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Highlights

  • SPIL receives dual BUY recommendations from Berenberg and Panmure Liberum.

  • Analysts forecast an upside of up to 31.34%, with target prices ranging from GBp 280 to GBp 285.

  • Spire reports £1.5 billion in revenue for 2024, up 11.2% YoY, and a 9.9% adjusted EBIT margin.

Spire Healthcare Group plc (LSE:SPI), one of the UK's largest independent healthcare providers, has been rated a BUY by both Berenberg and Panmure Liberum, with analysts forecasting up to 31.34% upside from its current share price of GBp 217.0. Target prices of GBp 280 and GBp 285 reflect market confidence in the company’s growth trajectory, operational performance, and expanding footprint in the primary care and occupational health sectors.

With a current recommendation score of 1.63 (BUY) and a current target price averaging GBp 284, Spire’s shares likely to be well-positioned for upward movement

Financial Performance in 2024 Reinforces Outlook

For the year ended 2024, Spire Healthcare posted a group revenue of £1.51 billion, reflecting an 11.2% year-on-year increase. The company also delivered a 9.9% adjusted EBIT margin, up 0.3 percentage points from 2023. Operating profit rose by 9% to £137.5 million, and earnings per share stood at 6.3p.

The hospital division, Spire’s core business, contributed significantly with an adjusted EBITDA of £260.0 million, up 11.1% YoY, and recorded a margin of 18.0%. Over £112 million was reinvested into upgrading hospital infrastructure, while £20 million+ in efficiency savings were delivered over the year.

Spire also declared a dividend of 2.3p per share, up from 2.1p in 2023.

Strategic Acquisition of Acorn 

In a move to bolster its fast-growing Primary Care Services division, Spire announced the acquisition of Acorn, a UK-wide provider of Occupational Health services, for an initial consideration of £3.3 million. Acorn, which serves both corporate and public-sector clients including the NHS, reported an EBITDA of £0.63 million in 2024—at a margin above the group average.

The acquisition enhances Spire’s footprint in the £1.5–2 billion UK Occupational Health market, which is growing at approximately 6% annually. It complements existing platforms like Vita Health Group and Spire Occupational Health, supporting both organic growth and the potential to secure national contracts.

Primary Care revenue rose 15.0% to £121.0 million in 2024, with an EBITDA of £10.3 million, and the group targets over £40 million EBITDA in this vertical in the medium term. The integration of Acorn is expected to contribute to this goal via enhanced clinical resourcing, service diversification, and shared best practices.