Spire Healthcare Group

SPI · Main Market · Health Care · mcap £990m · 247.5p

Beta Briefing, track record and signals & risks are not ready for Spire Healthcare Group yet.

We follow 964 UK small caps and every one of their announcements – often hundreds per company. 73 companies are already wired into a briefing: browse them.

Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 30 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £996.8m
Owner’s net cash: −£337.8m
Net cash / market cap: -34%
EV ex leases: £1,336m
Revenue: £1,576m
Operating profit: £98.0m
Free cash flow after leases: £53.9m
EV / EBIT: 13.6×
FCF yield: 5.4%
Price / tangible book: 3.52×
ROCE: 5%
Net income (owners): −£1.9m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 30 Sep 26 · read the results ↗

Source ↗

	2026	2026	2026	2025	2025	2025
Revenue	792.7	–	792.7	796.7	–	796.7
Cost of sales	(435.3)	–	(435.3)	(435.5)	–	(435.5)
Gross profit	357.4	–	357.4	361.2	–	361.2
Other operating costs	(307.4)	(12.2)	(319.6)	(286.1)	(13.0)	(299.1)
Other income	0.6	–	0.6	0.9	–	0.9
Operating profit (EBIT)	50.6	(12.2)	38.4	76.0	(13.0)	63.0
Finance income	0.2	–	0.2	0.2	–	0.2
Finance costs	(53.4)	–	(53.4)	(52.4)	–	(52.4)
(Loss) / profit before taxation	(2.6)	(12.2)	(14.8)	23.8	(13.0)	10.8
Taxation	0.8	2.5	3.3	(6.7)	2.9	(3.8)
(Loss) / profit for the period	(1.8)	(9.7)	(11.5)	17.1	(10.1)	7.0
(Loss) / profit for the period attributable to owners of the Parent	(2.1)	(9.7)	(11.8)	16.6	(10.1)	6.5
(Loss) / profit for the period attributable to non-controlling interests	0.3	–	0.3	0.5	–	0.5
(Loss) / profit per share (in pence per share)
– basic	(0.5)	(2.4)	(2.9)	4.1	(2.5)	1.6
– diluted	(0.5)	(2.4)	(2.9)	4.1	(2.5)	1.6

Source ↗

	30 June 2026 (Unaudited)	31 December 2025 (Audited)
ASSETS
Non-current assets
Property, plant and equipment	1,680.9	1,692.1
Intangible assets	443.9	444.8
Other receivables	4.2	4.3
Derivatives	0.1	–
Financial asset	14.4	14.4
Total non-current assets	2,143.5	2,155.6
Current assets
Inventories	44.4	46.2
Trade and other receivables	130.5	136.5
Derivatives	0.6	0.2
Cash and cash equivalents	29.8	34.7
Total current assets	205.3	217.6
Non-current assets held for sale	3.9	3.9
	209.2	221.5
Total assets	2,352.7	2,377.1
EQUITY AND LIABILITIES
Equity
Share capital	4.0	4.0
Share premium	830.0	830.0
Capital reserves	376.1	376.1
EBT share reserves	(2.1)	(4.2)
Hedging reserve	0.6	0.1
Retained loss	(483.0)	(463.2)
Equity attributable to owners of the parent	725.6	742.8
Non-controlling interests	1.2	0.9
Total equity	726.8	743.7
Non-current liabilities
Bank borrowings	364.2	364.0
Lease liabilities	833.2	841.1
Derivatives	–	0.2
Deferred tax liability	77.5	81.3
Total non-current liabilities	1,274.9	1,286.6
Current liabilities
Bank borrowings	3.4	3.1
Lease liabilities	106.3	107.6
Financial liabilities	2.1	1.6
Provisions	16.9	16.3
Trade and other payables	222.3	218.1
Income tax payable	–	0.1
Total current liabilities	351.0	346.8
Total liabilities	1,625.9	1,633.4
Total equity and liabilities	2,352.7	2,377.1

