(Alliance News) - Spire Healthcare Group PLC on Thursday said it saw its interim profit and revenue soar on higher admissions and strong demand, and is on track to meet its expectations for the second half of 2023.
In the six months ended June 30, the London-based private healthcare firm's pretax profit multiplied to GBP20.3 million from GBP3.0 million a year prior, as revenue grew 13% to GBP676.5 million from GBP597.9 million the year before.
It was a busy year for Spire. It cited "continued strong demand", with its admissions up by 7.4% compared to the first half of 2022 to 141,347. The firm attributed this to partnerships with the National Health Service and a "compelling self-pay proposition." Average revenue per case rose 6.6% to GBP3,337.
In addition, it said The Doctors Clinic Group, an occupational health firm it acquired last year for GBP12 million, is "performing well" following its integration.
Looking ahead, Spire expects "continued momentum in top-line growth" and margin improvement, adding that trading for the second half of 2023 is in line with its expectations.
Chief Executive Officer Justin Ash said: "Our efficiency programmes are on track, and we continue to manage mix to focus on treatment areas most appropriate for our acute hospital environment. This is enhancing our margin.
"UK healthcare is entering an era of renewed choice as demand for healthcare diagnosis and treatment remains strong. By continuing to invest in innovative services, expanded facilities, technology, and our brilliant workforce, Spire is ideally positioned to meet this demand."
Shares in Spire were up 2.0% at 218.23 pence each in London on Thursday morning.
By Sabrina Penty, Alliance News reporter
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Spire Healthcare (SPI)