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UpgradeHalf Year results for the Six Months to 30 September 2023 (unaudited) & Declaration of Interim Dividend
Underlying EBITDA 48% ahead of prior year
New surgical capacity coming on stream to meet massive demand for NHS-funded surgery
One Health (AQSE: OHGR), a provider of NHS-funded medical procedures, is pleased to announce its unaudited interim results for the six months ended 30 September 2023.
Financial Highlights
The Group has performed well in the first half with excellent increases in revenues, profitability and cash. The interim dividend has been increased by 22% to 2.03p per share.
Declaration of Interim Dividend
One Health Group plc is pleased to announce that the Board of Directors has declared an interim dividend at the rate of 2.03 pence per share, to be paid on on 12 January 2024 to shareholders on the register as at close of business on 22 December 2023. The ex-dividend date will be 21 December 2023.
Operational Highlights
Planned developments & Potential Profit Impact
Review of the period
Operationally, 2023 has seen a further increase in the national NHS waiting list and industrial action causing disruption to NHS patients care caused by cancelations. As a result demand for support by the independent sector remained high during the first half of the year. During the period we saw an increased demand for waiting list transfers and direct referrals from NHS Trusts. The Group has attracted 15 new clinicians to the Group into new geographical areas and continues to expand surgical capacity in existing areas, meaning One Health is well placed to support the NHS in the second half of the year, traditionally our busiest period. The Group continues to work closely with NHS trusts to support the reduction of waiting lists for elective care.
From a financial perspective One Health has performed well in the first half of the year. Financial performance is in line with management and market expectations and as we enter our busiest period of the year, we are confident we will achieve full year revenue and profit expectations.
Cash reserves at the end of September 2023 of £3.64m support ongoing investment in growth and our progressive dividend policy. The Board is therefore declaring an increased interim dividend of 2.03p per Ordinary Share (H1 22/23: 1.66p per share) to be paid on 12 January 2024 to shareholders on the register as at close of business on 22 December 2023. Last year’s interim dividend was agreed by the Board before the business was listed and was paid in January 2023. Following the IPO in November 2022, the Group is adjusting the profile of dividend payments and expects the interim dividend to represent 1/3 of the full year dividend going forward.
Adam Binns, Chief Executive Officer, said:
“One Health has performed well in the first six months of the financial year, with turnover up 13% to £11.06m, underlying EBITDA up 48% to nearly £0.8m and new patient referrals up 12% at 6,094.
“Notably these referrals include an increasing number of NHS patients transferring to One Health from local Trust waiting lists to help them reduce their internal waiting lists, with two new contracts secured in H1. The Trust transfer activity is in addition to patients received through the traditional route by choosing to be referred to One Health through ‘Patient Choice’ after visiting their GP.
“We are pleased with performance in the first half of the year and expect to achieve our year end forecasts.”
About One Health Group
One Health engages over 100 NHS Consultants who sub-specialise in the various surgeries offered by the Group, through a growing network of community-based outreach clinics and surgical operating locations. In the year to March 2023 One Health serviced almost 12,000 new patients, through over 29,000 consultations and performed 5,790 surgical procedures. One Health uses surgeons and anaesthetists that are mostly employed by the NHS, on a consultancy basis. It currently works with over 100 professionals across seven hospitals and over 30 CQC registered clinics.
One Health’s activities are focused on areas where the patient needs are under-supplied by the local NHS service as well as locations where population density is relatively high, and the level of private medical insurance is relatively low. One Health has also sought to expand geographically from its head office in Sheffield, South Yorkshire into neighbouring counties, which meet the required criteria. Currently, the Group’s activities are focused in Yorkshire, Lincolnshire, Derbyshire, Nottinghamshire and Leicestershire. Revenue in the year to 31 March 2023 was derived from 60 Clinical Commissioning Groups in addition to contracts directly with NHS hospitals to manage their internal waiting lists.
One Health’s business model has focused to date on four main areas: being Spine, Orthopaedics, General Surgery and Gynaecology. The split of inpatient procedures in the year to 31 March 2023 was as follows: Orthopaedics 44% Spine 27% General Surgery 22% Gynaecology 7%.
Orthopaedics and Spine 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 orthopedics, the most common surgeries performed by One Health are knee and hip replacements.
*(https://www.onehealth.co.uk/investors)
The Directors of One Health Group plc accept responsibility for the contents of this announcement.
For more information, please contact:
One Health Group plc via Square1 Consulting
Oberon Capital – AQSE Corporate Adviser and Broker +44 203 179 5300
Nick Lovering
Mike Seabrook
Adam Pollock
Square1 Consulting +44 207 929 5599
David Bick +44 7831 381201
One Health Group utilises specialist consultants and healthcare managers working together to provide the best possible diagnosis and treatment for our patients.
