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OHG - Full Year Trading Update

2 May 2023

One Health Group PLC

(‘One Health’ or the ‘Group’)

Trading Update

One Health (AQUIS: OHGR), a provider of NHS-funded medical procedures for patients referred for treatment in Orthopaedics, Spine, General Surgery and Gynaecology, is pleased to provide the following trading update for the year to 31 March 2023.

  • Financial results for the year are expected to be slightly ahead of expectations with strong revenue growth and profitability ahead of forecasts.
  • Net cash at year end was £3.3m, providing substantial resources for continued investment in growth and cash generation underpinning the Group’s progressive dividend policy.
  • A 16% increase in new NHS patient referrals over the year sets a new record, sourced from direct referrals from patients choosing One Health through the NHS e-Referral Service (e-RS) and increasingly transfers from NHS Trusts’ waiting lists.
  • Additional operating theatre capacity is being brought on stream, as private hospitals make their facilities increasingly available for One Health NHS patients, as well as a gradual move to towards weekend operations being undertaken when facilities allow.
  • Following positive reactions to Pre-Planning submissions, full Planning Applications are being developed for two new surgical hubs which will deliver additional operating capacity.
  • A further two locations are being actively explored for more capacity to come on stream during 2025, subject to planning, and the Group continues to identify additional operating capacity to help deliver on Government Waiting List reduction targets.
  • Increasing number of surgeons over a wider geographic area are seeking to join One Health due to the efficient business model that has been developed for service delivery on behalf of the NHS.
  • Average One Health waiting times of 6 to 12 weeks between first consultation and surgery continue to be industry leading.

With demand continuing to achieve record highs and operating theatre capacity being rapidly increased, the Group is trading in line with management expectations for the current year and the Board has significant growth aspirations for subsequent years, supported by strong operational cash flows.

The strong performance of the Group and positive outlook has given the Board confidence to invest additional funds to support the growth this year and beyond. The Group also intends to accelerate its growth initiatives in order to deliver on the national objective of reducing the elective surgery waiting lists, with no financial cost to the NHS patients served by the Group.

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

- Ends -

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Notes to Editors

One Health engages over 100 NHS Consultants who sub-specialise in the various surgeries offered by the Company, through a growing network of community-based outreach clinics and surgical operating locations. Prior to the Covid-19 pandemic, on an annual basis, One Health serviced in excess of 10,000 new patients, through over 30,000 consultations and performed over 7,000 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 7 hospitals and 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 into neighbouring counties, which meet the required criteria. Currently, the Company'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 with NHS hospitals.

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 2020 was as follows: Spine 32% Orthopaedics 27% General Surgery 29% Gynaecology 12%.

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.

One Health delivered 4,870 procedures in the year to 31 March 2022 and the Directors expect the Company to deliver significantly more procedures in the year to 31 March 2023.

One Health was admitted to trading on Aquis in November 2022 with the ticker OHGR.AQ.  

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