Trading Update

One Health Group PLC

26 October 2026

 

One Health Group plc

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

Trading Update

H1 27 Revenue and EBITDA significantly ahead of prior year

Strong growth across all KPIs

One Health Group plc (AIM: OHGR), the independent provider of NHS-funded surgical procedures for patients referred from the NHS through ‘Patient Choice’, provides the following trading update for the six months to 30 September 2026 (“H1 27”), showing strong growth across key operational performance indicators, in-line with management expectations.

Key Highlights

	H1 27	H1 26	Change
Revenue	£18.3m	£15.6m	+17%
New NHS patient referrals	11,275	9,111	+24%
Number of consultations	29,755	23,927	+24%
Number of surgical procedures	4,517	4,009	+13%
Number of consultants (excluding anaesthetists)*	82	80	+3%
Annualised revenue per consultant (k)	446	391	+17%
Number of Outreach Clinics	46	40	+15%
Number of Surgical Operating Facilities	14	12	+17%

* Consultant pool has been rationalised since March 2026 (88) to drive higher productivity, a further 12 consultants are under review in the talent pipeline to support future continued growth

• Underlying EBITDA for H1 27 is expected to be ahead of the £1.18 million reported for H1 FY26, reflecting increased activity and continued operational progress across the Group.
• Activity during H1 27 was ahead of both the corresponding period last year and H2 26. This reflects continued growth in patient referrals and management’s focus on delivering activity earlier in the financial year, providing greater resilience against potential disruption to NHS commissioning during the second half.
• Demand for additional elective capacity from the independent sector is expected to remain an important part of the NHS response to the national waiting list, which increased from approximately 7.1 million in March 2026 to 7.3 million in May 2026 and had risen to approximately 7.4 million in August 2026.

Surgical Hub

• Construction of the Group’s first surgical hub is progressing well, as detailed in the recent AGM Statement, with the shell now weather-tight, and is expected to open in Spring 2027. Further details are available on the Company website: https://www.onehealth.co.uk/news/one-perspective---hub-progress
• Once operational, the hub is expected to deliver a significant increase in the surgical capacity available to the Group in an area characterised by strong NHS patient demand and limited existing capacity.
• A further potential site has been identified for more detailed preliminary assessment as a possible location for the Group’s second surgical hub. The Group is also making good progress in identifying additional sites capable of supporting its longer-term development strategy.

Outlook

The Board remains confident in the Group’s growth prospects. Based on trading during the first half and the current outlook, the Group remains on track to deliver expected revenue growth and underlying EBITDA for FY27, both in line with current market expectations1.

The abolition of NHS England (“NHSE”) and transfer of its functions into the Department of Health and Social Care was announced by Sir Keir Starmer in March 2025. Subject to Parliamentary approval, the reorganisation is expected to be completed by March 2027. The associated changes, including significant reductions in administrative and commissioning roles across NHSE and Integrated Care Boards (“ICBs”), may create some short-term disruption to local commissioning processes. The Company’s strong first-half performance, diverse referral routes and established relationships across the NHS, provide stability and resilience for the Company as these changes are implemented.

Historically, the Group has experienced an increase in NHS activity during the final quarter of the financial year as NHS organisations seek to meet year-end operational and waiting-list objectives. Although this additional activity is neither contracted nor guaranteed, the Board believes that significant waiting-list pressures continue to support the Board’s confidence in delivering growth in line with market expectations.

One Health will announce its half-year results in late November 2026, and a notice of results will be announced in due course.

1Management understands market consensus for revenue and underlying EBITDA for FY27 to be £33.2 million to £34.0 million and £2.6 million respectively.

Adam Binns, Chief Executive Officer, commented:

“The continued dedication and commitment of our team, building on the strong performance and momentum achieved last year, have enabled One Health to deliver another positive first half. Activity was ahead of both the corresponding period last year and the second half of FY26, with growth achieved across all key performance measures.

“The number of patients choosing One Health following referral by their GP continues to increase. This reflects growing public awareness of NHS Patient Choice and patients’ right to choose a local provider offering high-quality secondary care, free at the point of delivery, with shorter waiting times. The quality of care provided to our patients remains central to everything we do. Post-operative patient feedback averaged 99% positive during the first six months of the year, an exceptional result that reflects the dedication, expertise and compassion of our clinical and operational teams.

“The national referral-to-treatment waiting list remains extremely high and continues to rise on a monthly basis, with approximately 7.4 million pathways in August 2026, and around 111,000 pathways involving waits of more than one year. This underlines the continuing need for additional elective capacity and the important role trusted independent-sector providers can play in supporting the NHS. Alongside continued growth in GP referrals, we anticipate opportunities for additional NHS Trust activity during the second half as local trusts seek to address waiting-list pressures and meet year-end performance objectives. This activity is not contracted or guaranteed, but has historically provided an additional source of demand during the final quarter.

“Having provided high-quality care in partnership with the NHS for more than 22 years, we look to the future with confidence. One Health remains well positioned to deliver continued growth while providing much-needed care, free at the point of delivery, to NHS patients across an expanding geographic footprint.”

If you wish to keep up to date on Company news please email: [e-mail]

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: [phone]
Walbrook PR (Media & Investor Relations) Alice Woodings, Paul McManus, Rachel Broad	Tel: [phone] or [e-mail] Mob: [phone]                                                                     [phone]

About One Health Group plc (www.onehealth.co.uk)

Last year One Health engaged 88 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 2026 provided much needed care to almost 19,000 new patients, through over 50,000 consultations and over 8,000 surgical procedures. One Health deploys surgeons and anaesthetists that are mostly employed by the NHS, on a subcontracted basis. It currently works with over 140 professionals across 14 independent hospitals and 40 outreach clinics. Within these community-based outreach clinics all consultations and post-operative physiotherapy is delivered where required, reducing patient inconvenience, excess travel and distress.

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 29 ICBs across England as well as contracts with local NHS 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, which represent the majority of the national waiting list, 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.

Online investor presentation

Click below for the latest online presentation by Derek Bickerstaff, Chairman and Adam Binns, Chief Executive Officer, which offers insights into the Company’s financial results for the year ended 31 March 2026, growth strategy and long-term vision: https://www.investormeetcompany.com/meetings/investor-presentation-1068

 

END