n \n \n  732.3 \n \n \n  64.4 \n \n \n  796.7 \n \n \n 702.8 \n \n \n 59.7 \n \n \n 762.5 \n \n \n 4.2% \n \n \n 7.9% \n \n \n 4.5% \n \n \n \n \n   \n   \n \n \n \n \n \n \n \n Six months ended 30 June (Unaudited) \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n Variance % \n \n \n \n \n (£ million) \n \n \n Hospitals Business \n \n \n Primary Care \n \n \n Total \n \n \n Hospitals Business \n \n \n Primary Care \n \n \n Total \n \n \n Hospitals Business \n \n \n Primary Care \n \n \n Total \n \n \n \n \n Of which: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n PMI \n \n \n  343.1 \n \n \n  1.2 \n \n \n  344.3 \n \n \n 336.4 \n \n \n 0.7 \n \n \n 337.1 \n \n \n 2.0% \n \n \n 71.4% \n \n \n 2.1% \n \n \n \n \n Self-pay \n \n \n  168.0 \n \n \n  4.2 \n \n \n  172.2 \n \n \n 173.1 \n \n \n 3.9 \n \n \n 177.0 \n \n \n (2.9)% \n \n \n 7.7% \n \n \n (2.7)% \n \n \n \n \n Total Private \n \n \n  511.1 \n \n \n  5.4 \n \n \n  516.5 \n \n \n 509.5 \n \n \n 4.6 \n \n \n 514.1 \n \n \n 0.3% \n \n \n 17.4% \n \n \n 0.5% \n \n \n \n \n Total NHS \n \n \n  206.8 \n \n \n  43.2 \n \n \n  250.0 \n \n \n 179.3 \n \n \n 44.5** \n \n \n 223.8 \n \n \n 15.3% \n \n \n NM** \n \n \n 11.7% \n \n \n \n \n Other \n \n \n  14.4 \n \n \n  15.8 \n \n \n  30.2 \n \n \n 14.0 \n \n \n 10.6** \n \n \n 24.6 \n \n \n 2.9% \n \n \n NM** \n \n \n 22.8% \n \n \n \n \n Total revenue \n \n \n  732.3 \n \n \n  64.4 \n \n \n  796.7 \n \n \n 702.8 \n \n \n 59.7 \n \n \n 762.5 \n \n \n 4.2% \n \n \n 7.9% \n \n \n 4.5% \n \n \n \n \n * In the prior year, £5.5m was incorrectly classified under NHS revenue instead of being reported within Other revenue. This misclassification has not been restated, as the amount is not considered material. Had the correction been made, NHS revenue for H124 would have been £39.0m, reflecting a 10.8% increase to £43.2m in H125. Correspondingly, Other revenue would have been £16.1m, representing a (1.9)% decline to £15.8m in H125. \n   \n Revenue on comparable basis (adjusted for the effect of Tunbridge Wells hospital and Acorn Occupational Health Limited acquisition) \n \n \n \n \n   \n   \n \n \n Six months ended 30 June (Unaudited) \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n Variance % \n \n \n \n \n (£ million) \n \n \n Adjusted revenue \n \n \n Effect of Tunbridge Wells hospital and Acorn acquisition \n \n \n Reported revenue \n \n \n Adjusted revenue \n \n \n Effect of Tunbridge Wells hospital and Acorn acquisition \n \n \n Reported revenue \n \n \n Adjusted revenue \n \n \n Effect of Tunbridge Wells hospital and Acorn acquisition \n \n \n Reported revenue \n \n \n \n \n Hospital Business \n \n \n 732.3 \n \n \n - \n \n \n 732.3 \n \n \n 699.1 \n \n \n 3.7 \n \n \n 702.8 \n \n \n 4.7% \n \n \n NM* \n \n \n 4.2% \n \n \n \n \n Primary Care \n \n \n 63.6 \n \n \n 0.8 \n \n \n 64.4 \n \n \n 59.7 \n \n \n - \n \n \n 59.7 \n \n \n 6.5% \n \n \n NM* \n \n \n 7.9% \n \n \n \n \n Group \n \n \n 795.9 \n \n \n 0.8 \n \n \n 796.7 \n \n \n 758.8 \n \n \n 3.7 \n \n \n 762.5 \n \n \n 4.9% \n \n \n NM* \n \n \n 4.5% \n \n \n \n \n * Not meaningful due to period of trading for Tunbridge Wells hospital in H124 being 3 months vs no trading in 2025 and trading for Acorn Occupational Health Limited in H125 being 3 months vs no trading in 2024. \n   \n Cost of sales and gross profit \n Group cost of sales increased in the period by £19.1m, or 4.6% to £435.5m (H124: £416.4m) on revenues that increased by 4.5% with the majority of the increase due to inflationary pressures and increased national insurance and national minimum wage, managed effectively through strong procurement processes and our transformation cost savings programme, alongside optimisation of acuity, payor mix and pricing. For the Hospitals Business c ost of sales increased by 4.3% to £392.9m (H124: £376.8m). Gross margin for the Hospitals Business for the first six months is 46.3%, a decrease of 10bps from H124. \n Primary Care gross margin increased slightly to 33.9% from 33.7%. Over time, we expect these margins to increase significantly through a combination of building scale and maturity. \n Cost of sales is broken down, and presented as a percentage of relevant revenue, as follows: \n \n \n \n \n \n \n \n Six months ended 30 June (Unaudited) \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n \n \n £m \n \n \n % of Group revenue \n \n \n £m \n \n \n % of Group revenue \n \n \n \n \n Clinical staff \n \n \n 194.6 \n \n \n 24.4% \n \n \n 188.2 \n \n \n 24.7% \n \n \n \n \n Direct costs \n \n \n 172.1 \n \n \n 21.6% \n \n \n 164.5 \n \n \n 21.6% \n \n \n \n \n Medical fees \n \n \n 68.8 \n \n \n 8.6% \n \n \n 63.7 \n \n \n 8.4% \n \n \n \n \n Cost of sales \n \n \n 435.5 \n \n \n 54.7% \n \n \n 416.4 \n \n \n 54.6% \n \n \n \n \n Gross profit \n \n \n 361.2 \n \n \n 45.3% \n \n \n 346.1 \n \n \n 45.4% \n \n \n \n \n   \n Cost of sales is broken down, and presented as a percentage of relevant revenue split by operating segment, as follows: \n   \n \n \n \n \n \n \n \n Six months ended 30 June (Unaudited) \n \n \n \n \n \n \n \n Hospitals Business \n \n \n Primary Care \n \n \n \n \n (£ million) \n \n \n 2025 \n \n \n % of Hospitals Business revenue \n \n \n 2024 \n \n \n % of Hospitals Business revenue \n \n \n 2025 \n \n \n % of Primary Care revenue \n \n \n 2024 \n \n \n % of Primary Care revenue \n \n \n \n \n Clinical staff \n \n \n 154.4 \n \n \n 21.1% \n \n \n 151.1 \n \n \n 21.5% \n \n \n 40.2 \n \n \n 62.4% \n \n \n 37.1 \n \n \n 62.1% \n \n \n \n \n Direct costs \n \n \n 170.4 \n \n \n 23.3% \n \n \n 162.7 \n \n \n 23.2% \n \n \n 1.7 \n \n \n 2.6% \n \n \n 1.8 \n \n \n 3.0% \n \n \n \n \n Medical fees \n \n \n 68.1 \n \n \n 9.3% \n \n \n 63.0 \n \n \n 9.0% \n \n \n 0.7 \n \n \n 1.1% \n \n \n 0.7 \n \n \n 1.2% \n \n \n \n \n Cost of sales \n \n \n 392.9 \n \n \n 53.7% \n \n \n 376.8 \n \n \n 53.6% \n \n \n 42.6 \n \n \n 66.1% \n \n \n 39.6 \n \n \n 66.3% \n \n \n \n \n Gross profit \n \n \n 339.4 \n \n \n 46.3% \n \n \n 326.0 \n \n \n 46.4% \n \n \n 21.8 \n \n \n 33.9% \n \n \n 20.1 \n \n \n 33.7% \n \n \n \n \n Other operating costs \n Excluding Adjusting items, other operating costs for the six months ended 30 June 2025 increased by £12.9m or 4.7% versus H124 to £286.1m. The increase is largely due to NI/NMW rises and wage inflation compared to H124. \n Operating margin for the six months ended 30 June 2025 is 7.9% compared to 9.4% at H124. Excluding Adjusting items, operating margin is 9.5%, down from 9.9% at H124. \n Adjusted EBITDA \n (Unless otherwise stated, y/y growth metrics and/or margin expansion metrics are presented on a comparable basis) \n Group adjusted EBITDA increased by 2.8% y/y to £133.8m from £130.6m in H124. \n Hospitals Business adjusted EBITDA was £130.0m (H124: £126.3m) delivered through price and acuity benefits and transformation cost savings, whilst also seeing payor mix changes and a rise in national insurance and national