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Highlights

  • Adjusted EBITDA rose 11.1% to GBP 260.0 million; core growth above 5% excluding wage impacts
  • Profit after tax declined 6.8% to GBP 26.0 million, affected by restructuring and compliance costs
  • Transformation programme delivered GBP 10 million savings in H1, with GBP 20 million more targeted in H2

Spire Healthcare Group PLC (LSE: SPI), a FTSE 250 company, operates private hospitals and clinics across the UK. It provides a wide range of medical and surgical services, along with diagnostics such as CT, MRI, ultrasound, and X-ray.

In the financial year 2024 (FY24), SPI’s adjusted EBITDA stood at GBP 260.0 million, up 11.1% from GBP 234.0 million in the prior year. Excluding the effect of increases in national insurance and minimum wage costs, EBITDA expanded by more than 5% on a like-for-like basis, pointing to stable performance in the core business.

Profit after tax was GBP 26.0 million, compared with GBP 27.9 million a year earlier, representing a decline of 6.8%. Operating profit fell 12% year on year to GBP 63.0 million from GBP 71.6 million, reflecting GBP 13.0 million of restructuring and compliance expenses. These costs were linked to transformation initiatives and reductions in staffing.

Business Update
On 31 July 2025, the company reported progress on its transformation programme. Savings of more than GBP 10 million were achieved in the first half of the year, with a further GBP 20 million expected in the second half.

The programme included headcount reductions of about 400 roles and the consolidation of administrative functions into three Patient Support Centres. These measures improved efficiency, with call response times now reported to be five times faster. The update highlights the early benefits of the ongoing transformation.

Company Outlook
The company expects revenue growth in FY25 to be in the mid-single digit range. Adjusted EBITDA is guided to be between GBP 270 million and GBP 285 million, broadly in line with consensus expectations of about GBP 276 million. Transformation savings are weighted toward the second half of the year, which should support sequential improvement.

Management has scheduled a further GBP 20 million of cost savings in the second half as Patient Support Centres and flexible staffing models reach full effect. These measures are expected to aid profitability recovery and offset wage-related cost pressures.

Net bank debt increased to GBP 356.7 million at the end of FY 2024, compared with GBP 325.9 million a year earlier. Leverage stood at 2.2 times, remaining comfortably below the covenant ceiling of 4.0 times.

Top 10 Shareholders
The company’s shareholding structure is concentrated, with the top ten investors accounting for about 73.9% of total ownership. Mediclinic International Ltd. is the largest shareholder with a holding of roughly 30.0%. Toscafund Asset Management LLP, an activist investor, follows with a stake of around 18.2%.

Stock Information
As of the closing price of 11 September 2025, the stock declined by about 1.5% over the past one month but gained 19.77% over the last six months. It is currently trading below the average of its 52-week high of GBX 255.0 and above its 52-week low of GBX 168.2.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels Is 11 September 2025. The reference data in this report has been partly sourced from EODHD/Others.

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