One Health Group delivers record growth and ahead of market expectations in FY 2026

One Health Group has delivered the kind of full-year update shareholders usually want to see – higher revenue, higher profits, more patients, more procedures and a small dividend increase for good measure. Better still, the company says FY 2026 underlying EBITDA came in ahead of market expectations, although the exact consensus benchmark was not disclosed.

For a small AIM-listed healthcare business, this is a strong read-across. One Health is showing that NHS pressure is not just a headline theme – it is converting into real activity growth and better earnings.

One Health Group FY 2026 results: the key numbers investors should focus on

Metric	FY 2026	FY 2025	Change
Revenue	£31.6 million	£28.4 million	+11%
Gross profit	£6.5 million	£5.4 million	+21%
Adjusted EBITDA	£2.6 million	£2.0 million	+28%
Underlying EPS	14.98p	13.62p	+10%
Cash balance	£11.1 million	£11.4 million	-3%
Proposed total dividend	6.3p	6.2p	+2%

The quality of that growth matters. Gross profit rose faster than revenue, and adjusted EBITDA rose faster again. Adjusted EBITDA means earnings before interest, tax, depreciation and amortisation, with AIM admission costs and other exceptional items stripped out.

Statutory profit also improved sharply. Profit before tax rose to £2.7 million from £1.5 million, while profit after tax nearly doubled to £2.1 million from £1.1 million.

One Health operational growth stayed strong across referrals, consultations and surgery

This was not a story of accounting polish hiding weak trading. The operational numbers were strong too, which makes the profit growth more believable.

• New NHS patient referrals increased 11% to 18,931
• Consultations jumped 20% to 50,774
• Surgical procedures rose 15% to 8,113
• Consultant numbers increased 10% to 88
• Outreach clinics rose 8% to 40
• Surgical operating facilities rose 40% to 14

That 40% jump in operating facilities stands out. It suggests One Health has been successful in securing more independent hospital capacity, which is crucial because around 80% of group revenue comes from inpatient and surgical activity.

The model itself is quite sensible. One Health runs community-based outreach clinics for consultations and post-operative physiotherapy, while using independent hospital partners when surgery is needed. The company says 86% of its interactions with NHS patients take place in the community, which fits neatly with NHS policy to shift care away from big hospital sites where possible.

Why NHS waiting lists still create a powerful growth backdrop for One Health Group

The wider market backdrop remains supportive. NHS waiting lists were still 7.1 million at the end of March 2026, and the Government wants 92% of patients treated within 18 weeks of referral by March 2029. That standard was last achieved in February 2016.

In plain English, the NHS still has a huge capacity problem. One Health is positioning itself as part of the solution, and the company has a decent argument here. It already derives revenue from 29 of England’s 42 ICBs and also has contracts with six local NHS trusts to take waiting list patients for faster treatment.

There is another important point in this RNS that investors should not miss. Around 95% of activity comes from new patients referred by GPs through Patient Choice, rather than just relying on hospitals offloading their waiting lists. That gives the business a broader source of demand and reduces the risk of being too dependent on one channel.

Scunthorpe surgical hub progress could improve growth and margins

The most interesting strategic development is the first owned surgical hub in Scunthorpe. Construction started in March 2026 and significant extra capacity is expected to come on stream in early FY 2027/28 after completion.

This matters because owned capacity can change the economics of the business. Using third-party hospitals is scalable, but it also means sharing some of the value. If One Health can successfully build and fill its own hubs, it should have more control over utilisation, capacity planning and profitability.

Management is already assessing additional locations for second and third surgical hubs in underserved areas with high NHS demand. That is promising, but it also raises execution risk. Building assets is more capital-intensive than simply partnering with hospitals, so the rollout needs to stay disciplined.

One Health cash position and dividend show a business still on solid footing

Cash ended the year at £11.1 million, down slightly from £11.4 million. On the face of it, that looks flat rather than exciting, but context matters.

The company points out that cash included the March 2025 AIM IPO net proceeds of £5.6 million and absorbed cash outflows during the year of £1.6 million on surgical hub land and development, £0.8 million in dividends and £0.2 million on head office expansion. In other words, One Health invested meaningfully and still kept a healthy cash buffer.

Operating cash generation was also positive at £2.0 million. Net assets rose to £13.0 million from £11.6 million, while borrowings remained modest at £1.1 million of non-current borrowings and £30,428 of current borrowings.

The dividend news is steady rather than flashy. The company proposed a final dividend of 4.2p per share, taking the total dividend for the year to 6.3p, up from 6.2p.

What looks positive and what investors should keep an eye on

What I think is positive in the One Health FY 2026 RNS

• Growth was broad-based across revenue, profit and operational KPIs
• Adjusted EBITDA was ahead of market expectations
• NHS demand remains structurally strong
• The balance sheet still looks well funded after investment
• The first surgical hub could unlock another leg of growth

What looks less comfortable or still unproven

• The exact amount by which EBITDA beat expectations was not disclosed
• The surgical hub strategy adds execution and capital spending risk
• Trade and other receivables rose to £5.4 million from £4.0 million, which is worth monitoring
• The business remains closely tied to NHS policy, commissioning and system reform

That last point is the main strategic risk. The company says it has navigated changes including the abolition of NHS England and ICB clustering, but healthcare procurement is never a simple market. Even good operators can get slowed down by bureaucracy.

One Health AGM date and dividend timetable for shareholders

The AGM will be held at 131 Psalter Lane, Sheffield S11 8UX on Friday 11 September 2026 at 11:00 a.m. Shareholders can find the annual report and AGM documents on the One Health investor website.

• Ex-dividend date: 3 September 2026
• Record date: 4 September 2026
• Expected payment date: on or around 18 September 2026

The company also hosted an investor presentation via Investor Meet Company, with registration available here: Investor Meet Company.

My take on One Health Group shares after the FY 2026 results

This is a strong update. One Health is growing at a healthy clip, margins are improving, and the business appears to be benefiting from a very real and persistent NHS capacity gap.

The big attraction here is that the growth case is not based on vague blue-sky promises. It is already visible in referrals, consultations, procedures and profit. The next question is whether the surgical hub strategy can scale without upsetting that financial discipline.

For now, this RNS reads positively. One Health looks like a small healthcare company with momentum, cash, policy tailwinds and a clear path to expand capacity – and in this market, that combination usually gets attention.