Optima Health Plc (LSE:OPT), a leading UK provider of workplace health services, reported that revenue rose 17% to £59.5 million for the six months to September 30, matching market expectations.
Adjusted EBITDA slipped 5% to £8.3 million from £8.7 million a year earlier, with the company attributing the decline to higher national insurance costs and the additional expenses of operating as a publicly listed business.
During the period, Optima completed two strategic acquisitions: Cognate Health in Ireland—its first international purchase—and the Care first Employee Assistance Business, which broadens its mental health support capabilities.
Operating cash flow strengthened considerably, rising to £6.5 million from a £0.6 million outflow in the prior year. Net debt excluding lease liabilities increased to £4.7 million, compared with £0.6 million a year earlier.
Optima also secured £1.9 million in annualised new business during the half, with a further £8.3 million signed or at preferred bidder status shortly after the period ended. The company reported a healthy new business pipeline valued at £11.5 million in annualised revenue.
“Optima has continued to deliver on its strategic objectives,” said Jonathan Thomas, Chief Executive Officer. “We have successfully grown our underlying business, which has helped us achieve 17% top line growth year on year.”
The company has launched a transformation programme aimed at improving its platform and boosting margins. It is also mobilising operations for a £210 million contract to provide medical assessment services to UK Armed Forces in partnership with Serco.
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