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One Health First-Half Revenue Rises 17%

One Health Group, the AIM-listed provider of NHS-funded surgery, reported first-half revenue up 17% and said underlying EBITDA will beat last year, keeping it on track for full-year market expectations.

One Health Group (LON: OHGR), an independent provider of NHS-funded surgery, said revenue rose 17% to £18.3m in the six months to the 30th of September. The AIM-listed company, which treats patients referred under NHS Patient Choice (the right to pick a provider), said every operating measure grew.

The update came at 7am today. Revenue compares with £15.6m a year earlier. New NHS referrals rose 24% to 11,275 and consultations 24% to 29,755, while surgical procedures climbed 13% to 4,517 from 4,009.

Bar chart of One Health Group first-half growth: revenue +17%, referrals +24%, consultations +24%, procedures +13%
One Health Group grew every operating measure in the six months to the 30th of September versus a year earlier. Source: company trading update, 26 October 2026.

Underlying EBITDA, which is adjusted operating profit before interest, tax and depreciation, is expected to be ahead of the £1.18m reported for the same period last year. The company gave no first-half figure.

Management said it focused on delivering activity earlier in the year, which gives resilience against possible NHS commissioning disruption in the second half. Chief Executive Adam Binns called it another positive first half, with activity ahead of both the prior-year period and the second half of the last financial year.

The national waiting list for planned hospital treatment rose from about 7.1 million in March to about 7.4 million in August. Binns said more patients are choosing One Health after a GP referral.

The company’s first surgical hub, its own facility under construction, is now weather-tight and due to open in Spring 2027. A further site has been identified for assessment as a possible second hub.

One Health said it remains on track for full-year revenue growth and underlying EBITDA in line with market expectations. By management’s own understanding of consensus, that means revenue of £33.2m to £34.0m and underlying EBITDA of £2.6m.

The company flagged the abolition of NHS England, expected to complete by March 2027 subject to Parliamentary approval, as a possible source of short-term commissioning disruption. On the final quarter, Binns said:

This activity is not contracted or guaranteed, but has historically provided an additional source of demand during the final quarter.

Adam Binns, Chief Executive Officer, One Health Group

Half-year results are due in late November.

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