Highlights

  • Spire Healthcare reported H1FY2025 revenue of GBP 796.7 million, up 4.5% YoY, driven by Hospitals (+4.7%) and Primary Care (+6.5%) growth.
  • Adjusted EBITDA for H1 rose 2.5% YoY to GBP 133.8 million, supported by transformation savings and pricing discipline, with a margin of 16.8%.
  • FY2025 outlook projects mid-single-digit revenue growth, adjusted EBITDA of GBP 270–285 million, ROCE improvement to 8.1%, and a dividend payout ratio of 25–35% of profit after tax.

Spire Healthcare Group PLC (LSE:SPI) is a leading UK-based private healthcare provider listed on the FTSE 250 Index. The company operates an extensive network of hospitals and clinics, delivering a broad range of medical services.

For the first half of the financial year 2025 (H1FY2025), Spire Healthcare’s revenue rose 4.5% year-on-year to GBP 796.7 million, driven by steady growth across both the Hospitals (+4.7%) and Primary Care (+6.5%) segments. Adjusted EBITDA increased 2.5% YoY to GBP133.8 million, supported by early transformation savings and pricing discipline, though the margin eased slightly to 16.8% due to ongoing cost inflation and the phasing of savings.

Adjusted operating profit for the period edged up 0.4% YoY to GBP76 million, backed by a more efficient service mix and tight expense control. The company also reported an improvement in Return on Capital Employed (ROCE) to 8.1%, up 50 basis points from the prior year, highlighting better capital utilisation and sustained financial resilience.

Recent Business Update

As of 31 July 2025, Spire Healthcare allocated approximately GBP 27 million in growth capital expenditure focused on digitalisation, automation, and the adoption of new robotic platforms. The company reported meaningful productivity gains through automation in scheduling and patient management systems, which helped reduce staff costs per admission while maintaining high standards of care. Management expects these technology-driven efficiencies to reinforce long-term cost control and scalability.

Company Outlook

For FY2025, Spire Healthcare expects mid-single-digit revenue growth, with Adjusted EBITDA projected between GBP270 million and GBP285 million, aligning with the market consensus of around GBP276 million. Transformation benefits are anticipated to be more pronounced in the second half, supporting sequential improvement in margins and returns.

Management also forecasts FY2025 ROCE to remain above FY2024 levels (8.1% vs. 7.6%), driven by enhanced capital efficiency and the capital-light Primary Care model. The Board reaffirmed its dividend payout policy of 25–35% of profit after tax, maintaining a disciplined capital allocation approach focused on growth, operational efficiency, and shareholder returns.

Top 10 Shareholders

The company’s ownership is largely concentrated among institutional investors, with the top 10 shareholders collectively accounting for approximately 84.9% of the total issued share capital. The two largest stakeholders are Mediclinic International Ltd., holding around 29.78%, and Toscafund Asset Management LLP, with roughly 24.18%.

Stock Information

The stock has gained approximately 7.04% over the past three months and 32.49% over the past six months. It is currently trading above its 52-week average range, which spans between GBX 168.20 (low) and GBX 256.50 (high).

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 23 October 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.