Results for the year to 31 March 2026

One Health Group PLC

06 July 2026

 

One Health Group plc

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

Results for the year to 31 March 2026

Notice of Annual General Meeting & Dividend Timetable

FY 26 underlying EBITDA ahead of market expectations

Further Strong growth across all KPIs

One Health Group plc (AIM: OHGR), the independent provider of NHS-funded surgical procedures for patients referred from the NHS through 'Patient Choice', announces it audited results for the year ended 31 March 2026 ("FY 26"), showing continued growth, and underlying EBITDA ahead of previous market expectations.

Key Financial Highlights

	FY 26	FY 25	Growth
Revenue	£31.6m	£28.4m	+11%
Gross profit	£6.5m	£5.4m	+21%
Adjusted EBITDA	£2.6m	£2.0m	+28%
Underlying EPS	14.98p	13.62p	+10%
Cash balance1	£11.1m	£11.4m	-3%
Proposed total dividend	6.3p	6.2p	+2%

Key Operational Highlights

	FY 26	FY 25	Growth
New NHS patient referrals	18,931	17,020	+11%
Number of consultations	50,774	42,238	+20%
Number of surgical procedures	8,113	7,043	+15%
Number of consultants (excluding anaesthetists)	88	80	+10%
Number of Outreach Clinics	40	37	+8%
Number of Surgical Operating Facilities	14	10	+40%

¹ Includes March 2025 AIM IPO net proceeds of £5.6m and after in year cash outflows of £1.6m on surgical hub land and development, £0.8m dividends and £0.2m on head office expansion.

Operational Highlights / Market overview

·    NHS national waiting lists remain very high at 7.1 million (end of March 2026), impacted by ongoing industrial action and record demand despite continued efforts to reduce them. This continues to provide an opportunity for One Health as 95% of activity is from new patients from GP referrals, not NHS patients already on waiting lists.

·    One Health revenue derived from 29 (70%) of England's 42 ICBs as well as contracts directly with six local NHS trusts to transfer their internal patients from the national waiting to One Health for faster treatment.

·    The increased use of the independent sector is cited as one of the key actions to reduce NHS waiting lists in the 'NHS 10-year Health plan for England' published in July 2025.

Surgical Hub progress

·    Construction underway and significant incremental surgical capacity expected to come on stream in early 2027/28 financial year following completion, supplementing our existing partner network.

·    "The NHS also want to increase the number of surgical hubs to protect planned care from the impact of seasonal and other pressures" 'as cited in the '10 Year Health Plan for England'

·    Additional locations being assessed in underserved areas with high NHS demand for suitability and viability for next owned surgical hubs.

Outlook

·    Good progress continues sourcing additional independent hospital surgical capacity on a wider geography to support further organic growth in new geographical areas.

·    Clear strategy to drive continued organic growth through increased patient referrals, a strong pipeline of new surgeons, and additional surgical capacity in existing and new independent sector hospitals to help deliver on challenging Government Waiting List reduction targets.

·    The Company remains well funded to deliver further organic growth and execute the carefully planned roll-out of the first surgical hub to accelerate growth and improve profitability.

·    Government and NHS have pledged to return to 92% of patients being treated within 18 weeks of referral ('18wk RTT') by March 2029, last achieved in February 2016, this will be challenging to achieve without additional support from the independent sector.

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

"2026 marked our fifth consecutive year of growth. We have ambitious prospects, which have been further accelerated by the successful AIM IPO completed in March 2025. This has strengthened our ability to invest in additional owned and managed capacity, specifically the development of our first surgical hub. Following the considerable progress made during the year, One Health is well positioned to support the increasing demands of NHS commissioners and NHS patients through the delivery of more local healthcare, free at the point of use."

Posting of Annual Report & Notice of AGM

One Health announces that the 2026 Annual General Meeting ("AGM") of the Company will be held at 131 Psalter Lane, Sheffield S11 8UX on Friday 11 September 2026 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 2026, 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 4.2p per ordinary share in respect of the year ended 31 March 2026, subject to shareholder approval at the Company's forthcoming AGM. The ex-dividend date for the final dividend is 3 September 2026, the record date is 4 September 2026 and the expected payment date is on or around 18 September 2026.

