One Health Group plc (AQSE: OHGR), the independent provider of free, high quality NHS care for patients referred through ‘Patient Choice’ for treatment in Orthopaedics, Spine, General Surgery and Gynaecology, is pleased to announce its audited results for the year ended 31 March 2024.
Financial Highlights
· Turnover of £23.3m (2023: £20.5m) an increase of 14%
· Underlying operating profit £1.62m (2023: £1.53m) an increase of 6%
· Underlying earnings per share of 10.22p (2023: 11.3p), reflecting the increase in the rate of corporation tax to 25% (2023:19%)
· Cash at bank at year end of £4.7m (2022: £3.3m) an increase of 42%, providing substantial resources for continued investment in growth and underpinning the Group’s dividend policy.
· Final dividend proposed of 4.07p per share, in line with the Board’s stated dividend policy
· Total dividend paid in respect of the financial year of 6.10p per share, with dividend cover of 1.8 times.
· The Annual Report and Financial Statements 2024 can be viewed here:
Strategic Highlights: Surgical Hubs
· In line with our strategy, the Board in pleased to have identified a site for the first One Health surgical hub which will deliver additional ‘owned’ operating capacity within the original timescales.
· Further locations are being explored for more capacity to come on stream, subject to planning, and One Health continues to identify additional operating capacity in the independent sector to help deliver on Government Waiting List reduction targets.
Operational Highlights
· 13% increase in new NHS patient referrals to 13,266, a new record.
· 6,169 surgical procedures undertaken, an increase of 7% on last year.
· Strong surgical pipeline into 2025 generated by the record new patient numbers.
· Transfers from NHS Trusts’ internal waiting lists continuing into next year, supporting wider NHS activity to reduce the national waiting list. The company continued to benefit from additional revenue streams in the form of local NHS Trust waiting list transfers, assisting the NHS with the elective recovery plan following Covid-19.
· 13% expansion in outpatient capacity taking the total number of outreach clinics to 35
· Attracted 22 new Surgical Consultants to the business to support growth, making a total of 63
· A further 18 new surgeons joining in 2025, with eight expected to deliver activity in the first quarter.
· Additional operating theatre capacity being developed at both existing and additional independent hospitals as they increasingly make their facilities available to One Health.
· One Health’s average patient ‘referral to treatment’ waiting time is eight weeks, with 96% waiting less than 18 weeks and this metric continues to improve.
· Secured new 5-year contracts with the two largest commissioners from April 2024, these agreements replace the historic annually renewed contracts, and represent a strong indication of the value of the services provided by One Health to the NHS.
Commenting on trading and the outlook, Adam Binns, Chief Executive Officer, said:
“One Health has continued to perform well over the last financial year, ahead of last year, demonstrating solid growth in new and existing geographies, and setting new records for turnover, new NHS patients and surgical procedures.
“In addition to direct NHS referrals received when patients exercise their statutory right to choose their provider of care through ‘Patient Choice’, selecting One Health through the NHS e-Referral Service (e-RS), we continued to support five individual NHS Trusts’ with their internal patient waiting lists, further reducing the pressure on the NHS.
“The record number of new surgeons applying to provide their services to us is testament to the benefits that the Group provides to the wider community of NHS patients.
“In consequence, the three drivers of our growth – more patients, more surgeons and more operating theatre capacity – continue to be the mainstays of our business model, as they have been for the last 20 years since the business was established.
“We look forward to the future with confidence, as the provision of free surgical care for NHS patients becomes more widely adopted to reduce waiting lists. This approach is now being strongly supported by all mainstream political parties and NHS campaigns to promote Patient Choice.”
Notice of AGM
One Health Group announces that the 2024 Annual General Meeting (“AGM”) of the Company will be held at 131 Psalter Lane, Sheffield S11 8UX on Friday 13 September 2024 at 11:00 a.m.
Full details of the operation and arrangements for the AGM are set out in the Notice of AGM.
The Company’s Annual Report and Financial Statements 2024, Notice of AGM and Proxy Form have been posted today to all shareholders who have elected to receive printed copies. Electronic copies of these documents are available on the Company’s website: www.onehealth.co.uk/investors.
Dividend Timetable
One Health Group proposes to declare a final dividend of 4.07p per ordinary share in respect of the year ended 31 March 2024, subject to shareholder approval at the Company’s forthcoming AGM.
The ex-dividend date for the final dividend is 5 September 2024, the record date is 6 September 2024 and the expected payment date is on or around 20 September 2024.
