The independent provider of NHS-funded surgical procedures One Health Group (LON:OHGR) said H1 trading was ‘significantly ahead’ of last year. The AIM-listed firm provides outsourced procedures for patients referred from the NHS through the ‘Patient Choice’ scheme.
H1 trading ‘significantly ahead’
Revenue for the six months to September rose 17% to £18.3 million, in line with management expectations. Underlying EBITDA, while not disclosed, is expected to be ahead of 1H26 and 2H26 due to ‘continued operational progress’.
Activity in terms of consultations and surgical procedures was comfortably ahead of the same period last year. This reflected continued growth in patient referrals and a conscious decision to accelerate activity during the half.
The number of consultants, exclusing anaesthetists, rose from 80 to 82, with annualised revenue per consultant up 17% to £446,000. The number of outreach clinics also increased from 40 to 46 and surgicl facilities increased from 12 to 14.
One Health Group key H1 figures
| H1 2027 | H1 2026 | Change | |
| Revenue (£m) | 18.3 | 15.6 | +17% |
| New NHS referrals | 11,275 | 9,111 | +24% |
| Consultations | 29,755 | 23,927 | +24% |
| Surgical procedures | 4,517 | 4,009 | +13% |
Source: Company data
One Health Group provides an important service to both patients and the NHS. Patients receive high-quality clinical care close to their homes and at no cost. The NHS, meanwhile, is able to reduce waitng lists and releive some of the pressure on its overburdened facilities.
The launch of the firm’s first surgical hub next year will increase capacity in an area with strong NHS patient demand and few alternatives. However, the looming abolition of NHS England and subsequent reorganisation is likely to create short-term disruption to referrals.
Historically, the group has seen an increase in activity in the final quarter as NHS organisations push to meet year-end targets. Even with the reorganisation, the firm believes pressure on waiting lists means its full-year activity and results will be in line with expectations.
The shares are tightly-held, with founder and chairman Derek Bickerstaff owning 32.2% and Octopus Investments owning 6.7%. Add in the remaining significant investors and the free float is less than 50% of shares outstanding.
On the one hand, having an owner-founder at the head of the business is good. On the other, daily liquidity in the shares is limited and on some days non-existent, which won’t suit everybody.
