Final Results.


    23 June 2025 07:01:34
  • Source: Sharecast
RNS Number : 8558N
One Health Group PLC
23 June 2025
 

One Health Group plc

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

 

Results for the year to 31 March 2025

 

Notice of Annual General Meeting

and

Dividend Timetable

 

One Health Group plc (AIM: OHGR), an independent provider of NHS-funded medical procedures, for patients referred through 'Patient Choice' for treatment in Orthopaedics, Spine, General Surgery, Gynaecology and Urology, announces its audited results for the year ended 31 March 2025.

 

Financial Highlights

Turnover of £28.4 million (FY24: £23.0 million) an organic increase of 23%.

Underlying EBITDA £2.02 million (FY24: £1.52 million) an increase of 33%.

Underlying adjusted earnings per share of 13.75 pence (FY24: 7.42 pence) an increase of 185%.

Following listing on AIM on 20 March and fundraise, year-end cash was £11.4 million (2024: £4.7 million) (including cash in the Employee Benefit Trust of £1.2 million) providing substantial resources for investment in growth, including funding of our first surgical hub.

Final dividend proposed of 4.13 pence per share, in line with the Board's stated dividend policy.

Total dividend paid in respect of the year ended 31 March 2025 of 6.20 pence per share, with dividend cover of 2.2 times.

The Financial Statements are set out below and should be read in conjunction with the 2025 Annual Report which contains the notes to the Financial Statements. The Annual Report and Financial Statements 2025 can be viewed here: www.onehealth.co.uk/investors

Post period-end, trading in the first quarter has remained strong.

 

Strategic Highlights: Surgical Hubs

Contracts exchanged to purchase land in the North of England with a full planning application submitted in March 2025 for the construction of the first Surgical Hub which is expected to deliver significant additional operating capacity in 2026. Subject to planning approval, construction work is expected to commence in H1 2025/26.

Further locations are being explored for a second Surgical Hub and One Health continues to identify additional operating capacity in the independent sector to help deliver on Government Waiting List reduction targets.

 

Operational Highlights

The Group has maintained strong momentum over the year delivering new records in all operational KPIs.

28% increase in new NHS patient referrals to 17,020 for the year (FY24:13,266).

Total patient consultations of 42,238 delivered, an increase of 25% (FY24: 33,695).

A total of 7,043 surgical procedures delivered for NHS patients (FY24: 6,169) a 14% increase, delivered through 9 independent hospitals.

80 NHS Consultants provided their services to the Group over the year, an increase of 27% (FY24: 63).

Introduced Urology to the range of procedures provided to support a wider population of NHS patients.

Established 5-year contracts with the Group's largest NHS commissioners representing approximately 70% of revenue, moving away from the historic annual renewal process and derisking future revenue streams.

Support provided to six NHS trusts over the year with internal waiting list reductions with NHS waiting list patient transfers representing 10% of full year revenue.

New agreement between the NHS and independent sector announced on 6 January 2025 to help tackle waiting lists and actively promote 'greater patient choice' with the NHS increasingly looking to independent providers for additional support.

 

Commenting on trading and the outlook, Adam Binns, Chief Executive Officer, said:

"The whole team have delivered an exceptional year with multiple records established in key operational and financial measures across the organisation.

 

"In addition to a significant uplift in direct referrals from NHS patients exercising their statutory right to choose One Health as their provider of care through 'Patient Choice' after visiting their GP, we have continued to support five individual NHS Trusts' with their internal patient waiting lists, further reducing the pressure on the NHS.

 

"Amongst several highlights in the year was a successful listing on AIM in March raising £7.8 million, with net proceeds to the Group of £5.6 million and £2.2 million gross proceeds to selling shareholders. This funding will be used to develop our first surgical hub, a key part of our mid to long term growth strategy to deliver strategic surgical capacity growth in underserved areas, with planning feedback expected shortly.

 

"We have delivered a strong performance in all our three drivers of growth; more patients, more operating theatre capacity and a record number of new surgeons applying to provide their services to the Group. This has enabled us to provide our services to a wider community of NHS patients.

 

"Finally, and importantly, key to our continued development is the investment in our people to ensure we continue to attract and retain the best talent, whilst focussing on nurturing and developing the expertise within the One Health team to support robust, clinically safe growth.

 

"Given the considerable progress made over the last year, One Health is well placed to support the increasing demands of NHS commissioners and NHS patients through the delivery of fast, free, local healthcare.

