A shift in elective surgical delivery has intensified, and One Health is at the centre. Rather than seeking headlines, the Sheffield‑based group is steadily transforming how NHS patients access orthopaedic and other surgical procedures, marking a subtle yet meaningful repositioning in healthcare delivery.
Over the past year, One Health has quietly built momentum, reinforcing its role as a strategic partner to the NHS. Financially, revenue climbed by nearly a quarter to £28.4 million in the year to 31 March 2025, up from approximately £23 million the prior year. In tandem, pretax profit jumped around 36% to close to £1.5 million, while underlying EBITDA advanced 33% to £2.02 million. That bottom‑line growth translated into adjusted earnings per share roughly doubling to 13.75 pence, or around 9.8 pence delivered after dilution adjustments.
These are not just numbers, they reflect a well‑executed model. Patient referrals surged by about 28%, reaching over 17,000, while total consultations rose 25% to around 42,000. Surgical output grew correspondingly, with nearly 7,050 procedures delivered, a 14% uplift year‑on‑year.
Three interlocking growth drivers stand out: rising patient demand, deeper capacity utilisation, and expanding clinical engagement. One Health now collaborates with over 80 NHS‑employed consultants across more than 30 outreach clinics and nine hospital sites, reinforcing its asset‑light yet clinically robust structure.
In March, the company transitioned its listing from AQSE to AIM, raising £7.8 million (net £5.6 million) alongside increasing market capitalisation. That move unlocked funding earmarked for a strategic surgical hub — a bespoke centre intended to boost capacity where NHS services remain stretched. Developers anticipate this first hub will be operational within a year, targeting annual revenues in the region of £6–9 million.
Operational lift-off continues: Q1 of FY 2026 opened with sustained momentum and management reaffirming confidence in growth into year end.
Structurally, One Health appears to be strengthening its competitive positioning. With low single‑digit leverage and a growing cash balance (over £11 million at year‑end), the company remains well‑capitalised to roll out new capacity while continuing shareholder distributions, total dividend came in at 6.20 pence, up marginally year‑on‑year.
Strategically, the business is benefiting from wider NHS elective reform, where independent providers are taking on more cases to reduce waiting lists. One Health’s clinical reach spans multiple localities across the North and East Midlands, and with a focussed pipeline of new surgeons joining its ranks, the business is scaling with consistency.
Looking ahead, execution risk centres largely on hub delivery and sustaining surgeon recruitment. These are manageable variables in a model built on outsourced clinical services and commission‑based capacity. From an investment perspective, the stock trades at a modest multiple of under 6 × EV/EBITDA with double‑digit earnings growth baked in, offering an approachable entry point if delivery remains on track.
One Health Group PLC (LON:OHGR) are a team of Consultant Surgeons and Healthcare managers working with the NHS to provide faster, local and expert care in Orthopaedics, Spinal, General Surgery and Gynaecology.