minimum wage, as discussed above. \n Primary Care services adjusted EBITDA was £3.8m (H124: £4.3m), with EBITDA margin of 5.9%. Primary Care services have lower EBITDA margins than the Group given they include a number of younger maturity services across the Spire Clinics and LDC. Over time, we expect these margins to increase significantly through a combination of building scale and maturity. \n Share-based payments \n During the period, grants were made to Executive Directors and other employees under the Company's Long Term Incentive Plan. For the six months ended 30 June 2025, the charge to the income statement is £2.2m (H124: £2.1m), or £2.5m inclusive of National Insurance (H124: £2.3m). \n \n \n \n \n Adjusting items \n \n \n   \n \n \n \n \n \n \n \n Six months ended 30 June (Unaudited) \n \n \n \n \n (£ million) \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Business reorganisation and restructuring \n \n \n 9.6 \n \n \n 1.8 \n \n \n \n \n Asset acquisitions, disposals and aborted project costs \n \n \n 1.3 \n \n \n (4.0) \n \n \n \n \n Remediation of regulatory compliance or malpractice \n \n \n 1.2 \n \n \n 4.6 \n \n \n \n \n Clinic set up costs \n \n \n 0.2 \n \n \n 0.8 \n \n \n \n \n Amortisation on acquired intangible assets \n \n \n 0.7 \n \n \n 0.9 \n \n \n \n \n Total costs \n \n \n 13.0 \n \n \n 4.1 \n \n \n \n \n Income tax (credit)/charge on Adjusting items \n \n \n (2.9) \n \n \n 1.4 \n \n \n \n \n Total post-tax Adjusting items \n \n \n 10.1 \n \n \n 5.5 \n \n \n \n \n   \n Adjusting items comprise those matters where the Directors believe the financial effect should be adjusted for due to their nature or amount, in order to provide a more comparable measure of the Group's underlying performance. \n   \n Asset acquisitions, disposals and aborted projects costs include costs for the acquisition the group has made of Acorn Occupational Health Limited (\"Acorn\"). Refer to acquisition note 27 for more details. In addition, there are costs associated with several ongoing projects. \n   \n Business reorganisation and corporate restructuring relates to the Group announcement of a strategic, group wide initiative in 2021 that will enable a more efficient business operating model, including leveraging digital solutions and technology. As announced the Group are restructuring our clinical staffing models to provide more agile and flexible resourcing and relocating admin roles to our patient support centres. As a result of these initiatives, additional costs of £9.6m (December 2024: £3.5m) have been incurred in the period, bringing costs to date of £18.9m. This initiative is being implemented over several phases and is likely to be materially completed at the end of 2027. Future costs are not disclosed as a reliable estimate cannot be made due to the nature of these costs. \n   \n Remediation of regulatory compliance or malpractice costs of £1.2m relate to legal fees that have been incurred for the ongoing inquests into the patients of Ian Paterson. \n   \n In the prior year £4.6m related to an increase in the provision established by Spire Healthcare in respect of implementing the recommendations of the Public Inquiry including a detailed patient review and support for patients of Paterson. The detailed patient review in H2 2024 reached the milestone of having contacted all living patients and invited them, where appropriate, to consultations to discuss their care. As a consequence, the rate of new claims has dropped significantly, as most patients now have the outcomes of their reviews and where they have chosen to, have initiated their claims. Claims activity in the first half of the year has therefore been in line with the assumptions taken by management and the provision established at the year end. As a result, there has been no subsequent increase in the provision. Whilst it is possible that, as further information becomes available, an adjustment to this provision will be required, at this time it reflects management's best estimate of the costs and settlement of claims. \n   \n Clinic set up costs relate to the final costs incurred for the set-up of the Harrogate clinic prior to opening majority of these costs were incurred in FY24 as the clinic opened in January 2025. \n   \n £0.7m of amortisation on acquired intangible assets relates to the customer contracts recognised on the acquisition of Vita Health Group in October 2023. \n   \n Net Finance costs \n Net finance costs have increased by £3.3m to £52.2m (H124: £48.9m) mainly due to RPI increases on leases.   \n Taxation \n The total tax charge for H125 is £3.8m. The charge is a non-cash movement and is caused by timing differences mainly due to the difference in the tax base versus the accounting base for assets. \n   \n The tax charge for the period has been calculated using an estimate of the effective annual rate of tax for the full year (c.29%). This has been applied to the pre-tax profits for the six months ended 30 June 2025. The Group has separately calculated the tax rates on discrete items which distorts the effective tax rate at H125, which is 28% on an adjusted basis and 35% on statutory profit. \n   \n Pillar Two Legislation, reflecting the OECDs Base Erosion Profit Shifting ('BEPs') framework was effective for periods beginning 1 January 2024. The Group continues to only operate in the UK. Based on the Group's assessment, the Pillar Two effective tax rates continue to be above 15% and therefore the group does not expect an exposure to Pillar Two top-up taxes.                \n   \n Profit after taxation \n The profit after taxation for the six months ended 30 June 2025 was £7.0m (H124: £14.1m). Adjusted profit after taxation for the six months ended 30 June 2025 was £17.1m (H124: £19.6m). \n Alternative performance (non-GAAP) financial measures \n We have provided below financial information that has not been prepared in accordance with UK-adopted International Accounting Standards (\"IFRS\"). We use these alternative financial measures internally in analysing our financial results and believe they are useful to investors, as a supplement to IFRS measures, in evaluating our ongoing operational performance. We believe that the use of these alternative financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing our financial results with other companies in the industry, many of which present similar alternative financial measures to investors. \n Alternative financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. Investors are encouraged to review the reconciliation of these alternative financial measures to their most directly comparable IFRS financial measures provided in the financial statements table in the press release. \n The following information includes references to adjusted financial information. This has been produced for illustrative purposes and does not represent the Group's actual statutory earnings. \n Adjusted