 

"Activity into Q1 26 has remained strong and we look forward to the future with confidence, as our business model which has been providing care, free at the point of delivery to NHS patients for over 20 years, continues to grow, providing more care to more patients through 'Patient Choice' across an ever-increasing geography to reduce the pressure on the NHS."

 

Online investor presentation

Derek Bickerstaff, Chairman and Adam Binns, Chief Executive Officer will provide an overview of the Company's full-year financial results, key achievements and strategic outlook via a SparkLive Webcast at 15:30 BST today (Monday, 23 June 2025). The presentation will offer insights into One Health's growth strategy and long-term vision, and will be followed by a live Q&A.

 

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

https://sparklive.lseg.com/ONEHEALTHGROUP/events/d0e32595-a4a2-4379-a646-7da97431a300/one-health-group-investor-event-and-full-year-results-announcement-for-2025

 

Participants will be able to submit questions using the 'Ask a question' button on the webcast page.

 

Notice of AGM

One Health announces that the 2025 Annual General Meeting ("AGM") of the Company will be held at 131 Psalter Lane, Sheffield S11 8UX on Friday 12 September 2025 at 11:00 a.m.

 

Full details of the AGM (including how to participate in the AGM) and the resolutions that will be put to shareholders are set out in the Notice of AGM.

 

The Company's Annual Report and Financial Statements 2025, Notice of AGM and Proxy Form have been posted today to all shareholders who have elected to receive printed copies. Electronic copies of these documents are available on the Company's website: www.onehealth.co.uk/investors.

 

Dividend Timetable

The Company proposes to declare a final dividend of 4.13p per ordinary share in respect of the year ended 31 March 2025, subject to shareholder approval at the Company's forthcoming AGM. The ex-dividend date for the final dividend is 4 September 2025, the record date is 5 September 2025 and the expected payment date is on or around 19 September 2025.

 

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

 

For more information, please contact:

 

One Health Group plc

Derek Bickerstaff, Chairman

Adam Binns, CEO

 

www.onehealth.co.uk/investors

Via Walbrook PR

Panmure Liberum (Nominated Adviser and Broker)

Emma Earl, Will Goode, Mark Rogers

Rupert Dearden

 

Tel: +44 (0)20 3100 2000

Walbrook PR (Media & Investor Relations)

Alice Woodings / Paul McManus /

Rachel Broad

Tel: +44 (0)20 7933 8780 or onehealth@walbrookpr.com

Mob: +44 (0)7407 804 654 / +44 (0)7980 541 893 /

                                                                    +44 (0)7747 515 393

 

Further information on the Company can be found on its website at www.onehealth.co.uk.

 

About One Health Group plc

One Health engages 80 NHS Consultants (excluding anaesthetists) who sub-specialise in the various surgeries offered by the Company, through a growing network of community-based outreach clinics and surgical operating locations. One Health continues to deliver strong growth and, in the year, to March 2025 provided much needed care to 17,020 new patients, through over 42,000 consultations and over 7,000 surgical procedures. One Health deploys surgeons and anaesthetists that are mostly employed by the NHS, on a subcontracted basis. It currently works with over 100 professionals across 9 independent hospitals and 37 outreach clinics. Within these community-based outreach clinics all consultations and post operative physiotherapy is delivered where required, reducing patient inconvenience and excess travel.

 

One Health's activities are focused on areas where NHS patient needs are under-supplied by the local NHS service, population density is relatively high and the level of private medical insurance or the ability to self-fund is relatively low. Currently, the Company's activities are focused in Yorkshire, Lincolnshire, Derbyshire, Nottinghamshire and Leicestershire. Revenue is derived from over 60 NHS commissioning bodies in addition to contracts with local NHS Hospital Trusts to transfer their internal waiting list patients to One Health for quicker treatment.

 

One Health's business model has focused to date on four main areas: orthopaedics, spine, general surgery and gynaecology, with urology introduced at the end of FY25.

 

Spine and orthopaedics are particularly attractive areas for One Health as the Directors believe that they benefit from powerful growth drivers in terms of an ageing demographic, physical inactivity and an increasing proportion of the population being categorised as obese. Within orthopaedics, the most common surgeries performed by One Health are knee and hip replacements.

 

*(https://www.onehealth.co.uk/investors)

 

 


Chairman's Statement

 

I am delighted to present One Health Group PLC's third annual report reflecting on a very successful year, culminating in our move to AIM and successfully raising funding to develop our first surgical hub, supporting the achievement of our strategic goals. The healthcare market a remains buoyant and dynamic sector.