Online investor presentation

Adam Binns, Chief Executive Officer, and Derek Bickerstaff, Chairman, will provide an overview of the Company's preliminary results via the Investor Meet Company platform today at 12:00pm BST (Monday, 6 July 2026). The presentation is open to all existing and potential shareholders.

Investors can sign up to Investor Meet Company for free and add to meet One Heath Group plc via: https://www.investormeetcompany.com/one-health-group-plc/register

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)

One Health engages 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.

Chairman's Statement

One Health Group has had an extremely successful year, achieving another double digit increase in all our main indices for growth including patient numbers, operations performed, outreach clinic and operating site numbers and medical consultants providing their services to the Group. This has led to a significant increase in year on-year revenue and profit, which was ahead of market expectations. In our first year since listing on AIM our share price has risen by 40%, reflecting increased investor recognition of the value of our company.

We have successfully managed significant upheavals in the NHS commissioning landscape with the dissolution on NHS England and consolidation of ICBs through 'clustering' from 42 to 26, as demonstrated in our improved indices for growth. Despite these changes, we have increased our support to our established NHS commissioners and, by expanding our long standing and broad geographical footprint, have provided our services to more NHS patients through activity with additional NHS commissioners. With this steady organic growth, we have increasing capacity to aid the NHS in reducing the very persistent high post pandemic elective surgery waiting lists.

Our capacity will be further enhanced with the construction of our first surgical hub in Scunthorpe, which is due to open early in the 2027/28 financial year. This is the first of a network of surgical hubs we plan to open in areas which are presently poorly served by both the NHS and independent sector. This will provide more capacity to the NHS and further supports our business model of taking more care into the community, which is also consistent with the Government's NHS 10 Year Health Plan. With the very long list of people currently waiting for surgery, there is no shortage of patients. 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 have worked tirelessly to navigate the changing NHS landscape, ensuring continued support where needed and bringing the plans for our first surgical hub to fruition whilst still supporting the business to achieve our excellent figures.

The team has been further strengthened post year end with the appointment of Heather Craven as CFO and Joe Hopwood as Commercial Manager to support our growth strategy. 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 whilst transitioning from a 'hospital-centric' to a 'community-centric' healthcare provision. Patients are referred to us through "Patient Choice", which is achieving increased recognition, or directly from local NHS Hospitals that ask for support with the management of their own internal waiting lists to achieve challenging year end waiting list reduction targets. This increased activity is serviced by a continual expansion of our community-based outreach clinic network in areas of poor provision and by attracting greater numbers of highly skilled NHS consultants to the Group to meet the increasing demand from the NHS.

We continue to expand our operating capacity in partnership with independent sector hospitals and in line with our organic growth strategy. With the funding raised at IPO, supplementing existing cash reserves, we have now begun our additional strategic growth plan to increase our surgical operating capacity by building our own network of surgical hubs. We began construction of our first surgical hub in Scunthorpe in March 2026 and it is due to open early in the 2027/28 financial year. We are also exploring a number of potential sites for our second and third surgical hubs. Our ambition is to open a network of surgical hubs in areas of high NHS demand where there is poor NHS and independent sector infrastructure, which tend to be in more underprivileged areas, in our ever-expanding footprint.

Our People

The Group's continued growth is underpinned by the strength, expertise and dedication of its people. Since inception, One Health has maintained a clear and consistent focus on delivering high-quality, patient-centred care. This culture remains a defining feature of the business and is central to its long-term growth and continued success. The Board takes particular encouragement from patient feedback, which continues to reflect the Group's high standards. Results from the NHS Friends and Family Test (FFT) for 2025/26 show that 99.5% of post-procedure patients were "likely" or "extremely likely" to recommend One Health, a strong testament to the enduring strength of the Group's clinical delivery and patient experience.

As demand for NHS services continues to rise, One Health is expanding its workforce to support further growth. In doing so, maintaining and reinforcing the Group's values and culture is of critical importance. The Board remains confident that by attracting and developing high-quality individuals who share these principles, the Group will continue to deliver excellent outcomes for patients while positioning the business for sustainable, long-term growth.