EBITDA \n \n \n \n \n \n \n \n Six months ended 30 June (Unaudited) \n \n \n \n \n (£ million) \n \n \n 2025 \n \n \n 2024 \n \n \n Variance % \n \n \n \n \n \n \n \n Hospitals Business \n \n \n Primary Care \n \n \n   \n Total \n \n \n Hospitals Business \n \n \n Primary Care \n \n \n   \n Total \n \n \n Hospitals Business \n \n \n Primary Care \n \n \n   \n Total \n \n \n \n \n Operating profit \n \n \n 62.4 \n \n \n 0.6 \n \n \n 63.0 \n \n \n 70.3 \n \n \n 1.3 \n \n \n 71.6 \n \n \n (11.2)% \n \n \n (53.8)% \n \n \n (12.0)% \n \n \n \n \n Remove effects of: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusting items \n \n \n 12.1 \n \n \n 0.9 \n \n \n 13.0 \n \n \n 2.9 \n \n \n 1.2 \n \n \n 4.1 \n \n \n NM* \n \n \n NM* \n \n \n NM* \n \n \n \n \n Depreciation \n \n \n 55.5 \n \n \n 1.1 \n \n \n 56.6 \n \n \n 53.1 \n \n \n 0.3 \n \n \n 53.4 \n \n \n 4.5% \n \n \n NM* \n \n \n 6.0% \n \n \n \n \n Amortisation # \n \n \n - \n \n \n 1.2 \n \n \n 1.2 \n \n \n - \n \n \n 1.5 \n \n \n 1.5 \n \n \n - \n \n \n (20.0)% \n \n \n (20.0)% \n \n \n \n \n Adjusted EBITDA \n \n \n 130.0 \n \n \n 3.8 \n \n \n 133.8 \n \n \n 126.3 \n \n \n 4.3 \n \n \n 130.6 \n \n \n 2.9% \n \n \n (11.6)% \n \n \n 2.5% \n \n \n \n \n # Amortisation of £0.7m (H124: £0.9m) is included in Adjusting items. \n   \n Adjusted EBITDA on comparable basis (adjusted for the effect of Tunbridge Wells hospital and Acorn Occupational Health Limited acquisition) \n \n \n \n \n   \n   \n \n \n Six months ended 30 June (Unaudited) \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n Variance % \n \n \n \n \n (£ million) \n \n \n Adjusted EBITDA \n \n \n Effect of Tunbridge Wells hospital and Acorn acquisition \n \n \n Reported EBITDA \n \n \n Adjusted EBITDA \n \n \n Effect of Tunbridge Wells hospital and Acorn acquisition \n \n \n Reported EBITDA \n \n \n Adjusted EBITDA \n \n \n Effect of Tunbridge Wells hospital and Acorn acquisition \n \n \n Reported EBITDA \n \n \n \n \n Hospital Business \n \n \n 130.0 \n \n \n - \n \n \n 130.0 \n \n \n 125.8 \n \n \n 0.5 \n \n \n 126.3 \n \n \n 3.3% \n \n \n NM* \n \n \n 2.9% \n \n \n \n \n Primary Care \n \n \n 3.7 \n \n \n 0.1 \n \n \n 3.8 \n \n \n 4.3 \n \n \n - \n \n \n 4.3 \n \n \n (14.0)% \n \n \n NM* \n \n \n (11.6)% \n \n \n \n \n Group \n \n \n 133.7 \n \n \n 0.1 \n \n \n 133.8 \n \n \n 130.1 \n \n \n 0.5 \n \n \n 130.6 \n \n \n 2.8% \n \n \n NM* \n \n \n 2.5% \n \n \n \n \n * Not meaningful due to period of trading for Tunbridge Wells hospital in H124 being 3 months vs no trading in 2025 and trading for Acorn Occupational Health Limited in H125 being 3 months vs no trading in 2024. \n   \n   \n Adjusted EBIT \n \n \n \n \n \n \n \n Six months ended 30 June (Unaudited) \n \n \n \n \n (£ million) \n \n \n 2025 \n \n \n 2024 \n \n \n Variance % \n \n \n \n \n \n \n \n Hospitals Business \n \n \n Primary Care \n \n \n   \n Total \n \n \n Hospitals Business \n \n \n Primary Care \n \n \n   \n Total \n \n \n Hospitals Business \n \n \n Primary Care \n \n \n   \n Total \n \n \n \n \n Operating profit \n \n \n 62.4 \n \n \n 0.6 \n \n \n 63.0 \n \n \n 70.3 \n \n \n 1.3 \n \n \n 71.6 \n \n \n (11.2)% \n \n \n (53.8)% \n \n \n (12.0)% \n \n \n \n \n Remove effects of: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusting items \n \n \n 12.1 \n \n \n 0.9 \n \n \n 13.0 \n \n \n 2.9 \n \n \n 1.2 \n \n \n 4.1 \n \n \n NM* \n \n \n NM* \n \n \n NM* \n \n \n \n \n Adjusted EBIT \n \n \n 74.5 \n \n \n 1.5 \n \n \n 76.0 \n \n \n 73.2 \n \n \n 2.5 \n \n \n 75.7 \n \n \n 1.8% \n \n \n (40.0)% \n \n \n 0.4% \n \n \n \n \n   \n Adjusted EBIT on comparable basis (adjusted for the effect of Tunbridge Wells hospital and Acorn Occupational Health Limited acquisition) \n \n \n \n \n   \n   \n \n \n Six months ended 30 June (Unaudited) \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n Variance % \n \n \n \n \n (£ million) \n \n \n Adjusted EBIT \n \n \n Effect of Tunbridge Wells hospital and Acorn acquisition \n \n \n Reported EBIT \n \n \n Adjusted EBIT \n \n \n Effect of Tunbridge Wells hospital and Acorn acquisition \n \n \n Reported EBIT \n \n \n Adjusted EBIT \n \n \n Effect of Tunbridge Wells hospital and Acorn acquisition \n \n \n Reported EBIT \n \n \n \n \n Hospital Business \n \n \n 74.5 \n \n \n - \n \n \n 74.5 \n \n \n 72.9 \n \n \n 0.3 \n \n \n 73.2 \n \n \n 2.2% \n \n \n NM* \n \n \n 1.8% \n \n \n \n \n Primary Care \n \n \n 1.4 \n \n \n 0.1 \n \n \n 1.5 \n \n \n 2.5 \n \n \n - \n \n \n 2.5 \n \n \n (44.0)% \n \n \n NM* \n \n \n (40.0)% \n \n \n \n \n Group \n \n \n 75.9 \n \n \n 0.1 \n \n \n 76.0 \n \n \n 75.4 \n \n \n 0.3 \n \n \n 75.7 \n \n \n 0.7% \n \n \n NM* \n \n \n 0.4% \n \n \n \n \n * Not meaningful due to period of trading for Tunbridge Wells hospital in H124 being 3 months vs no trading in 2025 and trading for Acorn Occupational Health Limited in H125 being 3 months vs no trading in 2024. \n   \n Adjusted profit after tax and adjusted earnings per share \n Adjustments have been made to remove the impact of a number of non-recurring items. \n \n \n \n \n \n \n \n Six months ended 30 June (Unaudited) \n \n \n \n \n (£ million) \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Profit before tax \n \n \n 10.8 \n \n \n 22.7 \n \n \n \n \n Remove effects of: \n \n \n \n \n \n \n \n \n \n \n Adjusting items \n \n \n 13.0 \n \n \n 4.1 \n \n \n \n \n Adjusted profit before tax \n \n \n 23.8 \n \n \n 26.8 \n \n \n \n \n Taxation \n \n \n (6.7) \n \n \n (7.2) \n \n \n \n \n Adjusted profit after tax \n \n \n 17.1 \n \n \n 19.6 \n \n \n \n \n Adjusted profit after tax attributable to owners of the Parent \n \n \n 16.6 \n \n \n 18.9 \n \n \n \n \n Weighted average number of ordinary shares in issue (No.) \n \n \n 400,587,836 \n \n \n 403,661,641 \n \n \n \n \n Adjusted basic earnings per share (pence) \n \n \n 4.1 \n \n \n 4.7 \n \n \n \n \n   \n Adjusted Free Cash flow \n \n \n \n \n \n \n \n Six months ended 30 June (Unaudited) \n \n \n \n \n (£ million) \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Adjusted EBITDA \n \n \n 133.8 \n \n \n 130.6 \n \n \n \n \n Less: Rental payments \n \n \n (59.3) \n \n \n (48.2) \n \n \n \n \n Less: Cash flow for the purchase of property, plant and equipment \n \n \n (51.2) \n \n \n (51.5) \n \n \n \n \n Less: Working capital movement \n \n \n (8. 