 

One Health Group has had an extremely successful year, achieving a marked increase in all our main indices for growth including patient numbers, operations performed, outreach clinic and operating site numbers and medical consultant partners. Unsurprisingly, this has led to a significant increase in year-on-year revenue and profit, which was recognised by investors in our recent AIM IPO. Our improved indices for growth are due to increasing our support to established NHS commissioners but also increasing our geographical footprint to provide our services to more NHS patients. With this steady organic growth, we have increasing capacity to take advantage of opportunities to aid the NHS in winning its battle to control elective surgery waiting lists in a fast-moving and expanding healthcare market. This includes our plans to establish new-build surgical hubs in areas which are presently poorly served. With the very long list of people already waiting for surgery there is no shortage of patients, these being in addition to increasing numbers of new patients referred daily following GP referrals. We believe we have the ability to continue increasing our capacity and productivity to be a significant partner to the NHS.

 

We have a highly motivated and dedicated senior management team who worked tirelessly to achieve our successful move to AIM whilst still supporting the business to achieve our excellent figures. They are supported by an experienced non-executive team with a focus on achieving our strategic goals whilst maintaining our robust clinical, corporate and financial governance. Our vision is to be part of the fabric of the health community.

 

Strategy

We support the NHS in managing its elective surgery waiting list and, consistent with the NHS charter, all our services are free at the point of delivery. In the past year we have demonstrated our ambitious organic growth strategy which will continue, expanding from our present footprint in the Midlands, Lincolnshire and North of England. Our strategy is in line with government policy to drive down elective waiting lists culminating in an agreement on 6th January between the NHS and Independent Sector. Patients are referred to us through "Patient Choice", which is achieving increased recognition, or directly from Hospital Trusts that ask for support with the management of their own internal waiting lists. This is serviced by a continual expansion of our communitybased outreach clinics in areas of poor provision and by attracting greater numbers of highly skilled NHS surgeons to the Group to meet the ever-increasing demand from the NHS waiting list.

 

We continue to expand our operating capacity in partnership with independent sector hospitals and the NHS in line with our organic growth. However, with the funding raised at IPO and cash, we have now begun our additional strategic growth plan to increase our surgical operating capacity by building our own surgical hubs. We have the land for our first surgical hub and are confident that our planning application will be successful with a proposed opening in late summer 2026. A site has been identified for our second hub. Our ambition is to open a network of surgical hubs where we identify areas of poor geographic provision for NHS patients, by either the NHS's own infrastructure or other independent providers, in our ever-expanding footprint.

 

Employees

One Health Group's strength is in the people who work in the organisation. We are proud of our patient focused culture throughout the organisation which has been part of the fabric of One Health since its inception over 20 years ago. This culture is imbued into our new employees as we expand our personnel to meet the increasing demand of NHS patient referrals.

 

Outlook

We believe One Health's outlook is healthy in a growing and dynamic health market. Our strategy to improve healthcare by moving elective surgical services into the community, particularly in under resourced areas, is consistent with government policy. We have demonstrated strong organic growth, which we believe will continue, and this is supplemented by strategic growth in the development of a network of surgical hubs where required. With the continuing demand of patient referrals from a historically long NHS waiting list, we are confident we can achieve our future forecasts.

 

We remain a nimble and agile organisation able to take advantage of opportunities arising in a rapidly evolving health sector. It remains exciting and stimulating to be in an organisation that has the potential to do so much social good.

 

Derek Bickerstaff

Chair

20 June 2025

 


 

Strategic report


One Health has had a period of strong year-on-year growth with multiple new records established across the organisation and good progress made in the development of our first surgical hub, a key part of our mid to long term growth strategy.

 

Amongst several highlights in the year was a successful listing on AIM in March raising £7.8 million, with net proceeds of £5.6 million that will be used to fund our first surgical hub. Following positive feedback received from an earlier preplanning application (pre-app), full planning was submitted at the end of the year with contracts exchanged to purchase the associated land subject to planning approval. We anticipate construction starting in 2025 and completion in 2026. Our hub development strategy is focussed on geographies with little or no surgical capacity, either NHS or independent sector, and high NHS patient demand due to the inability to afford a 'self-pay' option privately or medical insurance.

 

The significant volume increases achieved over the year reflect continued strong organic growth derived from new surgical capacity sourced within independent hospitals in new geographies as well as working in collaboration with our current partners to maximise and extend utilisation of their surgical facilities to advantageous effect.

