Trading Statement

One Health Group PLC

29 April 2024

 

29 April 2024

One Health Group PLC

("One Health" or "the 'Group")

Full Year Trading Update

One Health Group (AQSE: OHGR), the independent provider of free, high quality NHS care for patients referred through 'Patient Choice' for treatment in Orthopaedics, Spine, General Surgery and Gynaecology, is pleased to provide the following trading update for the year to 31 March 2024.

Year to 31 March 2024

·    Financial results for the year are expected to be in line with expectations with revenue in excess of £23.0m (2022/23: £20.5m) ahead of market forecasts and last year.

·    Net year end cash was £4.7m (2022/23: £3.3m). The cash generation of the Group provides substantial resources for continued investment in growth and underpins the Group's progressive dividend policy.

·    The Group experienced a 13% increase in new NHS patient referrals to over 13,000 for the year, setting another record.

·    As previously announced, we have secured new five-year contracts with our two largest commissioners from April 2024. These agreements replace the historic annually renewed contracts representing a strong indication of the value of the services provided by One Health to the NHS.

Adam Binns, Chief Executive Officer, said:

"One Health Group has continued to perform well over the last financial year, ahead of last year, and setting another new record for new NHS patients choosing One Health through Patient Choice. In addition, we continued to support five NHS Trusts with their internal patient waiting lists, further reducing the pressure on the NHS. The record number of new surgeons applying to provide their services to us is testament to the benefits that the Group provides to the wider community of NHS patients.

"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 adopted to reduce the pressure of waiting lists, supported by the ongoing NHS national media campaign to promote Patient Choice."

Ends

About One Health Group

One Health engages over 100 NHS Consultants who sub-specialise in the various surgeries offered by the Group, 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 seven 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, South Yorkshire into neighbouring counties, which meet the required criteria. Currently, the Group'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 orthopedics, the most common surgeries performed by One Health are knee and hip replacements.

*(https://www.onehealth.co.uk/investors)

The Directors of One Health Group plc accept responsibility for the contents of this announcement.

For more information, please contact:

One Health Group plc                                                                      via Square1 Consulting

Oberon Capital - AQSE Corporate Adviser and Broker [phone]

Nick Lovering

Mike Seabrook

Adam Pollock

Square1 Consulting                                                             [phone]

David Bick                                                                              [phone]

 

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