3) \n \n \n (14.9) \n \n \n \n \n Free Cash Flow (FCF) \n \n \n 15.0 \n \n \n 16.0 \n \n \n \n \n Add: Adjustments for non-recurring items \n \n \n 0.3 \n \n \n 2.6 \n \n \n \n \n Adjusted Free Cash Flow (FCF) \n \n \n 15.3 \n \n \n 18.6 \n \n \n \n \n   \n   \n Cash flow analysis for the period \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Six months ended 30 June (Unaudited) \n \n \n \n \n (£ million) \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Opening cash balance \n \n \n 41.2 \n \n \n 49.6 \n \n \n \n \n Adjusted operating cash flows \n \n \n 127.1 \n \n \n 115.5 \n \n \n \n \n Adjusting items \n \n \n (8.9) \n \n \n (3.5) \n \n \n \n \n Operating cash flows \n \n \n 118.2 \n \n \n 112.0 \n \n \n \n \n Net cash in investing activities \n \n \n (54.4) \n \n \n (43.2) \n \n \n \n \n Net cash in financing activities \n \n \n (84.2) \n \n \n (75.4) \n \n \n \n \n Closing cash balance \n \n \n 20.8 \n \n \n 43.0 \n \n \n \n \n   \n Operating cash flows before Adjusting items \n The cash inflow from operating activities was £118.2m. After adjusting for cash flows from Adjusting items, the Adjusted operating cash inflows were £127.1m, which constitutes a cash conversion rate from £133.8m Adjusted EBITDA of 95.0% (H124: 88.4% conversion of £130.6m Adjusted EBITDA). The net cash outflow from movements in working capital in the period was £8.3m (H124: £14.9m outflow). \n Investing and financing cash flows \n Net cash used in investing activities for the period was £54.4m (H124: £43.2m). Cash outflow for the purchase of Plant, Property and Equipment in the period totalled £51.2m (H124: £51.5m). Capital investments during the period included investments in Patient Support Centres, digitalisation and automation and new MRI scanners and robotics. \n Net cash used in financing activities for the period was £84.2m (H124: £75.4m). Cash outflows include £8.7m for the buyback of shares to settle share awards, purchase of the remaining interest of Montefiore House Limited of £5.2m, a final dividend payment of £9.2m, lease and bank interest paid of £52.0m (H124: £48.2m) and lease principal payments of £18.7m (H124: £10.6m). \n Borrowings \n At 30 June 2025, the Group has bank borrowings of £377.5m (December 2024: £367.1m), drawn under facilities which are due to mature in February 2027. \n \n \n \n \n \n \n \n As at \n \n \n \n \n (£ million) \n \n \n 30 June 2025 (Unaudited) \n \n \n 31 December 2024 (Audited) \n \n \n \n \n Cash \n \n \n 20.8 \n \n \n 41.2 \n \n \n \n \n Bank borrowings \n \n \n 377.5 \n \n \n 367.1 \n \n \n \n \n Bank borrowings less cash and cash equivalents \n \n \n 356.7 \n \n \n 325.9 \n \n \n \n \n   \n In 2023, the Group exercised its option to extend the senior loan facility by a further year. The financial covenants and agreement terms relating to this agreement are unchanged, with leverage to be below 4.0x and interest cover to be in excess of 4.0x. As at 30 June 2025 the leverage measure stood at 2.2x (December 2024: 2.0x) and interest cover of 7.4x. \n   \n As at 30 June 2025 lease liabilities were £915.5m (December 2024: £912.8m). \n Dividend \n The Board will not be proposing an interim dividend. A final dividend for the year ended 31 December 2024 of 2.3 pence was declared and £9.2m was paid to shareholders on 20 June 2025. \n Related party transactions \n There were no significant related party transactions during the period under review. \n   \n Post balance sheet events \n On 30 July 2025, the group acquired 100% of Physiolistic for £5.2m, a non-listed business based in multiple locations in Thames Valley area. They are a provider of physiotherapy services. \n   \n Principal Risks \n  The Group's principal risks that might adversely impact the organisation in the remaining six months of the current financial year remain unchanged from those reported in the 2024 ARA, page 66. The principal risks that may adversely impact the Group are: \n \n \n \n \n ·      Inflation and Wage Inflation \n \n \n ·      NHS Market Dynamics \n \n \n ·      Expanding our Proposition \n \n \n \n \n ·      Private Market Dynamics \n \n \n ·      Brand Reputation \n \n \n ·      Workforce \n \n \n \n \n ·      Climate Change \n \n \n ·      Government Policy \n \n \n ·      Data Protection \n \n \n \n \n ·      Cyber Security \n \n \n ·      Supply Chain Disruption \n \n \n ·      Antimicrobial Resistance \n \n \n \n \n ·      Organisational Transformation \n \n \n ·      Major Infrastructure Failure \n \n \n \n \n \n \n \n ·      Digitalisation, Autonomy and Efficiency \n \n \n ·      Clinical Quality \n \n \n \n \n \n \n \n   \n The Board has undertaken a risk review in the period to 31 July 2025, which included specific consideration of any changes to the Group's risk profile arising from the challenging NHS market dynamics following the announcement of the abolition of NHS England and potential lack of clarity over ICB budgets for 2025/26, as well as the on-going threat to supply chains as a result of increased tariffs and the macro-economic environment.  \n On-going challenges from NHS Commissioning models is increasing uncertainty surrounding the level of activity some NHS providers are anticipating being required from the independent sector, whilst we are also seeing ongoing proactive tendering from insurers. \n The NHS 10-year health plan details the continued involvement of the independent sector in reducing wait times and improving patient journeys. It is our expectation therefore that whilst this uncertainty does increase the risk in relation to NHS Market Dynamics and the level of referrals to Spire, we continue to engage with providers and commissioners to ensure we work collectively to meet the objectives of the NHS 10-year plan.  We also continue to manage our PMI contractual relationships, and the associated risk was identified in our Annual Report in 2024, and those mitigations remain. As such, whilst the NHS and Private market is more dynamic than it has been previously, we are confident in our mitigations and in our position to respond to the needs of the NHS and our patients, to deliver high quality and effective care for all.  \n The Group's remaining principal risks as described in the 2024 Annual Report and the associated risk ratings have not changed following this assessment. The Board continues to manage these risks and to mitigate their expected impact. \n Directors' responsibility statement \n   \n Going Concern \n   \n The group assessed going concern risk for the period through to 31 December 2026. As at 30 June 2025 the group had cash of £20.8m and borrowings of £375m of which £325m is a Senior Loan Facility (SFA) and £50m drawn Revolving Credit Facility (RCF). The Group has access to an undrawn RCF of £50m. The SFA and RCF mature in February 2027. These facilities were refinanced in February 2022 and the one-year extension option was exercised on 3 March 2023. The financial covenants associated with this agreement remain materially unchanged and no modifications have been made to the terms since then. \n   \n The group has undertaken extensive activity to identify plausible risks which may arise and mitigating actions, which in the first instance would include management of working capital and constrained levels of capital investment. Based on the current assessment of the likelihood of these risks arising by 31 December 2026, together with their assessment of the planned controllable mitigating actions being successful, the directors have concluded it is appropriate to prepare the accounts on a going concern basis. In