 

Over 2025 we have delivered high quality care to over 17,000 NHS patients that chose One Health through the 'Patient choice' initiative following a GP referral or transferred from NHS Trusts internal waiting lists, the latter representing approximately 10% of our activity. Trust transfers help local NHS hospitals achieve internal 'long wait' targets and reduce the demand on NHS infrastructure, enabling a focus on more complex and demanding patient needs.

 

As anticipated, the UK Labour government reconfirmed their commitment to 'Fix the NHS' and 'reduce the waiting lists' as key priorities. This includes a pledge to restore pre-pandemic NHS targets, with 92% of patients waiting no longer than 18 weeks for routine hospital treatment by the end of the current parliament in 2029. To achieve this ambitious goal, a greater use of independent healthcare sector capacity is essential, in addition to achieving significant efficiency and volume improvements within the NHS itself.

 

As part of this improvement drive, the government announced the signing of a landmark NHS / Independent Sector agreement in January, established to help tackle waiting lists, give patients greater choice and to increase the use of the independent sector, a significant signal of intent. In support of this objective the 'NHS App', widely used during the pandemic to prove vaccination, has recently been modified to educate and inform patients and to ensure there is a greater understanding of 'Patient Choice', in turn easing pressure on NHS infrastructure.

 

In March, the government confirmed the government's intention to abolish NHS England (NHSE) to reduce bureaucracy and duplication with the Department of Health and Social Care (DHSC), to take control of decision making and to deliver significant cost savings. It is widely anticipated that the significant cost savings, primarily from headcount reductions, will be redirected to front line care to the benefit of NHS patients.

 

One of One Health's strongest unique selling points (USP's) is the delivery of most patient care interactions within the community, close to patients' homes, with travel to a hospital only if surgery is required, typically around 40% of new patients. This approach minimises disruption, inconvenience, travel cost and unnecessary distress. Importantly, this long standing, community-based approach by One Health is aligned with the governments pending '10 Year Health Plan' to reform the health system, which is structured around three pillars, one of which is shifting from delivering care in hospitals to delivering care closer to home and into communities.

 

A review of the last year in relation to our three key objectives and drivers of growth can be summarised as follows:

 

Patient numbers: The number of new NHS patients choosing One Health through 'Patient Choice' following a GP referral, treated within our network of thirty-seven outreach clinics and through surgical procedures within one of our nine independent hospital partners, has increased significantly to over 17,000. Included in this increase are significant numbers of NHS patients transferred directly to One Health by five local NHS hospitals to reduce their internal waiting lists representing approximately 10% of our activity.

 

Consultant numbers: We have continued to successfully increase the number of NHS consultants providing their services to One Health to eighty, an increase of 27% on 2024, supporting the expansion of our geographic footprint into the Midlands and West Yorkshire. In addition, we have developed a talent bank pipeline of approximately twenty more consultants to support future demand, departures, and retirements.

 

Operating theatre capacity: Substantial progress has been made over the year in sourcing additional operating capacity within new independent hospitals as we have expanded our geographic footprint and with existing providers, wishing to maximise the utilisation of their facilities. To supplement this capacity and subject to planning approval, 2025 will also see the development of our first surgical hub whilst we continue to identify locations for further hubs in under supplied areas as part of our development strategy.

 

Given the considerable progress made over the last year, One Health is well placed to support the increasing demands of NHS commissioners and NHS patients through the delivery of fast, free, local healthcare.

 

Finally, and importantly, key to our continued development is the investment in our people to ensure we continue to attract and retain the best talent, whilst focussing on nurturing and developing the expertise within the One Health team to support robust, clinically safe growth.

 

We look forward with excitement to 2026 with record demand for our services to the NHS, and the development of our first surgical hub delivering strategic surgical capacity growth in underserved areas.

 

Adam Binns

Chief Executive Officer

20 June 2025

 


 

Consolidated Statement of Comprehensive Income

For the year ended 31 March 2025

 


Notes

2025

£

2024

£

TURNOVER        

4

28,381,835

23,040,121

Cost of sales

 

(23,029,660)

(19,038,274)

GROSS PROFIT

 

5,352,175

4,001,847

Other operating income

5

119,310

104,445

Administrative expenses excluding depreciation and other adjusting items

 

(3,449,871)

(2,963,460)

Adjusted EBITDA *

7

2,021,614

1,142,832

Costs of admission of shares to AIM

7

(399,796)

-

 

EBITDA

7

1,621,818

1,142,832

Depreciation     

14

(134,359)

(134,250)

