Spire Healthcare sees low-end profit amid NHS commissioning slowdown

(Alliance News) - Spire Healthcare Group PLC on Wednesday warned the recent slowdown in NHS commissioning activity would dent full-year profits.

In response, shares in the London-based private healthcare provider slumped 14% to 191.80 pence each in London on Wednesday morning.

Spire said trading has been "positive" since interim results in July, with revenue growth of 3.6% on-year in the four-months from July to October.

But while self-pay trends have continued to improve, this has not been sufficient to offset the recent slowdown in NHS commissioning activity, due to Integrated Care Board budgetary restrictions.

As a result, the firm expects full-year adjusted group earnings before interest, tax, depreciation and amortisation to be around the bottom end of the GBP270 million to GBP285 million guidance range.

For financial 2026, Spire expects adjusted Ebitda to be "broadly in line or slightly ahead of 2025."

In 2024, Spire reported adjusted Ebitda of GBP260 million, up 11% from GBP234.0 million in 2023.

"Looking further ahead, we would naturally expect this market environment to lead to further growth in private patient volumes and we remain confident in the medium-term outlook," the firm added.

Spire said it continues to evaluate actions that could "drive long-term sustainable shareholder value".

The strategic review, which was announced in September, "remains ongoing".

Spire said it has started talks with "a number of parties in relation to a range of potential options", which may include a potential sale of the company, value generation from the Hospital property estate and increased strategic focus on private payors.

In addition, Spire announced an 18-month extension to the maturity of its existing banking facilities of GBP425 million to August 2028 at unchanged terms.

The facility still comprises a term loan of GBP325 million and a GBP100 million revolving credit facility with the same syndicate of lenders.

Spire said its transformation programme is on track to deliver GBP30 million of new savings during the financial year, with more savings to come in 2026.

By Jeremy Cutler, Alliance News reporter

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