Optima Health PLC (LSE:OPT) delivered a stronger performance in FY26, with revenue increasing 14.8% to £120.6 million and adjusted EBITDA reaching £20.1 million, meeting expectations and exceeding the company’s previous profit guidance.
The occupational health provider maintained its adjusted EBITDA margin at 16.7% while generating more cash from operations during the year. Results also included £4.7 million of other operating income following the resolution of a procurement-related matter. However, net debt increased substantially as Optima invested in expanding the business.
A major development during the period was the £100 million acquisition of PAM Healthcare, which increased the group’s scale and broadened its capabilities while reinforcing its position in the occupational health market across the UK and Ireland.
Optima said the integration of PAM is progressing in line with plans, with initial cost synergies already being achieved. Alongside the integration, the company has developed a £33.9 million opportunity pipeline and is mobilising its significant UK Armed Forces Recruitment Service contract, which could be worth as much as £210 million over seven years.
Looking further ahead, Optima is targeting annual revenue of £200 million and adjusted EBITDA of £40 million over the medium term. Management’s ambitions reflect expectations for continued demand for occupational health and wellbeing services from employers.
The company’s broader financial picture remains mixed. Free cash flow was negative in 2025, while a price-to-earnings ratio of around 50 indicates a relatively demanding valuation despite thin margins. Profitability has nevertheless improved and leverage remains modest. From a technical perspective, momentum indicators are broadly neutral, although the shares remain below longer-term moving averages and volatility continues to weigh on confidence.
More about Optima Health PLC
Optima Health PLC is a UK provider of occupational health and wellbeing services, delivering clinically led and technology-supported solutions to corporate, public-sector and international customers.
Following the acquisition of PAM Healthcare, the enlarged group employs more than 1,250 clinicians and works with over 1,000 associate practitioners. It delivers more than one million health interventions annually across the UK and Ireland, providing services designed to support employee health, wellbeing and workplace performance.
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