Outlook

The Board believes that One Health's outlook remains strong within a growing and dynamic healthcare sector. Our long-term strategy of delivering high-quality care for NHS patients, free at the point of delivery, has supported tens of thousands of patients over the past 22 years.

Central to our model is bringing care closer to patients in their local communities, reducing travel, disruption, and distress. The continued development of our surgical hub network will further strengthen this approach by expanding elective surgical services within community settings, particularly in under-resourced areas. This aligns closely with government policy to shift care away from large NHS hospital estates, thereby freeing capacity for more urgent and complex needs.

While the political and structural landscape of the NHS is currently undergoing significant change, including the transition following the abolition of NHS England and the integration of services under the Department of Health and Social Care, the underlying demand drivers remain unchanged. Our country continues to face an ageing population and substantial NHS waiting lists, which stood at 7.1 million at the end of March 2026. The Government has committed to materially reducing waiting times and overall list sizes by the end of the current Parliament in March 2029.

We believe that achieving this objective will require continued and expanded collaboration with the independent sector. This is reinforced by its inclusion as a key pillar in both the NHS/ Independent Sector Partnership Agreement (January 2025) and the Government's 10-Year Health Plan for England (July 2025).

Against this backdrop, we remain a responsive and agile organisation, well positioned to capitalise on opportunities within a rapidly evolving healthcare environment. We are proud to continue delivering strong outcomes for patients while contributing meaningful social value, and we remain confident in our ability to sustain this impact in the years ahead.

Derek Bickerstaff

Chair

3 July 2026

Strategic report

2026 marked One Health's 22nd year of providing services to the NHS and the fifth consecutive year of post-pandemic continued year on year organic growth, with new records achieved across all key operational and financial metrics. This performance was delivered while maintaining a strong focus on providing exceptional care to NHS patients. Patient feedback remains a key measure of quality within the business, with 99.5% of inpatients reporting that they would recommend One Health in response to the NHS friends and family test (FFT).

A major highlight of 2026 was the commencement of construction of our first surgical hub. This is a key milestone in accelerating our medium to long term growth strategy, building on continuing organic growth. The hub development programme, starting in Scunthorpe, North Lincolnshire, will expand surgical capacity in underserved areas where NHS patient demand is high, enabling faster access to care and improved patient outcomes. The purchase of land and development of the first hub is being funded from existing cash reserves, supplemented by the successful AIM IPO in March 2025, which raised £7.8 million, generating net proceeds of £5.6 million for the business.

Our hub network development strategy is focused on geographies with limited or no existing surgical capacity, whether within NHS facilities or the independent sector, and where NHS patient demand is demonstrably strong.

These areas typically have high levels of unmet need and are often less affluent, meaning patients are less likely to be able to access treatment through self pay routes or private medical insurance.

The 11% year-on-year uplift in NHS patients choosing One Health demonstrates continued strong organic growth, underpinned by the ongoing development of our three principal growth drivers: growing patient demand, expanded engagement with subcontracted consultants, and increased capacity across both outreach clinics for consultations and surgical provision for procedures.

One Health provides support to the NHS in four of the highest demand outsourced specialties: Orthopaedics, Spinal, General Surgery and Gynaecology, as well as Urology. Urology is a new specialty for One Health, introduced at the end of 2025 in response to increasing unmet demand and local need. It generated an additional £250k of revenue in 2026, and plans are in place to expand capacity to drive future growth in this area.

While conversion rates from initial consultation to surgical intervention vary across One Health's five specialties, on average approximately 40% of new patients progress to surgery. With around 80% of Group revenue generated from inpatient and surgical activity (with the balance from outpatient services such as consultations, diagnostics and physiotherapy), this underlines the strategic importance of continuing to expand surgical capacity in order to support sustainable revenue growth.

Despite moderate NHS progress during 2026, NHS elective waiting lists remain at historically elevated levels. The national waiting list stood at 7.1 million at the end of March 2026, a 4% reduction from 7.4 million in March 2025. However, the scale of the challenge remains significant: waiting lists peaked at 7.8 million in September 2023 and remain materially above pre pandemic norms.

