One Health Group (LON:OHGR) has kicked off its financial year with a strong performance, posting an interim pre-close trading update that surpassed expectations across the board. According to a new research note from Panmure Liberum, the healthcare services provider recorded robust growth in patient activity and revenue, positioning itself well for a potential full-year beat.
In the six months to September 2025, One Health delivered a 17% increase in revenue to £15.5 million, which was 10% ahead of Panmure Liberum’s forecast. Surgical procedures rose by 16%, while patient consultations surged by 22% year-on-year. These operational highlights underscore a business with growing momentum and relevance as NHS pressures persist.
Analyst Seb Jantet commented, “One Health issued an encouraging interim pre-close update this morning. Revenue grew by 17%, 10% ahead of our forecast, driven by increases in all of the key operational metrics.”
The business continues to operate in a climate where NHS waiting lists remain a critical issue. One Health’s model, which supports the NHS by delivering surgical procedures through its network, is proving increasingly valuable. While the construction of its first surgical hub has been slower than initially hoped, progress is nonetheless being made. Planning permission was granted in July, and groundwork is expected to commence before year-end, with the hub anticipated to be operational by the end of 2026.
Jantet added, “While it has taken longer than expected to start building the hub, One Health has been busy derisking the next phase. We still expect the hub to open in 2026.”
Encouragingly, the company expects EBITDA for the first half to be “significantly ahead of the prior year.” With cash on hand of £10.8 million, also ahead of expectations, One Health remains financially well-positioned. Panmure Liberum maintains its full-year forecasts for now, but acknowledges there is clear upside potential, particularly if the usual second-half uplift in NHS outsourcing occurs.
Highlights from the Half-Year Update (H1FY26):
- Revenue: £15.5m (+17% YoY)
- Patient consultations: 23,927 (+22%)
- Surgical procedures: 4,009 (+17%)
- Cash: £10.8m (vs. £9.9m forecast)
- EBITDA expected to be “significantly ahead” of prior year
Jantet further noted the shares offer good value, commenting, “The shares have given up some of their gains over the last few months and look attractive at these levels.” The stock is currently trading on an undemanding multiple of below 8x forward EBITDA, which the analyst believes undervalues its consistent growth profile and pipeline developments.
On a Final Note
One Health Group continues to demonstrate its operational strength and relevance in a stretched healthcare system. With meaningful top-line growth, financial discipline, and infrastructure expansion on the horizon, the company is well-placed to benefit from ongoing NHS demand. Panmure Liberum’s unchanged target price of 264p reflects confidence in One Health’s trajectory, particularly as the hub project moves closer to reality.
