Spire Healthcare Swings to Pre-Tax Loss as EBITDA Falls 16%
Spire Healthcare held first-half revenue flat, but adjusted EBITDA fell 16.0% and the private hospital group reported a pre-tax loss, weeks after a recommended final offer.
Spire Healthcare (LON: SPI) reported flat first-half revenue of £792.7m, but adjusted EBITDA fell 16.0% to £112.4m and the group swung to a pre-tax loss.The UK independent private hospital group, a FTSE 250 member with 38 hospitals and over 55 clinics, published unaudited interim results at 7am today.
Revenue compares with £796.7m a year earlier. Adjusted EBITDA, which is earnings before interest, tax, depreciation and amortisation, compares with £133.8m in the first half of last year. Adjusted EBIT fell to £50.6m from £76.0m, and a statutory pre-tax loss of £14.8m compares with a £10.8m profit.
Shares were quoted at 245.5p at 8:30am, unchanged from yesterday’s close, with 23,240 shares traded.
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NHS revenue fell. In the Hospitals business it dropped 14.3% to £177.3m from £206.8m, down 24.9% in the first quarter and 3.2% in the second. Across the whole group, NHS revenue fell 10.8% to £223.0m from £250.0m.
Private work grew, with Self-Pay up 4.5% and private medical insurance (PMI) up 3.1%. Other operating costs rose 7.4% to £307.4m.
Spire’s first-half 2026 changes versus first half 2025, reported basis, unaudited. Source: company results
Adjusted free cash flow rose 35.3% to £20.7m, while capital expenditure fell 29.1% to £36.3m. Net bank debt eased to £337.8m from £356.7m a year earlier.
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Leverage, as measured for its lenders’ covenants, rose to 2.4x against 2.2x at the 30th of June last year. Return on capital employed slipped to 6.7% from 8.1%, and there is no interim dividend.
Sir David Sloman, Interim CEO, pointed to the private side of the business:
Today’s results demonstrate Spire Healthcare’s strength in self-pay and PMI, with growth in these areas reflecting the successful execution of our strategy and the hard work of colleagues.
Sir David Sloman, Interim CEO, Spire Healthcare
The results follow the recommended final offer from Tulip UK Bidco, backed by Toscafund, THCP and Ares funds, announced on the 5th of September. The offer is subject to shareholder and regulatory approval.
Spire’s target for full-year adjusted EBITDA is broadly in line with the prior year.
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