Optima Health

OPT · AIM · Health Care · mcap £268m · 243.5p 5 open situations →

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20252026 UK Armed Forces contract mobilisation PAM Healthcare acquisition Michael Anthony Ashcroft towards control Perkbox EAP partnership Platform enhancement programme 4 directors buying

Open · 5

Transformational contract / build-out

UK Armed Forces contract mobilisation

Mobilisation progressing to plan

Mobilisation of the UK Armed Forces Recruitment Service contract began in November 2025. The FY26 results say mobilisation is progressing to plan, with go-live expected in calendar year 2027 and a contract value of up to £210m over an initial seven years. The dossier had revenue from H1 2027; the company now gives only calendar 2027.

Contract value: Up to £210m over initial seven-year term 17 Aug 2026 ↗
Next milestone: Service go-live expected in calendar year 2027 17 Aug 2026 ↗
Status: Mobilisation progressing to plan 17 Aug 2026 ↗

Next: service go-live in calendar year 2027

17 Aug 2026 Mobilisation progressing to plan
10 Dec 2025 Mobilisation underway; revenue from H1 2027
3 Nov 2025 Mobilisation underway

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Large acquisition / reverse takeover

PAM Healthcare acquisition

Completed and funded; integration under way

Optima signed the c.£100m cash PAM deal on 16 February 2026 and completed it on 26 March, funded by bank debt and a £30m bridge. The underwritten open offer (24 April) repaid the bridge. The audited FY26 results show net debt of £94.4m at 31 March and synergies delivered or in progress rising to £2.1m by 31 July, from £1.3m by 1 June.

Underwriter: Deacon Street (Lord Ashcroft) underwrites up to £35m; LA Concert Party could reach up to 40.56% of voting rights
Synergies: £2.1m annualised cost synergies delivered or in progress at 31 July 2026; £5m medium-term target 17 Aug 2026 ↗
Medium-term targets: £200m revenue and £40m adjusted EBITDA, which PAM synergies should help reach 17 Apr 2026 ↗
Price: c.£100m total consideration; completed 26 March 2026 17 Aug 2026 ↗
Funding: Bank debt plus £30m bridge, repaid from c.£35.0m gross open offer proceeds 17 Aug 2026 ↗
Net debt: £94.4m excluding leases at 31 March 2026, including the £30m bridge 17 Aug 2026 ↗