One Health Group FY26 Results Beat Expectations as Surgical Hub Construction Begins

One Health Group FY26 trading update shows revenue growth, rising procedures and a clear beat on expectations

One Health Group has put out a strong full year trading update for the year ended 31 March 2026, and the headline is pretty straightforward: trading was better than the market expected.

Revenue came in at £32.0 million, up from £28.4 million last year, while the company also said underlying EBITDA – a common measure of operating profit before interest, tax, depreciation and amortisation – will be ahead of market expectations too. The exact EBITDA figure was not disclosed, but management says consensus had been £2.3 million.

For retail investors, this is the kind of update you want to see from a growth company. It is not just one good number doing the heavy lifting either – referrals, consultations, procedures, consultant count and operating capacity all moved in the right direction.

Key One Health FY26 numbers: revenue, patient referrals and surgical procedures all moved higher

Metric	FY26	FY25	Growth
Revenue	£32.0 million	£28.4 million	13%
New NHS patient referrals	18,931	17,020	11%
Number of consultations	50,774	42,238	20%
Number of surgical procedures	8,113	7,043	15%
Number of consultants	88	80	10%
Outreach clinics	40	37	8%
Surgical operating facilities	14	10	40%
Cash at year end	£11.1 million	£11.4 million	–

The standout number for me is probably the jump in surgical operating facilities, up 40% to 14. That matters because it shows One Health is not just seeing demand – it is adding capacity to actually treat more patients.

Revenue of £32.0 million was ahead of the company’s stated market consensus of £29.4 million. That is a beat of £2.6 million, which is meaningful in the context of a business this size.

Why the One Health business model still looks well placed for NHS waiting list demand

One Health provides NHS-funded surgical procedures for patients referred through Patient Choice, which lets NHS patients choose where they receive treatment. In plain English, the company helps take pressure off NHS waiting lists by using independent-sector capacity.

That matters because the demand backdrop still looks supportive. The company explicitly said NHS national waiting lists remain very high, despite modest reductions, and the board believes it can keep growing through more referrals, more surgeons and more capacity in both existing and new locations.

There is a fairly simple growth engine here. More referrals lead to more consultations, which should lead to more procedures, which then drives more revenue. In FY26 that chain worked nicely:

• New patient referrals rose 11%
• Consultations rose 20%
• Surgical procedures rose 15%

That is healthy operational momentum. It suggests demand is real, and not being manufactured by one-off contract noise in the announcement.

One Health surgical hub in Scunthorpe could be the next profit driver if execution stays on track

The other big piece of news is the company’s first Surgical Hub in Scunthorpe, Lincolnshire. Construction has now started, the project is still expected to take one year, and management says it remains in line with the previous cost estimate of £8 million to £9 million.

This is important because the hub is not just another site opening. Management is framing it as something that should accelerate growth and improve profitability. That makes sense: owning or controlling more of the care pathway can improve efficiency, increase throughput and reduce dependency on third-party operating locations.

There is also a nice strategic angle. One Health says it is exploring further locations in underserved areas with high NHS demand, which hints that Scunthorpe could be the first of several if the model works.

My view is that this is a positive development, but it also introduces a new layer of execution risk. Building projects can slip on timing or budget, and this RNS does not give detailed funding mechanics or expected returns for the hub. So the opportunity is attractive, but investors should still want proof of delivery.

Cash, funding and balance sheet: solid, but investors should note the small drop in cash

Cash at 31 March 2026 was £11.1 million, compared with £11.4 million a year earlier. That is only a modest reduction, and the company says it remains well-funded to support organic growth and deliver the first surgical hub.

That reads reasonably well. The business has grown strongly, started construction on a major project, and still ended the year with more than £11 million of cash.

Still, one small caution point: the RNS is a trading update, not a full results statement. So we do not yet have the full detail on cash flow, capital expenditure in the year, debt, or the actual underlying EBITDA figure. Investors have enough here to feel encouraged, but not enough to fully stress-test the numbers.

What was good, what was less clear, and what retail investors should watch next

What looks positive in this One Health FY26 update

• Revenue beat against consensus expectations
• Underlying EBITDA also ahead of expectations, even though the exact figure was not disclosed
• Broad-based KPI growth across referrals, consultations and procedures
• Capacity expansion through more facilities, more clinics and more consultants
• Surgical hub construction has started and remains on schedule and budget guidance

What is less clear or worth keeping an eye on

• The exact underlying EBITDA number was not disclosed
• There is no detailed update on margins, full-year profit, or cash flow
• The hub project adds execution risk, even if management sounds confident
• Cash was slightly lower year on year, though still strong overall

My take on the One Health Group RNS and why it matters for shareholders

I think this is a good update. In fact, it is better than good – it is the sort of statement that shows a business is scaling properly rather than just talking about future potential.

One Health has delivered a clear revenue beat, said profit performance is ahead too, and backed that up with strong operating data. The company is also moving into its next phase with the Scunthorpe surgical hub, which could become a meaningful growth lever if delivered well.

The main negative is not bad news so much as missing detail. We do not yet know the exact underlying EBITDA, and we have not seen full results. So investors should treat this as a strong signpost rather than the full picture.

Even so, the direction of travel is hard to argue with. If One Health can keep converting NHS demand into consultations and procedures while expanding capacity without losing financial discipline, this update could mark another solid step forward for the group.

For now, the message is simple: growth is real, expectations have been beaten, and the surgical hub plan has moved from concept into construction. That is why this RNS matters.