arriving at their conclusion, the directors have also noted that: \n   \n ·      Were these risks to arise in combination, it could result in a liquidity constraint or, more sensitively, a breach of financial covenants. However, the risk of this is considered remote based on available controllable mitigating factors. \n ·      The SFA and RCF mature in February 2027, which falls within our medium-term forecasting period but after the end of the going concern review period and the directors note that these facilities are due to be refinanced. We have commenced a refinancing programme and are well progressed in the process, with active engagement from lenders and positive initial feedback. We are confident that the facilities will be re-financed and in place by early 2026 because of the advanced stage of discussions and the Group's strong financial position and the time available to secure an appropriate refinancing. In the very unlikely event that financing is not obtained, the Group has an extensive freehold property portfolio which could be accessed through sale and leaseback to provide the funding required. \n   \n The group has also assessed, as part of its reverse stress testing, the degree of downturn in trading it could sustain before it breaches its financial covenant. This stress testing was based on flexing revenue downwards from the group's current forecast with a consistent percentage decline in variable costs, whilst maintaining the forecast of fixed costs. The base case forecast reflects current trading performance, which is broadly in line with expectations, and assumes modest revenue growth over the going concern period, stable gross margins, and continued cost control. The downside scenarios model a range of stress events, including a decline in revenue and inflationary pressures on operating costs. These scenarios were selected to reflect plausible but severe macroeconomic and sector-specific risks. The testing did not allow for the benefit of any action that could be taken by management to preserve cash. This testing suggested that there would have to be at least a 33% fall in annual forecast revenue before the group breaches its financial covenant., we believe that the risk of an event giving rise to this size of reduction in revenue is remote based on current trading performance and future outlook. \n   \n It should be noted that we remain in a period of material geopolitical and macroeconomic uncertainty. The directors continue to closely monitor these risks and their plausible impact. \n   \n Each of the Directors confirms that, to the best of their knowledge:  \n   \n ·      This condensed consolidated interim financial information for the six months ended 30 June 2025 has been prepared in accordance with UK adopted International Accounting Standard 34 and Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company on a consolidated basis. \n   \n ·      The interim management report, which is incorporated into the Chief -Executive Officer message, Operating Review and Financial Review, includes a fair review of the information as required by: \n   \n ·      DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of the important events that have occurred during the six months of the current financial year and their impact on the condensed consolidated interim financial information and a description of the principal risks for the remaining six months of the year; and \n   \n ·      DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially impacted the financial position or performance of the Group during the period and any material changes in the related party transactions described in the Group's Annual Report and Accounts for the year ended 31 December 2024. \n   \n By order of the Board \n   \n \n \n \n \n Justin Ash \n \n \n Harbant Samra \n \n \n \n \n Chief Executive Officer \n \n \n Chief Financial Officer \n \n \n \n \n   \n 30 July 2025 \n   \n Independent review report of Spire Healthcare Group plc \n Conclusion \n We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025 which comprises of the Consolidated interim income statement, Consolidated interim statement of comprehensive income, Consolidated interim statement of changes in equity, Consolidated interim balance sheet, Consolidated interim statement of cash flows and the related notes 1 to 28. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. \n Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. \n Basis for Conclusion \n We conducted our review in accordance with International Standard on Review Engagements 2410 (UK) \"Review of Interim Financial Information Performed by the Independent Auditor of the Entity\" (ISRE) issued by the Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. \n As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, \"Interim Financial Reporting\". \n Conclusions Relating to Going Concern \n Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed. \n This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern. \n Responsibilities of the directors \n The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. \n In preparing the half-yearly financial report, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. \n Auditor's Responsibilities for the review of the financial information \n In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report. \n Use of our report \n This report is made solely to the company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK) \"Review of Interim Financial Information Performed by the Independent Auditor of the Entity\" issued by the Financial Reporting Council. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed. \n   \n Ernst & Young LLP \n Reading, UK \n 30 July 2025 \n   \n \n \n \n \n Condensed financial statements \n   \n Consolidated interim income statement \n For the six months ended 30 June 2025 \n   \n \n \n \n \n \n \n \n \n \n \n Six months ended 30 June (Unaudited) \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n (£ million) \n \n \n Notes \n \n \n Total before Adjusting \nitems \n \n \n Adjusting \nitems \n (note 10) \n \n \n Total \n \n \n \n \n \n Total before Adjusting items \n \n \n Adjusting \nitems \n (note 10) \n \n \n Total \n \n \n   \n \n \n \n \n Revenue \n \n \n 5 \n \n \n  796.7 \n \n \n - \n \n \n  796.7 \n \n \n \n \n \n 762.5 \n \n \n - \n \n \n 762.5 \n \n \n   \n \n \n \n \n Cost of sales \n \n \n \n \n \n  (435.5) \n \n \n - \n \n \n  (435.5) \n \n \n \n \n \n (416.4) \n \n \n - \n \n \n (416.4) \n \n \n   \n \n \n \n \n Gross profit \n \n \n \n \n \n  361.2 \n \n \n - \n \n \n  361.2 \n \n \n \n \n \n 346.1 \n \n \n - \n \n \n 346.1 \n \n \n   \n \n \n \n \n Other operating costs \n \n \n \n \n \n  (286.1) \n \n \n  (13.0) \n \n \n  (299.1) \n \n \n \n \n \n (273.2) \n \n \n (8.8) \n \n \n (282.0) \n \n \n   \n \n \n \n \n Other income \n \n \n 7 \n \n \n  0.9 \n \n \n  -   \n \n \n  0.9 \n \n \n \n \n \n 2.8 \n \n \n 4.7 \n \n \n 7.5 \n \n \n   \n \n \n \n \n Operating profit (EBIT) \n \n \n 8 \n \n \n  76.0 \n \n \n  (13.0) \n \n \n  63.0 \n \n \n \n \n \n 75.7 \n \n \n (4.1) \n \n \n 71.6 \n \n \n   \n \n \n \n \n Finance income \n \n \n 9 \n \n \n  0.2 \n \n \n  -   \n \n \n  0.2 \n \n \n \n \n \n 0.4 \n \n \n - \n \n \n 0.4 \n \n \n   \n \n \n \n \n Finance costs \n \n \n 9 \n \n \n  (52.4) \n \n \n  -   \n \n \n  (52.4) \n \n \n \n \n \n (49.3) \n \n \n - \n \n \n (49.3) \n \n \n   \n \n \n \n \n Profit before taxation \n \n \n \n \n \n  23.8 \n \n \n  (13.0) \n \n \n  10.8 \n \n \n \n \n \n 26.8 \n \n \n (4.1) \n \n \n 22.7 \n \n \n   \n \n \n \n \n Taxation \n \n \n 11 \n \n \n  (6.7) \n \n \n  2.9 \n \n \n  (3.8) \n \n \n \n \n \n (7.2) \n \n \n (1.4) \n \n \n (8.6) \n \n \n   \n \n \n \n \n Profit for the period \n \n \n \n \n \n  17.1 \n \n \n  (10.1) \n \n \n  7.0 \n \n \n \n \n \n 19.6 \n \n \n (5.5) \n \n \n 14.1 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Profit for the period attributable \nto owners of the Parent \n \n \n \n \n \n  16.6 \n \n \n  (10.1) \n \n \n  6.5 \n \n \n \n \n \n 18.9 \n \n \n (5.5) \n \n \n 13.4 \n \n \n   \n \n \n \n \n Profit for the period attributable \nto non-controlling interests \n \n \n \n \n \n  0.5 \n \n \n  -   \n \n \n  0.5 \n \n \n \n \n \n 0.7 \n \n \n - \n \n \n 0.7 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Profit per share (in pence per share) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n - basic \n \n \n 12 \n \n \n  4.1 \n \n \n  (2.5) \n \n \n  1.6 \n \n \n \n \n \n 4.7 \n \n \n (1.4) \n \n \n 3.3 \n \n \n   \n \n \n \n \n - diluted \n \n \n 12 \n \n \n  4.1 \n \n \n  (2.5) \n \n \n  1.6 \n \n \n \n \n \n 4.6 \n \n \n (1.4) \n \n \n 3.2 \n \n \n   \n \n \n \n \n   \n Consolidated interim statement of comprehensive income \n \n \n \n \n For the six months ended 30 June 2025 \n   \n   \n \n \n \n \n \n Six months to 30 June (Unaudited) \n \n \n \n \n (£ million) \n \n \n Notes \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Profit for the period \n \n \n \n \n \n 7.0 \n \n \n 14.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Items that may be reclassified to profit or loss in subsequent periods                              \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Loss) / profit on cash flow hedges \n \n \n 20 \n \n \n (1.7) \n \n \n 0.2 \n \n \n \n \n Taxation of cash flow hedges \n \n \n \n \n \n 0.4 \n \n \n - \n \n \n \n \n Other comprehensive (loss) / income for the period \n \n \n \n \n \n (1.3) \n \n \n 0.2 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total comprehensive profit for the year, net of tax \n \n \n \n \n \n 5.7 \n \n \n 14.3 \n \n \n \n \n   \n Attributable to: \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity holders of the parent \n \n \n \n \n \n 5.2 \n \n \n 13.6 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n 0.5 \n \n \n 0.7 \n \n \n \n \n   \n Consolidated interim statement of changes in equity \n For the six months ended 30 June 2025 \n   \n   \n   \n \n \n \n \n (£ million) \n \n \n Notes \n \n \n Share capital \n \n \n Share premium \n \n \n Capital reserves \n \n \n EBT share reserves \n \n \n   \n Hedging reserve \n \n \n Retained loss \n \n \n Total \n \n \n Non-controlling interests \n \n \n Total equity \n \n \n \n \n As at 1 January 2024 \n \n \n \n \n \n 4.0 \n \n \n 830.0 \n \n \n 376.1 \n \n \n (0.7) \n \n \n 3.3 \n \n \n (472.8) \n \n \n 739.9 \n \n \n (2.1) \n \n \n 737.8 \n \n \n \n \n Profit for the period \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 13.4 \n \n \n 13.4 \n \n \n 0.7 \n \n \n 14.1 \n \n \n \n \n Other comprehensive income for the period \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.2 \n \n \n - \n \n \n 0.2 \n \n \n - \n \n \n 0.2 \n \n \n \n \n Total comprehensive income \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.2 \n \n \n 13.4 \n \n \n 13.6 \n \n \n 0.7 \n \n \n 14.3 \n \n \n \n \n Dividends paid \n \n \n 13 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (8.5) \n \n \n (8.5) \n \n \n - \n \n \n (8.5) \n \n \n \n \n Purchase of own shares by EBT \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (3.1) \n \n \n - \n \n \n - \n \n \n (3.1) \n \n \n - \n \n \n (3.1) \n \n \n \n \n Utilisation of EBT shares for share awards \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 2.5 \n \n \n - \n \n \n (2.5) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Share based payments (net of tax) \n \n \n 23 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.8) \n \n \n (1.8) \n \n \n - \n \n \n (1.8) \n \n \n \n \n As at 30 June 2024 \n \n \n \n \n \n 4.0 \n \n \n 830.0 \n \n \n 376.1 \n \n \n (1.3) \n \n \n 3.5 \n \n \n (472.2) \n \n \n 740.1 \n \n \n (1.4) \n \n \n 738.7 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n As at 1 January 2025 \n \n \n \n \n \n  4.0 \n \n \n  830.0 \n \n \n  376.1 \n \n \n  (0.9) \n \n \n  2.1 \n \n \n  (462.9) \n \n \n  748.4 \n \n \n  (2.2) \n \n \n  746.2 \n \n \n \n \n Profit for the period \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n  6.5 \n \n \n  6.5 \n \n \n  0.5 \n \n \n  7.0 \n \n \n \n \n Other comprehensive loss for the period \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n  (1.3) \n \n \n - \n \n \n  (1.3) \n \n \n  -   \n \n \n  (1.3) \n \n \n \n \n Total comprehensive income \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n  (1.3) \n \n \n  6.5 \n \n \n  5.2 \n \n \n  0.5 \n \n \n  5.7 \n \n \n \n \n Dividends paid \n \n \n 13 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n  (9.2) \n \n \n  (9.2) \n \n \n - \n \n \n  (9.2) \n \n \n \n \n Purchase of own shares by EBT \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n  (8.7) \n \n \n - \n \n \n -   \n \n \n  (8.7) \n \n \n - \n \n \n  (8.7) \n \n \n \n \n Utilisation of EBT shares for share awards \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n  3.6 \n \n \n - \n \n \n  (3.2) \n \n \n  0.4 \n \n \n - \n \n \n  0.4 \n \n \n \n \n Share based payments (net of tax) \n \n \n 23 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n  0.6 \n \n \n  0.6 \n \n \n - \n \n \n  0.6 \n \n \n \n \n Additional interest acquired of non-controlling interest \n \n \n \n \n \n  -   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n  (2.8) \n \n \n  (2.8) \n \n \n  2.8 \n \n \n -   \n \n \n \n \n As at 30 June 2025 \n \n \n \n \n \n  4.0 \n \n \n  830.0 \n \n \n  376.1 \n \n \n  (6.0) \n \n \n  0.8 \n \n \n  (471.0) \n \n \n  733.9 \n \n \n  1.1 \n \n \n  735.0 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n Consolidated interim balance sheet \n \n \n \n \n   \n   \n   \n   \n \n \n \n \n \n As at \n \n \n \n \n (£ million) \n \n \n Notes \n \n \n  30 June 2025 \n (Unaudited) \n \n \n 31 December 2024 (Audited) \n \n \n \n \n ASSETS \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property, plant and equipment \n \n \n 14 \n \n \n 1,676.3 \n \n \n 1,663.4 \n \n \n \n \n Intangible