The NHS continues to be a major focus of public concern and government policy, reflected in the stated commitment to "fix the NHS" and reduce waiting lists. A central ambition is to reinstate the NHS Constitutional Standard by the end of the current Parliament in March 2029, with 92% of patients treated within 18 weeks of GP referral (the 18 week Referral to Treatment ("RTT") standard). This performance level was last achieved in February 2016, when the NHS waiting list was approximately 3.0 million, around 4.0 million lower than in March 2026. In practical terms, this gap implies the need for a sustained and significant increase in elective throughput over the coming years to return to comparable levels of performance.

A stepped pathway has been applied and adopted towards the March 2029 objective. Following significant effort and investment, the first year end milestone was achieved in March 2026, with 65.3% of patients treated within the 18 week RTT standard (against the 65% milestone).

Delivering the March 2029 ambition remains a substantial undertaking and is unlikely to be achieved without a material uplift in elective activity and increased support from independent providers such as One Health. This is evidenced by the increase in NHS outsourced activity, which has risen from 7% pre pandemic to 11% post pandemic, equating to an outsourced spend of approximately £1.3 billion per annum.

Longer term policy direction is also supportive of One Health's model. The "10 Year Health Plan for England", published in July 2025, includes commitments intended to increase resilience and capacity for planned care, including an intention to expand the number of surgical hubs to protect elective activity from seasonal and operational pressures elsewhere in the NHS. The plan also highlights further development of the NHS App to provide patients with greater visibility and control over their care, including improved awareness of patients' "right to choose" alternative providers for secondary care via 'Patient Choice'. In addition, a stated policy emphasis on delivering more appointments in the community rather than in hospitals directly aligns with One Health's approach: 86% of One Health's interactions with NHS patients take place in the community.

In March 2026, Prime Minister Sir Keir Starmer announced the abolition of the management body NHS England (not the National Health Service itself), with the stated aim of reducing bureaucracy and duplication with the Department of Health and Social Care (DHSC), strengthening decision making oversight and delivering cost savings. Following this, a significant number of NHS England employees have been put at risk of redundancy, with a targeted 50% reduction, while others have taken voluntary redundancy. It is widely anticipated that a proportion of the savings, primarily driven by headcount reductions, could be redirected towards frontline care, supporting improved patient access and outcomes.

One Health is well positioned within this environment. A key differentiator of the Group's business model is that most patient care is delivered locally, close to patients' homes, with travel to hospital required only where surgical intervention is needed, representing an average of approximately 40% of new patients. This community-based approach reduces disruption, inconvenience and travel costs for patients, and helps to minimise avoidable distress. Importantly, the model is closely aligned with the Government's evolving reform agenda, including the strategic shift from hospital centric delivery towards community-based care.

A review of the last year in relation to our three key drivers of growth:

Patient Numbers

The number of new NHS patients choosing One Health via 'Patient Choice' following a GP referral increased significantly during 2026 to 18,931 (2025: 17,020). Care was delivered through our network of 40 outreach clinics and, where required, via surgical procedures undertaken with one of our 14 independent hospital partners. This increase also included NHS patients transferred directly to One Health from six local NHS hospitals to support the reduction of their internal waiting lists, representing approximately 5% of total activity.

Consultant numbers

During 2026, 88 NHS subcontracted consultants provided services to One Health, representing a 10% increase on 2025. This expansion supported the growth of our geographic footprint into the Midlands and West Yorkshire. In addition, we have developed a talent-bank pipeline of consultants to support future demand. A key differentiator of the One Health model is that consultants travel to patients, delivering consultations locally through our expanding network of community-based outreach clinics. This contrasts with traditional NHS pathways and many independent sector providers, where consultations are typically hospital-based. By providing care closer to home, our approach reduces travel, minimises time away from work and family, and limits disruption for patients.

Operating theatre capacity

We continued to make substantial progress through the year in securing additional operating theatre capacity within new independent hospital partners. This is evidenced by a 40% increase in the number of locations where procedures are delivered, rising to 14 and further extending our geographic footprint. In parallel, we have worked collaboratively with longer standing existing providers to maximise utilisation of available capacity within their facilities, including identifying and converting unused theatre time into additional operating sessions. One Health provides a commercially attractive and clinically safe way to generate additional revenue from their existing facilities.

