Spire Healthcare holds outlook after stable first-half revenue

Spire Healthcare Group PLC on Wednesday said it would maintain its annual target after reporting broadly stable revenue in the first half, and reiterated its support for a £1.03 billion takeover offer.

Shares in Spire were flat at 245.50 pence early on Wednesday afternoon in London.

In the six months to June 30, the London-based private healthcare provider reported a 0.5% fall in revenue to £792.7 million from £796.7 million a year earlier.

Spire said accelerated revenue growth for its private medical insurance, self-pay and primary care services partially offset expected lower NHS activity.

Spire, which runs 38 hospitals and over 55 clinics across England, Wales and Scotland, said NHS revenue declined 14% in the period compared to a year earlier.

In the first quarter, NHS revenue fell 25%. In the second quarter, it improved "substantially" to a loss of 3% after commissioning plans were reset in April 2026.

Spire said: "Visibility over NHS activity remains strong, with over 95% of indicative activity plan related revenue for the 2026/27 NHS financial year having been agreed."

Spire swung to a pretax loss of £14.8 million from a profit of £10.8 million a year earlier.

The company said the figure reflected lower earnings before interest, tax, depreciation and amortisation, as well as higher depreciation, amortisation and financing costs.

Spire highlighted its strategic partnership with the British Olympic team. As Team GB's exclusive official healthcare services partner until the end of 2028, Spire will support the team during the Los Angeles 2028 Olympic Games.

Spire said it had also signed a new four-year strategic partnership with the British United Provident Association Ltd, expanding its cancer, musculoskeletal health and women's health pathways.

Spire proposed no interim dividend and said it would keep its full-year target of adjusted Ebitda "broadly in line with" the £268.6 million it reported for 2025.

Spire reiterated its unanimous recommendation of the final offer from Tulip UK Bidco Ltd, a newly formed company owned by funds managed or advised by Toscafund Asset Management LLP, THCP Advisory Ltd and Ares Management Ltd. The offer values Spire's equity at £1.03 billion.

In early September, alongside the offer's acceptance, Spire Chief Executive Justin Ash retired and David Sloman assumed the role of interim chief executive. Ian Cheshire stepped down as chair on the same date and was succeeded by Debbie White.

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