Spire Healthcare Group PLC

Latest Results (21.01.2026):

Spire Healthcare Group PLC — results for the first half (H1) of 2025 (six months ended 30 June 2025): Group performance was broadly in line with expectations with revenue up, adjusted EBITDA modestly higher and the business continuing a major transformation that is driving near-term costs but material H2 savings. Management maintained FY25 guidance and reported trading in-line with market expectations.

Headline numbers

Revenue £796.7m (+4.9% comparable y/y). Adjusted EBITDA £133.8m (+2.8% comparable y/y). Adjusted EBIT £76.0m (+0.7% comparable y/y). Statutory operating profit £63.0m (down 12.0%). Adjusted profit before tax £23.8m (down 11.2%); statutory PBT £10.8m (down 52.4%).

Earnings per share & returns

Basic EPS 1.6p (H1 2024: 3.3p). Adjusted basic EPS 4.1p (H1 2024: 4.7p, -12.8%). Return on capital employed (ROCE) rose to 8.1% (H1 2024: 7.6%).

Cash flow and leverage

Adjusted free cash flow £15.3m (down 17.7% y/y). Net bank debt £356.7m (net bank debt / EBITDA covenant ratio 2.2x). Cash balance £20.8m at 30 June 2025.

Adjusting items & transformation costs

Adjusting items of £13.0m in H1 (largely restructuring / headcount reduction costs £9.6m) impacting statutory profit; >£10m of transformation savings delivered in H1 with a further c.£20m expected in H2 (total >£30m FY25 target).

Hospitals division

Hospitals revenue £732.3m (+4.7% y/y). Hospital adjusted EBITDA £130.0m (+3.3% y/y) with a margin of 17.8% (impacted by NI/NMW rises and H2-weighted savings). NHS revenue strong (+16.2% y/y); private patient revenue +0.8% y/y (PMI volumes softer, self-pay improving).

Primary Care

Primary Care revenue £64.4m (+6.5% y/y). Adjusted EBITDA £3.8m (down 14.0% y/y) reflecting start-up losses from new clinics expected to break even by year two; excluding start-ups Primary Care EBITDA grew >6% y/y. Management continues to target a medium‑term Primary Care EBITDA of £40m.

M&A and strategic progress

Acquisitions: Acorn Occupational Health (earlier in year) and Physiolistic (acquired July 2025 for £5.2m) to expand physio and occupational health capability; combined expected run‑rate EBITDA ~£2m. Consolidation of admin into three Patient Support Centres completed, with c.10% admin headcount reduction and faster call response.

Quality, operations and efficiency

98% of inspected sites rated ‘Good’ or ‘Outstanding’ or equivalent. Invested in robotic surgery platforms and digital/automation to improve throughput and reduce clinical staff cost per admission.

Outlook & guidance

FY25 guidance unchanged: Group revenue mid‑single digit growth and adjusted EBITDA guidance £270m–£285m; capex c.£90m–£100m. Board says trading is in-line with market expectations and will continue to evaluate actions to enhance long‑term shareholder value.