One Health Group plc (LSE:OHGR) reported a 17% increase in revenue to £18.3 million for the six months ended 30 September 2026, compared with £15.6 million in the corresponding period last year, supported by higher NHS patient referrals, consultations and surgical activity.
The independent provider of NHS-funded surgical procedures reported a 24% increase in new patient referrals to 11,275, while the number of surgical procedures rose 13% to 4,517.
Underlying EBITDA for the first half of the financial year ending March 2027 is expected to exceed the £1.18 million recorded in the equivalent period of FY2026.
One Health confirmed that its full-year revenue and underlying EBITDA expectations remain unchanged, with management citing market consensus of £33.2 million to £34.0 million in revenue and £2.6 million in underlying EBITDA.
The company also reported progress on construction of its first dedicated surgical hub, which is expected to open in spring 2027.
NHS Patient Referrals Increase 24% to 11,275
One Health reported 11,275 new NHS patient referrals during the six-month period, an increase of 24% from 9,111 a year earlier.
The number of consultations rose by 24% to 29,755, compared with 23,927 in the corresponding period of FY2026.
Surgical procedures increased 13% to 4,517 from 4,009, reflecting higher patient activity across the group’s operating network.
The company said activity during the first half exceeded both the equivalent period last year and the second half of FY2026.
Management attributed the increase partly to its focus on undertaking more procedures earlier in the financial year, with the aim of reducing exposure to potential changes in NHS commissioning activity during the second half.
One Health provides NHS-funded surgical services to patients referred through the Patient Choice framework, which allows eligible patients to select an alternative provider for their treatment.
The company reported that postoperative patient feedback averaged 99% positive during the first six months of the year.
Revenue per Consultant Rises 17% as Operating Network Expands
One Health increased its network of outreach clinics to 46 at 30 September 2026, compared with 40 a year earlier, representing growth of 15%.
The number of surgical operating facilities increased 17% to 14 from 12.
The group reported 82 consultants, excluding anaesthetists, compared with 80 in the corresponding period last year.
The consultant pool has been reduced from 88 at March 2026 as part of management’s efforts to increase productivity.
A further 12 consultants are under consideration within the company’s recruitment pipeline to support future activity.
Annualised revenue per consultant increased 17% to £446,000, compared with £391,000 a year earlier.
The company said the increase reflected higher activity levels and changes to its consultant network.
First-Half EBITDA Expected to Exceed £1.18 Million
One Health expects underlying EBITDA for the six months ended 30 September 2026 to be higher than the £1.18 million reported in the corresponding period of FY2026.
The company has not yet disclosed a specific EBITDA figure for the latest reporting period.
Management said the expected increase reflects higher patient activity and operational developments across the group.
Revenue increased to £18.3 million from £15.6 million, with growth recorded across referrals, consultations and completed surgical procedures.
The company expects to publish its formal half-year financial results in late November 2026.
First Surgical Hub Scheduled to Open in Spring 2027
One Health reported continued construction progress at its first dedicated surgical hub, with the building shell now weather-tight.
The facility remains scheduled to open in spring 2027.
According to the company, the hub is intended to increase the surgical capacity available to the group in an area where NHS patient demand exceeds existing treatment capacity.
The development forms part of One Health’s strategy to expand its operating facilities and increase the number of NHS-funded procedures it can provide.
The company has also identified a potential location for a second surgical hub, which will undergo further preliminary assessment.
Additional sites are being considered as part of its longer-term expansion plans.
One Health has not announced a construction timetable or financial commitment for the proposed second facility.
NHS Waiting Lists Remain a Factor in Demand for Surgical Services
One Health highlighted continuing demand for elective treatment capacity within the NHS.
The company cited national referral-to-treatment waiting-list figures showing an increase from approximately 7.1 million pathways in March 2026 to 7.3 million in May and around 7.4 million in August.
Approximately 111,000 pathways involved waits exceeding one year as of August 2026, according to figures referenced by the company.
Management expects independent-sector providers to continue contributing to NHS efforts to address waiting lists.
One Health also noted that it has historically experienced additional NHS activity during the final quarter of its financial year, when NHS organisations seek to meet annual operational and waiting-list objectives.
The company said any additional activity during the second half of FY2027 is neither contracted nor guaranteed.
NHS England Reorganisation May Affect Local Commissioning
One Health also addressed the planned reorganisation of NHS England and the transfer of its functions into the Department of Health and Social Care.
The restructuring was announced in March 2025 and, subject to parliamentary approval, is expected to be completed by March 2027.
The changes include reductions in administrative and commissioning positions across NHS England and Integrated Care Boards.
One Health acknowledged that the reorganisation could create temporary disruption to local commissioning arrangements.
Management said the group’s activity during the first half, its range of referral routes and its established NHS relationships provide a basis for managing potential changes in commissioning processes.
The company has not quantified any expected financial impact from the reorganisation.
One Health Maintains FY2027 Revenue and EBITDA Expectations
One Health confirmed that it remains on track to meet current market expectations for the financial year ending March 2027.
Management identified consensus revenue forecasts of between £33.2 million and £34.0 million, alongside underlying EBITDA expectations of £2.6 million.
Chief Executive Officer Adam Binns said the increase in first-half activity reflected higher numbers of patients choosing One Health following GP referrals and growth across the company’s operating network.
He also highlighted the continuing NHS waiting-list backlog and the potential for additional treatment activity from NHS trusts during the second half, while acknowledging that such work is not guaranteed.
The company intends to continue expanding its surgical capacity and outreach network, with the opening of its first surgical hub scheduled for spring 2027.
One Health’s next scheduled financial update will be its half-year results, expected in late November 2026.
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