assets \n \n \n 15 \n \n \n 439.9 \n \n \n 437.4 \n \n \n \n \n Other receivables \n \n \n 16 \n \n \n 3.8 \n \n \n 4.4 \n \n \n \n \n Derivatives \n \n \n 20 \n \n \n - \n \n \n 0.4 \n \n \n \n \n Financial asset \n \n \n \n \n \n 12.3 \n \n \n 12.3 \n \n \n \n \n \n \n \n \n \n \n 2,132.3 \n \n \n 2,117.9 \n \n \n \n \n Current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Financial assets \n \n \n \n \n \n - \n \n \n 2.5 \n \n \n \n \n Inventories \n \n \n \n \n \n 46.0 \n \n \n 46.6 \n \n \n \n \n Trade and other receivables \n \n \n 16 \n \n \n 159.8 \n \n \n 131.4 \n \n \n \n \n Derivatives \n \n \n 20 \n \n \n 1.2 \n \n \n 2.5 \n \n \n \n \n Cash and cash equivalents \n \n \n \n \n \n 20.8 \n \n \n 41.2 \n \n \n \n \n \n \n \n \n \n \n 227.8 \n \n \n 224.2 \n \n \n \n \n Non-current assets held for sale \n \n \n 17 \n \n \n 4.4 \n \n \n 1.1 \n \n \n \n \n \n \n \n \n \n \n 232.2 \n \n \n 225.3 \n \n \n \n \n Total assets \n \n \n \n \n \n 2,364.5 \n \n \n 2,343.2 \n \n \n \n \n EQUITY AND LIABILITIES \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n \n \n \n 4.0 \n \n \n 4.0 \n \n \n \n \n Share premium \n \n \n \n \n \n 830.0 \n \n \n 830.0 \n \n \n \n \n Capital reserves \n \n \n \n \n \n 376.1 \n \n \n 376.1 \n \n \n \n \n EBT share reserves \n \n \n \n \n \n (6.0) \n \n \n (0.9) \n \n \n \n \n Hedging reserve \n \n \n \n \n \n 0.8 \n \n \n 2.1 \n \n \n \n \n Retained loss \n \n \n \n \n \n (471.0) \n \n \n (462.9) \n \n \n \n \n Equity attributable to owners of the parent \n \n \n \n \n \n 733.9 \n \n \n 748.4 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n 1.1 \n \n \n (2.2) \n \n \n \n \n Total equity \n \n \n \n \n \n 735.0 \n \n \n 746.2 \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Bank borrowings \n \n \n 18 \n \n \n 374.3 \n \n \n 363.5 \n \n \n \n \n Lease liabilities \n \n \n 19 \n \n \n 808.3 \n \n \n 811.0 \n \n \n \n \n Deferred tax liability \n \n \n \n \n \n 84.5 \n \n \n 80.8 \n \n \n \n \n \n \n \n \n \n \n 1,267.1 \n \n \n 1,255.3 \n \n \n \n \n Current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Bank borrowings \n \n \n 18 \n \n \n 3.2 \n \n \n 3.6 \n \n \n \n \n Lease liabilities \n \n \n 19 \n \n \n 107.2 \n \n \n 101.8 \n \n \n \n \n Financial liabilities \n \n \n 26 \n \n \n 0.7 \n \n \n 8.0 \n \n \n \n \n Provisions \n \n \n 21 \n \n \n 20.1 \n \n \n 14.2 \n \n \n \n \n Trade and other payables \n \n \n 22 \n \n \n 231.0 \n \n \n 214.0 \n \n \n \n \n Income tax payable \n \n \n \n \n \n 0.2 \n \n \n 0.1 \n \n \n \n \n \n \n \n \n \n \n 362.4 \n \n \n 341.7 \n \n \n \n \n Total liabilities \n \n \n \n \n \n 1,629.5 \n \n \n 1,597.0 \n \n \n \n \n Total equity and liabilities \n \n \n \n \n \n 2,364.5 \n \n \n 2,343.2 \n \n \n \n \n   \n Consolidated interim statement of cash flows \n \n \n \n \n For the six months ended 30 June 2025 \n   \n   \n   \n \n \n \n \n \n Six months ended 30 June (Unaudited) \n \n \n \n \n (£ million) \n \n \n Notes \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Cash flows from operating activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit before taxation \n \n \n \n \n \n  10.8 \n \n \n 22.7 \n \n \n \n \n Adjustments for: \n \n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation \n \n \n 8 \n \n \n  56.6 \n \n \n 53.4 \n \n \n \n \n Amortisation \n \n \n 8 \n \n \n  1.9 \n \n \n 2.4 \n \n \n \n \n Non-cash Adjusting items \n \n \n \n \n \n  3.4 \n \n \n 4.4 \n \n \n \n \n Share-based payments \n \n \n 23 \n \n \n  2.2 \n \n \n 2.1 \n \n \n \n \n Movement in financial assets \n \n \n \n \n \n - \n \n \n (0.3) \n \n \n \n \n Movements in financial liabilities \n \n \n \n \n \n                         (0.3)   \n \n \n (1.6) \n \n \n \n \n Profit on disposal of property, plant and equipment \n \n \n 7 \n \n \n  (0.3) \n \n \n (5.1) \n \n \n \n \n Finance income \n \n \n 9 \n \n \n  (0.2) \n \n \n (0.4) \n \n \n \n \n Finance costs \n \n \n 9 \n \n \n  52.4 \n \n \n 49.3 \n \n \n \n \n \n \n \n \n \n \n 126.5 \n \n \n 126.9 \n \n \n \n \n Movements in working capital: \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Increase) in trade and other receivables \n \n \n \n \n \n  (28.0) \n \n \n (21.2) \n \n \n \n \n Decrease / (increase) in inventories \n \n \n \n \n \n  0.6 \n \n \n (1.2) \n \n \n \n \n Increase in trade and other payables \n \n \n \n \n \n  17.2 \n \n \n 13.1 \n \n \n \n \n Increase / (decrease) in provisions \n \n \n \n \n \n  1.9 \n \n \n (5.6) \n \n \n \n \n Net cash from operating activities \n \n \n \n \n \n  118.2 \n \n \n 112.0 \n \n \n \n \n Cash flows from investing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Purchase of property, plant and equipment \n \n \n \n \n \n  (51.2) \n \n \n (51.5) \n \n \n \n \n Acquisition of a subsidiary, net of cash acquired \n \n \n \n \n \n (2.8) \n \n \n - \n \n \n \n \n Purchase of intangible assets \n \n \n \n \n \n  (0.7) \n \n \n (2.1) \n \n \n \n \n Proceeds of disposal of property, plant and equipment \n \n \n \n \n \n  0.3 \n \n \n 10.4 \n \n \n \n \n Net cash used in investing activities \n \n \n \n \n \n  (54.4) \n \n \n (43.2) \n \n \n \n \n Cash flows from financing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Bank interest paid \n \n \n \n \n \n  (11.4) \n \n \n (10.6) \n \n \n \n \n Lease interest paid \n \n \n \n \n \n  (40.6) \n \n \n (37.6) \n \n \n \n \n Payment of lease principal \n \n \n \n \n \n  (18.7) \n \n \n (10.6) \n \n \n \n \n Additions of bank borrowings \n \n \n \n \n \n 10.0 \n \n \n - \n \n \n \n \n Purchase of non-controlling interests \n \n \n \n \n \n (5.2) \n \n \n - \n \n \n \n \n Settlement on vested share awards \n \n \n \n \n \n (0.8) \n \n \n (5.0) \n \n \n \n \n Exercise of share awards by employees \n \n \n \n \n \n 0.4 \n \n \n - \n \n \n \n \n Purchase of own shares \n \n \n \n \n \n  (8.7) \n \n \n (3.1) \n \n \n \n \n Dividends paid to equity holders of the parent \n \n \n 13 \n \n \n  (9.2) \n \n \n (8.5) \n \n \n \n \n Net cash used in financing activities \n \n \n \n \n \n  (84.2) \n \n \n (75.4) \n \n \n \n \n Net decrease in cash and cash equivalents \n \n \n \n \n \n (20.4) \n \n \n (6.6) \n \n \n \n \n Cash and cash equivalents at beginning of period \n \n \n \n \n \n 41.2 \n \n \n 49.6 \n \n \n \n \n Cash and cash equivalents at end of period \n \n \n \n \n \n 20.8 \n \n \n 43.0 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusting items (note 10) \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusting items included in the cash flow \n \n \n \n \n \n (8.9) \n \n \n    (3.5) \n \n \n \n \n Total Adjusting items \n \n \n \n \n \n (13.0) \n \n \n (4.1) \n \n \n \n \n   \n   \n   \n 1. General information \n Spire Healthcare Group plc (the 'Company') and its subsidiaries (collectively, the 'Group') owns and operates private hospitals and clinics in the UK and provides a range of private healthcare services. \n The Company is a public limited company, listed on the London Stock Exchange