Spire Healthcare (LSE:SPI) said trading during the first four months of 2026 has remained in line with management expectations, supported by continued growth in private patient activity and stable NHS demand.
The healthcare provider reported particularly strong momentum in self-pay treatments within its private patient division, while NHS-related revenue performed broadly as anticipated. Spire also said its primary care operations continue to trade well during the period.
Management confirmed that ongoing efficiency initiatives linked to its £30 million cost-saving programme are progressing as planned. The company continues to expect 2026 adjusted EBITDA to remain broadly consistent with 2025 levels, supported by solid visibility on NHS commissioning activity and anticipated increases in patient volumes extending into 2027.
Separately, the Panel on Takeovers and Mergers confirmed that Spire’s reaffirmed guidance for 2026 adjusted EBITDA qualifies as a formal profit forecast under UK takeover regulations.
Spire’s board stated that the forecast remains valid and has been prepared using consistent accounting standards and assumptions, which management said reflects confidence in the group’s operational performance despite wider sector pressures and macroeconomic uncertainty.
The company’s broader outlook continues to benefit from relatively stable operating performance and dependable cash generation. However, investor sentiment remains constrained by elevated leverage levels and weaker bottom-line profitability. Technical indicators also remain soft, with the shares trading below key moving averages and MACD trends remaining negative.
Valuation metrics further temper the outlook, as the stock trades on a relatively high price-to-earnings ratio while offering only a modest dividend yield.
More about Spire Healthcare Group
Spire Healthcare Group is one of the UK’s largest independent healthcare providers, operating 38 hospitals and more than 60 clinics across England, Wales and Scotland. The FTSE 250-listed company delivers private, NHS and employer-funded healthcare services, including surgery, diagnostics, mental health treatments and NHS talking therapies, and is a major provider of orthopaedic procedures such as knee and hip operations.
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