Looking ahead, significant incremental capacity is expected to come on stream in early financial year 2027/28 following completion of construction of our first surgical hub, which will supplement our existing partner network. In the interim, we continue to identify sites for further hubs in underserved areas as part of our longer-term development strategy.

2026 marked our fifth consecutive year of growth. We have ambitious prospects, which have been further accelerated by the successful AIM IPO completed in March 2025, generating net proceeds of £5.6m. This has strengthened our ability to invest in additional owned and managed capacity, specifically the development of our first surgical hub. Increasing owned capacity will also enable further process efficiencies, supporting the optimisation of utilisation and allowing us to extend much-needed services into new geographies.

Following the considerable progress made during the year, One Health is well positioned to support the increasing demands of NHS commissioners and NHS patients through the delivery of more local healthcare, free at the point of use.

Central to our continued growth and development is investment in our people. We remain focused on attracting, retaining and developing high-quality talent, while nurturing and strengthening the expertise within the One Health team to underpin robust, clinically safe and sustainable growth.

Looking ahead to 2027, we anticipate continued increasing demand for our services from the NHS, alongside the progression of our first surgical hub, which will deliver strategically important surgical capacity growth in underserved areas.

Adam Binns

Chief Executive Officer

3 July 2026

Consolidated Statement of Comprehensive Income

For the year ended 31 March 2026

		2026 £	2025 £
TURNOVER		31,589,428	28,381,835
Cost of sales		(25,099,550)	(23,029,660)
GROSS PROFIT		6,489,878	5,352,175
Other operating income		89,561	119,310
Administrative expenses excluding depreciation and other adjusting items		(3,998,982)	(3,449,871)
Adjusted EBITDA *		2,580,457	2,021,614
Costs of admission of shares to AIM		-	(399,796)
EBITDA **		2,580,457	1,621,818
Depreciation and adjustments on disposal		(137,980)	(134,359)
OPERATING PROFIT		2,442,477	1,487,459
Finance income		384,384	147,767
Finance costs		(82,185)	(89,685)
PROFIT BEFORE TAXATION		2,744,676	1,545,541
Taxation		(658,039)	(467,636)
PROFIT AND TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR		2,086,637	1,077,905
Earnings per share expressed in pence per share:
Basic		15.18	10.13
Diluted		14.98	9.94

* Adjusted EBITDA (as detailed in note 7) refers to earnings before interest, tax, depreciation and amortisation, costs of admission to the AIM market, and other exceptional items.

**EBITDA refers to Adjusted EBITDA less costs of admission to the AIM market

Consolidated Statement of Financial Position

As at 31 March 2026

		2026		2025
		£	£	£	£
NON-CURRENT ASSETS
Property, plant and equipment			3,480,244		1,379,858
Investment property			1,513,490		1,840,771
		4,993,734			3,220,629
CURRENT ASSETS
Trade and other receivables		5,403,880		3,992,978
Restricted Cash *		34,894		1,170,971
Cash		11,059,445		10,218,182
		16,498,219		15,382,131
TOTAL ASSETS			21,491,953		18,602,760
CURRENT LIABILITIES
Borrowings		(30,428)		(25,641)
Trade and other payables		(6,995,906)		(5,367,216)
Current tax payable		(265,847)		(466,897)
		(7,292,181)		(5,859,754)
NET CURRENT ASSETS			9,206,041		9,522,377
TOTAL ASSETS LESS CURRENT LIABILITIES			14,199,770		12,743,006
NON CURRENT LIABILITIES
Borrowings			(1,059,313)		(1,089,741)
Deferred tax provision			(172,662)		(96,930)
TOTAL LIABILITIES			(8,524,156)		(7,046,425)
NET ASSETS			12,967,797		11,556,335
CAPITAL AND RESERVES
Share capital			69,159		68,548
Share premium			5,596,709		5,432,223
Revaluation reserve			95,692		29,988
Share option reserve			168,031		226,989
Own shares			(372,408)		(372,408)
Retained earnings			7,410,614		6,170,995
EQUITY			12,967,797		11,556,335

