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OHG - Half Year Trading Update

Trading Update

One Health (AQUIS: OHGR), the independent provider of free high quality NHS care for patients referred for treatment in Orthopaedics, Spine, General Surgery and Gynaecology, is pleased to provide the following trading update for the six months to 30 September 2023.

  • Financial results for the first six months to 30 September 2023 are expected to be in line with expectations, with the second half of the year historically being the predominant period for surgical activity.
  • Revenue for the first half of the year was more than £11 million being an increase of more than 12% on the prior year (H1 2022/23: £9.8m)
  • Cash at the half year end of £3.6m (H1 2022/23: £2.7m) provides substantial resources for continuing investment in growth, with operating cash generation underpinning the Group’s progressive dividend policy.
  • An increase of 12% in new patient referrals compared to H1 2022/23, sourced from Patient Choice through NHS e-Referrals (e-RS), NHS Trust waiting list transfers and direct referrals from NHS Trusts.
  • 15 new clinicians joined the Group to support growth in new and existing geographical areas, an increase of 19%.
  • Additional surgical theatre capacity brought onstream at existing locations and new capacity secured at a facility in North Yorkshire.
  • The Group continues to work closely with NHS Trusts, with two new contracts awarded during H1 to deliver waiting list reduction and direct referrals.
  • Following pre-application consultations, a full planning application will be submitted early in H2 for a new surgical hub which will deliver additional operating capacity in 2025. Further locations are being actively pursued.

Adam Binns, Chief Executive Officer, said:

“One Health Group has performed well in the first six months of the financial year, ahead of last year with increasing numbers of patients choosing One Health through Patient Choice. In addition, we have started supporting two more Trusts (Barnsley Teaching Hospitals & Derby & Burton NHS Foundation Trust) with their internal patient waiting lists, further reducing the pressure on the NHS waiting list. Also, growing numbers of surgeons are applying to work with us, having seen the benefits that the Group provides to the wider community.

“We look forward to the future with confidence, as our business model for providing surgical care, free at the point of delivery, becomes more widely recognised for helping to reduce the pressure of waiting lists on the NHS supported by the ongoing national media campaign to promote Patient Choice.”

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Which is part of the United Kingdom domestic law pursuant to the Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310) ("UK MAR").

The directors of One Health accept responsibility for this announcement.

- Ends -

For further enquiries:

One Health Group PLC (via Square One Consulting)

Derek Bickerstaff, Chairman

Adam Binns, CEO

Oberon Investments Limited

AQSE Corporate Adviser and Broker

Nick Lovering

Mike Seabrook

+44 (0) 203 179 5300

Square 1 Consulting Limited

David Bick

+44 (0) 207 929 5599

+44 (0) 7831 381201

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. 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 7 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 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 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 orthopaedics, the most common surgeries performed by One Health are knee and hip replacements.

One Health delivered 5,790 surgical procedures in the year to 31 March 2023 and the Directors expect the Company to deliver significantly more procedures in the year to 31 March 2024.

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

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