One Health Group (AIM:OHGR), an independent provider of NHS-funded elective surgical procedures, reported its fifth consecutive year of post-pandemic organic growth for the year ended 31 March, with underlying EBITDA beating prior market expectations.
New NHS patient referrals rose 11% year-on-year, with the company now drawing activity from 29 of England's 42 integrated care boards as well as six NHS trusts contracting directly to transfer patients from national waiting lists.
A new Urology specialty, introduced at the end of 2025, contributed approximately £250,000 of incremental revenue in the year, with plans in place to scale the offering further.
The national NHS elective waiting list stood at 7.1 million at the end of March 2026, down 4% from 7.4 million a year earlier but still far above pre-pandemic levels, sustaining the structural demand that underpins One Health's model.
Construction of the company's first owned surgical hub in Scunthorpe, North Lincolnshire began in March 2026, funded from existing cash reserves supplemented by net IPO proceeds of £5.6 million raised on AIM in March 2025, with the facility expected to come on stream in the 2027/28 financial year.
"2026 marked our fifth consecutive year of growth," said Chief Executive Adam Binns. "One Health is well positioned to support the increasing demands of NHS commissioners and NHS patients through the delivery of more local healthcare, free at the point of use."
The company's annual general meeting is scheduled for 11 September in Sheffield.
A strong set of results
UK stockbroker Cavendish repeated a Buy rating, and 300p price target, implying upside of around 20%, as its analysts reacted to Monday's "strong set" of results.
Cavendish saw the 11% jump in revenue and the 28% earnings growth as notable given a challenging backdrop of NHS reorganisation and integrated care boards managing down waiting lists while staying within budget constraints, with One Health's outsourcing model proving well-suited to that environment.
The broker noted the hub build remains on track and points to FY28 as the proof point where hub revenues begin to flow and the near-term earnings dilution reverses.
