Highlights

  • SPI’s FY24 revenue grew by 11.2% YoY, primarily driven by increased demand for private healthcare and the inclusion of primary care services.
  • The company recorded an adjusted EBITDA of GBP 260.00 million for the period.
  • Spire Healthcare acquired Acorn Occupational Health for GBP 3.3 million to enter the UK occupational health market on April 1, 2025.

Spire Healthcare Group PLC (LSE: SPI), a FTSE 250-listed UK company, operates private hospitals and clinics offering a wide range of medical, surgical, and diagnostic services, including specialties such as cardiology, neurology, pediatrics, and dental care.

In the financial year 2024 (FY24), the company’s revenue increased by 11.2% YoY to GBP 1,511.20 million, primarily driven by increased demand for private healthcare and the inclusion of primary care services. Adjusted EBITDA rose by 11.1% YoY to GBP 260.00 million, supported by price and acuity mix, cost savings, and operational efficiency. However, profit after tax declined by 6.8% YoY to GBP 26.00 million due to higher adjusting items and an increase in the effective tax rate

Recent Business Update

On April 1, 2025, Spire Healthcare announced that it has acquired Acorn Occupational Health Limited for GBP 3.3 million, expanding into the GBP 1.5–2 billion UK occupational health market, which is growing at 6% annually. The acquisition, supported by Acorn’s 2024 EBITDA of GBP 0.63 million, strengthens Spire’s Primary Care Services, which grew 15% to GBP 121 million in revenue in 2024.

Spire plans to grow its primary care segment to deliver over GBP 40 million in EBITDA in the medium term through a combination of contract wins, new clinics, and strategic acquisitions.

Company Outlook

Spire Healthcare expects EBITDA growth despite anticipated cost pressures from NI/NMW and energy hedge roll-offs (~GBP 30 million), with self-help initiatives projected to offset approximately GBP 10 million of these impacts.

The company targets FY25 cost savings of at least GBP 30 million and aims for medium-term cumulative savings of GBP 80 million, up from the previous GBP 60 million target. It also plans to grow its Primary Care segment into a GBP 40 million EBITDA business through clinic expansion, mental health contracts, and strategic acquisitions.

Top 10 Shareholders

The top ten shareholders of SPI collectively hold approximately ~69.88% of the company’s total shares. The largest stakes are held by Mediclinic International Ltd. at around ~30.00% and Toscafund Asset Management LLP (Activist) at ~18.16%.

Stock Information

The stock has gained approximately 19.88% over the past three months but is down around ~5.38% over the past six months. It is currently trading below the average of its 52-week high of GBX 263.00 and the 52-week low of GBX 168.20. As of 11 June 2025, the stock’s closing price is GBX 211.00.

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 11June 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.