and is incorporated, registered and domiciled in England and Wales (registered number 09084066). The address of its registered office is 3 Dorset Rise, London, EC4Y 8EN. \n The condensed consolidated interim financial information for the six months ended 30 June 2025 was approved by the Board on 30 July 2025. \n   \n 2. Basis of preparation \n The condensed consolidated interim financial information has been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and with UK adopted International Accounting Standard 34 \"Interim Financial Reporting\". It does not include all the information required for full annual financial statements and should be read in conjunction with information contained in the Group's Annual Report and Accounts for the year ended 31 December 2024. The condensed consolidated interim financial information has been reviewed, not audited. \n The financial information contained in these interim statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Financial information for the year ended 31 December 2024 has been extracted from the statutory accounts which were approved by the Board of Directors on 5 March 2025 and delivered to the Registrar of Companies. The report of the auditor on those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain statements under section 498 (2) or (3) of the Companies Act 2006. \n The accounting for the Acorn Occupational Health Limited business combination is not complete and amounts recognised, are subject to adjustment in line with IFRS 3 for up to 12 months from acquisition, with goodwill being adjusted accordingly. Therefore, goodwill has not been allocated at H125 and there are no indicators of impairment. \n Going concern \n The group assessed going concern risk for the period through to 31 December 2026. As at 30 June 2025 the group had cash of £20.8m and borrowings of £375m of which £325m is a Senior Loan Facility (SFA) and £50m drawn Revolving Credit Facility (RCF). The Group has access to an undrawn RCF of £50m. The SFA and RCF mature in February 2027. These facilities were refinanced in February 2022 and the one-year extension option was exercised on 3 March 2023. The financial covenants associated with this agreement remain materially unchanged and no modifications have been made to the terms since then. \n The group has undertaken extensive activity to identify plausible risks which may arise and mitigating actions, which in the first instance would include management of working capital and constrained levels of capital investment. Based on the current assessment of the likelihood of these risks arising by 31 December 2026, together with their assessment of the planned controllable mitigating actions being successful, the directors have concluded it is appropriate to prepare the accounts on a going concern basis. In arriving at their conclusion, the directors have also noted that: \n ·      Were these risks to arise in combination, it could result in a liquidity constraint or, more sensitively, a breach of financial covenants. However, the risk of this is considered remote based on available controllable mitigating factors. \n ·      The SFA and RCF mature in February 2027, which falls within our medium-term forecasting period but after the end of the going concern review period and the directors note that these facilities are due to be refinanced. We have commenced a refinancing programme and are well progressed in the process, with active engagement from lenders and positive initial feedback. We are confident that the facilities will be re-financed and in place by early 2026 because of the advanced stage of discussions and the Group's strong financial position and the time available to secure an appropriate refinancing. In the very unlikely event that financing is not obtained, the Group has an extensive freehold property portfolio which could be accessed through sale and leaseback to provide the funding required. \n The group has also assessed, as part of its reverse stress testing, the degree of downturn in trading it could sustain before it breaches its financial covenant. This stress testing was based on flexing revenue downwards from the group's current forecast with a consistent percentage decline in variable costs, whilst maintaining the forecast of fixed costs. The base case forecast reflects current trading performance, which is broadly in line with expectations, and assumes modest revenue growth over the going concern period, stable gross margins, and continued cost control. The downside scenarios model a range of stress events, including a decline in revenue and inflationary pressures on operating costs. These scenarios were selected to reflect plausible but severe macroeconomic and sector-specific risks. The testing did not allow for the benefit of any action that could be taken by management to preserve cash. This testing suggested that there would have to be at least a 33% fall in annual forecast revenue before the group breaches its financial covenant., we believe that the risk of an event giving rise to this size of reduction in revenue is remote based on current trading performance and future outlook. \n It should be noted that we remain in a period of material geopolitical and macroeconomic uncertainty. The directors continue to closely monitor these risks and their plausible impact. \n   \n 3. Accounting policies \n In preparing the condensed consolidated financial information, the same accounting policies, methods of computation and presentation have been applied as set out in the Group's Annual Report and Accounts for the year ended 31 December 2024 except for the application of new standards and amendments mentioned below effective from 1 January 2025. The accounting policies are consistent with those of the previous financial year and corresponding interim period. \n The annual financial statements of the Group will be prepared in accordance with UK adopted International Accounting Standards (UK adopted International Financial Reporting Standards (\"IFRSs\")). \n New standards, interpretations and amendments applied \n The Group has not early adopted any standard, interpretation or amendment that was issued but is not yet effective. \n The following amendments to existing standards were effective for the Group from 1 January 2025. These have not had a material impact on the Group. \n ·      Amendments to IAS 21 - Lack of Exchangeability \n   \n 4. Significant judgements and estimates \n The preparation of the condensed consolidated interim financial information required management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, income and expenses. Actual results may differ from these estimates. \n The significant judgements and estimates used in the application of the Group's accounting policies are the same as those described in the Group's Annual Report an...

View stock analysis, news, and events for Spire Healthcare Group Plc