RE: 41p target11 Jun 2026 21:27
Forecasts
We see the 2026 financial year (to August) as a bedding in period given the initial set up of operations and considering that meaningful numbers only started being delivered in November 2025. For the year as a whole we expect further steady growth in NHS pharmacy items, with around 380,000 processed, and a rapid rise in income from Medpal.clinic from a base of zero. Total revenues for the year are expected at £6.22 million, with a net loss of £2.2 million reflecting initial set up expenses. In 2027 we see an almost break-even position being reached on total revenues of £44.61 million. We are looking for pharmacy items to grow almost fourfold to 1.5 million, delivering revenues of £14.68 million. In MedPal.clinic we are looking for a more dramatic rise in revenues from £2.4 million to £29.6 million as patient momentum builds and the effects of the company’s planned marketing campaign are realised. We see the first full year of profitability in 2028, with a net profit of £4.54 million on revenues of £92.78 million. Again, pharmacy items see good but more modest growth, doubling to just over 3 million, with revenues also doubling to £29.48 million. MedPal.clinic revenues are forecast to grow at a lower rate from the higher base, by 112% to £62.82 million. Beyond that, in 2029, our model show revenues of £150.4 million and net profits of £9.5 million as the company’s operational gearing starts to have a more marked effect on profits.