OPERATING PROFIT

8

1,487,459

1,008,582

Gain on revaluation of investment property       

15

-

149,486

Finance income

10

147,767

80,594

Finance costs    

10

(89,685)

(157,213)

PROFIT BEFORE TAXATION

 

1,545,541

1,081,449

Taxation

11

(467,636)

(373,508)

PROFIT AND TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR

 

1,077,905

 

707,941


 

 


Earnings per share expressed in pence per share:           

12

 


Basic

 

10.00

7.42

Diluted

 

9.81

7.28


 

 


Adjusted earnings per share expressed in pence per share:       

12

 


Basic

 

13.75

7.42

Diluted

 

13.50

7.28

 


Consolidated Balance Sheet

At 31 March 2025

 


Notes

2025

2024

£

£

£

£

NON-CURRENT ASSETS

 





Property, plant and equipment                

14

 

1,379,858


1,250,050

Investment property    

15

 

1,840,771


1,840,771


 

 

3,220,629


3,090,821

CURRENT ASSETS

 

 

 



Trade and other receivables      

16

3,992,978

 

3,330,235


Restricted Cash

 

1,170,971

 

           91


Cash

 

10,218,182

 

4,658,824



 

15,382,131

 

    7,989,150 


TOTAL ASSETS

 

 

18,602,760


                     11,079,971

CURRENT LIABILITIES

 

 

 



Borrowings        

18

(25,641)

 

(1,095,600)


Trade and other payables

19

(5,367,216)

 

(4,436,771)


Current tax payable

 

(466,897)

 

(451,740)



 

(5,859,754)

 

(5,984,111)


NET CURRENT ASSETS

 

 

9,522,377


2,005,039

TOTAL ASSETS LESS CURRENT LIABILITIES

 

 

12,743,006


5,095,860

NON CURRENT LIABILITIES

 

 

 


                 

Borrowings

18

 

(1,089,741)


-

Deferred tax provision

20

 

(96,930)


(130,304)


 

 

 


(130,304)

TOTAL LIABILITIES           

 

 

(7,046,425)


(6,114,415)

NET ASSETS

 

 

11,556,335


4,965,556

CAPITAL AND RESERVES

 

 

 



Share capital     

22

 

68,548


52,751

Share premium

 

 

5,432,223


392,048

Revaluation reserve      

 

 

29,988


28,920

Share option reserve    

27

 

226,989


226,989

Own shares

 

 

(372,408)


(829,117)

Retained earnings          

 

 

6,170,995


5,093,965

EQUITY

 

 

11,556,335


4,965,556

 

Consolidated cash flow statement

for the year ended 31 March 2025

 

 

 

Notes

2025

£

2024  

£

Cashflows from operating activities


 


Profit for the year


1,077,905

707,941

Tax charge


467,636

373,508

Depreciation charges


134,359

134,250

(Gain)/loss on revaluation of investment properties


-

(149,486)

Loss on disposal of tangible assets


(1,365)

-

Finance costs


89,685

157,213

Finance income


(147,767)

(80,594)

Costs of fundraising on AIM charged to the Income Statement


399,796

-

(Increase)/decrease in trade and other receivables


(662,744)

884,551

Increase in trade and other payables


930,453

372,952

Cash generated from operations


2,287,958

2,400,335

Tax paid


(612,048)

(152,829)

Net cash from operating activities


1,675,910

2,247,506



 


Cash flows from investing activities


 


Purchase of tangible fixed assets


(264,166)

(346,875)

Proceeds from disposal of tangible assets


1,365

-

Interest received


147,767

80,594

Net cash (used in) investing activities


(115,034)

(266,281)



 


Cash flows from financing activities


-

-

Proceeds from issue of shares


5,687,139

26,800

Cost of fundraising charged against share premium


(631,167)

-

Cost of fundraising charged against income statement


(399,796)

-

Sale of treasury shares


1,170,873

43,710

Purchase of treasury shares


-

(81,250)

Repayment of borrowings

1

(1,080,218)

(52,800)

Proceeds from borrowings

1

1,100,000

-

Interest paid


(89,685)

(88,203)

Equity dividends paid


(587,784)

(607,254)

Net cash from/(used in) financing activities


5,169,362

(758,997)



 


Increase in cash and cash equivalents


6,730,238

1,222,228

Cash and cash equivalents at beginning of year 


4,658,915

3,436,687

Cash and cash equivalents at end of year            


11,389,153

4,658,915

Cash included in the above held by the employee benefit trust

so restricted to compliant expenditure


1,170,971

91

 

 

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