^*Restricted cash is cash held by EBT (Employee Benefit Trust)

Consolidated Statement of Changes in Equity

For the year ended 31 March 2026

Group	Called up share capital £		Share Premium £	Revaluation reserve £	Share option reserve £	Own Shares £		Retained earnings £	Total equity £
Balance at 31 March 2024	52,751		392,048	28,920	226,989	(829,117)		5,093,965	4,965,556
Comprehensive profit for the year ended 31 March 2025:
Profit for the year	-		-	-	-	-		1,077,905	1,077,905
Total comprehensive profit for the year	-		-	-	-	-		1,077,905	1,077,905
Transactions with owners recorded directly in equity for the year ended 31 March 2025:
Issue of share capital		15,797	5,671,342	-	-	-		-	5,687,139
Transaction costs on issue of share capital		-	(631,167)	-	-	-		-	(631,167)
Dividends		-	-	-	-	-	(587,784)		(587,784)
Sale of own shares		-	-	-	-	456,709	714,171		1,170,880
Tax on sale of own shares		-	-	-	-	-	(129,242)		(129,242)
Deferred tax on market value of share options		-	-	-	-	-	3,048		3,048
Transfer of depreciation on revalued property		-	-	(672)	-	-	672		-
Transfer of deferred tax on revalued property		-	-	1,740	-	-	(1,740)		-
Balance at 31 March 2025		68,548	5,432,223	29,988	226,989	(372,408)	6,170,995		11,556,335
Comprehensive profit for the year ended 31 March 2026:
Profit for the year							2,086,637		2,086,637
Total comprehensive profit for the year							2,086,637		2,086,637
Issue of share capital		611	164,486	-	-	-	-		165,097
Reclassification of unrealised profit on transfer to property, plant and equipment (see note 14)		-	-	73,835	-	-	(73,835)		-
Dividends		-	-	-	-	-	(838,463)		(838,463)
Exercise of share options and warrants		-	-	-	(58,958)	-	58,958		-
Tax on sale of own shares		-	-	-	-	-	-		-
Deferred tax on market value of share options		-	-	-	-	-	(1,809)		(1,809)
Transfer of deferred tax on investment property transferred to PPE		-	-	(8,131)	-	-	8,131		-
Balance at 31 March 2026		69,159	5,596,709	95,692	168,031	(372,408)	7,410,614		12,967,797

Consolidated Statement of Cashflows

For the year ended 31 March 2026

		2026 £	2025   £
Cashflows from operating activities
Profit for the year		2,086,637	1,077,905
Tax charge		658,039	467,636
Depreciation charges		137,980	134,359
Loss on disposal of tangible assets		-	(1,365)
Finance costs		82,185	89,685
Finance income		(384,384)	(147,767)
Costs of fundraising on AIM charged to the Income Statement		-	399,796
Increase in trade and other receivables		(1,437,845)	(662,744)
Increase in trade and other payables		1,655,632	930,453
Cash generated from operations		2,798,244	2,287,958
Tax paid		(785,166)	(612,048)
Net cash from operating activities		2,013,078	1,675,910
Cash flows from investing activities
Purchase of tangible fixed assets		(1,911,085)	(264,166)
Proceeds from disposal of tangible assets		-	1,365
Interest received		384,384	147,767
Net cash (used in) investing activities		(1,526,701)	(115,034)
Cash flows from financing activities		-	-
Proceeds from issue of shares		165,097	5,687,139
Cost of fundraising charged against share premium		-	(631,167)
Cost of fundraising charged against income statement		-	(399,796)
Sale of treasury shares		-	1,170,873
Repayment of borrowings		(25,641)	(1,080,218)
Proceeds from borrowings		-	1,100,000
Interest paid		(82,185)	(89,685)
Equity dividends paid		(838,462)	(587,784)
Net cash from/(used in) financing activities		(781,191)	5,169,362
(Decrease)/Increase in cash and cash equivalents		(294,814)	6,730,238
Cash and cash equivalents at beginning of year		11,389,153	4,658,915
Cash and cash equivalents at end of year		11,094,339	11,389,153
Cash included in the above held by the employee benefit trust so restricted to compliant expenditure		34,894	1,170,971

 

END