August Trading Update

Medpal AI PLC

07 September 2026

 

7 September 2026

MedPal AI plc

("MedPal", the "Company" or the "Group")

August Trading Update

From zero to £28 million annualised in ten months

New Health August revenue up over 800 per cent month on month to £1.8 million

MedPal AI plc (AIM: MPAL; FRA: Z1N), the AI-native digital health and pharmacy group, is pleased to provide a trading update for August 2026, the first full month of trading for New Health (new.co.uk), the Group's dedicated GLP-1 weight management clinic, following the start of its marketing in July.

Highlights

•      From zero to £28 million annualised in ten months. The Group's dispensing operations started from zero in October 2025. The annualised run rate passed £5 million by June, £8.6 million by July and, based on August 2026, now stands at approximately £28 million across the Group's three recurring revenue streams. Annualised figures are the monthly revenue multiplied by twelve and are not a forecast.

•      New Health: up over 800 per cent month on month. New Health generated revenue of £1,828,319 in August 2026, its first full month, from 14,487 orders, an increase of 809 per cent on July (£201,203) and up from £15,496 in June. On an annualised basis New Health alone is now running at approximately £21.9 million.

•      Growth month on month. Revenue has grown more than one hundred-fold in two months, from £15,496 in June to £1,828,319 in August.

•      More than 16,000 purchasing customers since launch. From launch in June through to 31 August 2026.

•      Organic growth. The increase reported today has been generated through trading rather than by acquiring a customer base. New Health's 16,051 customers were won one at a time through fair pricing and service, not acquired through M&A, and the entire step-up from an £8.6 million run rate to approximately £28 million has come from trading. The Group's acquisitions to date comprised small asset purchases and the acquisition of one software business.

•      Revenue streams are often recurring. NHS nominations generate repeat dispensing, New Health customers typically continue on monthly treatment plans and eMARx customers pay monthly subscriptions.

•      Strong operating momentum. The Directors believe that August's figures demonstrate rapid organic scaling. Making NHS dispensing and the Group's wider services available to eligible New Health customers, where appropriate and subject to patient choice and applicable rules, may provide further growth opportunities.

Three substantial healthcare markets

The Group operates across three substantial areas of UK healthcare. The Directors believe integration across these activities creates scope for further growth.

•      NHS prescriptions. NHSBSA reported that 1.3 billion prescription items were dispensed in the community in England in 2025/26 at a cost of £11.6 billion, equivalent to approximately £967 million per month. MedPal's robotic dispensing hubs generate a gross margin of more than 27 per cent on NHS prescriptions, based on the Group's management accounts, and have capacity for further volume growth.

•      Care homes. The UK's care homes house around 500,000 residents, and the Directors estimate that the NHS spends on average £1,000 a year on medication for each of them, an addressable market of approximately £500 million a year. In addition, eMARx specialises in electronic medication administration records for care homes and generates a gross margin of approximately 82 per cent, based on the Group's management accounts. The Directors believe that combining eMARx with the Group's dispensing capabilities and Juno (the Company's agentic AI health companion), creates a differentiated integrated medicines-management proposition for UK care homes and a route to customer acquisition at scale, through the offer of reduced/free eMARx provision should a care home elect to use MedPal's dispensing services exclusively.

•      Private weight management. A peer-reviewed population study estimated that approximately 1.6 million adults in Great Britain had used GLP-1 or GLP-1/GIP medicines to support weight loss during the year to early 2025. Private treatments cost approximately £150 a month, representing a market potentially worth more than £2.8 billion a year. New Health's gross margin is approximately 25 per cent after its introductory offer period, based on management accounts, with customer acquisition costs recognised in the month incurred.

New Health: proposition and operating model

New Health is a mass-market, direct-to-consumer healthcare brand offering competitive pricing, customer service and clinical support. Its proposition is designed to combine accessible pricing beyond the introductory period with an appropriate level of ongoing support.

Technology underpins the operating model. MedPal combines New Health's digital patient journey and health and wellness app with the Group's dispensing capabilities and AI-enabled support, while maintaining clinician oversight. The Directors believe this integrated model can reduce operational friction and support a competitive price and service proposition.

Chief Executive Officer's Commentary

Jason Drummond, Founder and Chief Executive Officer of MedPal, commented:

"August was the month it all came together. Revenue is up again, New Health delivered £1.8 million in its first full month, and more than 16,000 new customers have come to us in a matter of weeks, far exceeding our expectations. That validates our strategy, and we believe it is an exceptional rate of organic growth. It is only the beginning. We are in three massive markets. The NHS spends close to £1 billion a month on prescription medicines. Care home medication is worth more than £500 million a year in the UK, and with eMARx we believe we have a highly differentiated, fully integrated medicines management solution for that sector. In addition, a significant and rising number of adults want GLP-1 treatment at a fair price with proper support.

"In August we proved that we can sign up customers at scale by offering fair prices and great service together, with our technology doing the heavy lifting: prescribing, dispensing, delivery, administration and AI-driven patient support, all built to keep customers with us. One customer, potentially multiple recurring revenue streams. This is what the Health OS was built for."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018). The Directors of the Company are responsible for the contents of this announcement.

Enquiries

MedPal AI plc - Jason Drummond, Chief Executive Officer	Via Square1 Consulting
Cairn Financial Advisers LLP (Nomad) - Louise O'Driscoll / Jo Turner	[phone]
OAK Securities (a trading name of Merlin Partners LLP) - Jerry Keen	[phone]
Clear Capital Markets Limited - Bob Roberts	[phone]
Square1 Consulting - David Bick	[phone] / [phone]

About MedPal AI plc

MedPal AI plc (AIM: MPAL; FRA: Z1N) is a vertically integrated, AI-native digital health and pharmacy group. The Group operates NHS Distance Selling Pharmacy hubs at Sarus Court, Runcorn and Swaffham, New Health (new.co.uk), a dedicated GLP-1 weight management clinic, a B2B care home pharmacy supply business, eMARx, the Group's electronic medication administration record software for care homes, and Juno, an agentic AI health companion built on Anthropic's Claude. MedPal's ambition is to build the UK's leading Health OS: a single platform connecting prescribing, dispensing, delivery, administration and AI-driven patient support. The Company's LEI is 984500EDP8B0A14CBA61.

Forward Looking Statements

This announcement contains forward-looking statements, which are based on the Company's current expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Forward-looking statements are often identified by words such as "believes", "expects", "intends", "may", "will", "should", "could", "plans", "targets", "aims" or similar expressions. Such statements are subject to risks, assumptions and uncertainties and actual results, performance or events may differ materially from those expressed or implied by them. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law, the AIM Rules for Companies, the UK Market Abuse Regulation or other applicable regulation.

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