Source ↗

	2025 Total before Adjusting items £m	2025 Adjusting items £m	2025 Total £m	2024 Total before Adjusting items £m	2024 Adjusting items £m	2024 Total £m
Revenue	1,579.8	-	1,579.8	1,511.2	-	1,511.2
Cost of sales	(863.7)	-	(863.7)	(827.6)	-	(827.6)
Gross profit	716.1	-	716.1	683.6	-	683.6
Other operating costs	(569.0)	(27.9)	(596.9)	(542.3)	(16.4)	(558.7)
Other income	3.4	-	3.4	8.1	4.5	12.6
Operating profit (EBIT)	150.5	(27.9)	122.6	149.4	(11.9)	137.5
Finance income	1.0	-	1.0	0.7	-	0.7
Finance cost	(105.0)	-	(105.0)	(99.9)	-	(99.9)
Profit before taxation	46.5	(27.9)	18.6	50.2	(11.9)	38.3
Taxation	(7.4)	6.0	(1.4)	(14.1)	1.8	(12.3)
Profit for the year	39.1	(21.9)	17.2	36.1	(10.1)	26.0
Profit for the year attributable to owners of the parent	38.3	(21.9)	16.4	35.5	(10.1)	25.4
Profit for the year attributable to non-controlling interests	0.8	-	0.8	0.6	-	0.6
Earnings per share (in pence per share)
- basic	9.6	(5.5)	4.1	8.8	(2.5)	6.3
- diluted	9.4	(5.4)	4.0	8.6	(2.4)	6.2

Source ↗

	2025 £m	2024 £m
ASSETS
Non-current assets
Property, plant and equipment	1,692.1	1,663.4
Intangible assets	444.8	437.4
Other receivables	4.3	4.4
Derivatives	-	0.4
Financial assets	14.4	12.3
Total non-current assets	2,155.6	2,117.9
Current assets
Financial assets	-	2.5
Inventories	46.2	46.6
Trade and other receivables	136.5	131.4
Derivatives	0.2	2.5
Cash and cash equivalents	34.7	41.2
Total current assets	217.6	224.2
Non-current assets held for sale	3.9	1.1
	221.5	225.3
Total assets	2,377.1	2,343.2
EQUITY AND LIABILITIES
Equity
Share capital	4.0	4.0
Share premium	830.0	830.0
Capital reserves	376.1	376.1
Capital redemption reserve	-	-
EBT share reserves	(4.2)	(0.9)
Hedging reserve	0.1	2.1
Retained loss	(463.2)	(462.9)
Equity attributable to owners of the parent	742.8	748.4
Non-controlling interests	0.9	(2.2)
Total equity	743.7	746.2
Non-current liabilities
Bank borrowings	364.0	363.5
Lease liabilities	841.1	811.0
Derivatives	0.2	-
Deferred tax liabilities	81.3	80.8
Total non-current liabilities	1,286.6	1,255.3
Current liabilities
Bank borrowings	3.1	3.6
Lease liabilities	107.6	101.8
Provisions	16.3	14.2
Trade and other payables	218.1	214.0
Financial liabilities	1.6	8.0
Income tax payable	0.1	0.1
Total current liabilities	346.8	341.7
Total liabilities	1,633.4	1,597.0
Total equity and liabilities	2,377.1	2,343.2

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
Profit before taxation	18.6	38.3
Adjustments to reconcile profit before tax to net cash flows
Impairment of assets held for sale (adjusting items)	0.5	-
Movement on financial liability	(0.3)	(1.6)
Profit on disposal of property, plant and equipment	-	(5.2)
Adjusting items - other	6.2	1.5
Depreciation of property, plant and equipment	68.2	67.0
Depreciation of right-of-use assets	47.3	41.0
Amortisation of intangible assets	4.1	4.2
Finance income	(1.0)	(0.7)
Finance costs	105.0	99.9
Other income	(3.1)	(5.8)
Share-based payments expense	2.1	4.2
Total adjustments to reconcile profit before tax to net cash flows	247.6	242.8
Movements in working capital
Increase in trade and other receivables	(5.1)	(11.0)
Decrease/(increase) in inventories	0.4	(2.3)
(Decrease)/increase in trade and other payables	(2.6)	9.0
Increase/(decrease) in provisions	2.1	(2.7)
Cash generated from operations	242.4	235.8
Tax paid	(0.2)	(0.1)
Net cash from operating activities	242.2	235.7
Cash flows from investing activities
Receipt from financial asset	1.0	0.7
Acquisition of a subsidiary, net of cash acquired	(7.7)	-
Purchase of property, plant and equipment	(76.3)	(109.3)
Purchase of intangible assets	(2.2)	(2.8)
Interest on finance lease receivables	0.6	-
Proceeds on disposal of property, plant and equipment	-	11.7
Interest received on bank deposits	0.4	0.7
Net cash used in investing activities	(84.2)	(99.0)
Cash flows from financing activities
Interest paid and other financing costs	(23.9)	(22.0)
Interest on lease liabilities	(81.1)	(76.1)
Payment of lease liabilities	(35.1)	(26.2)
Draw down on revolving credit facility	55.0	5.0
Repayment on revolving credit facility	(55.0)	(5.0)
Proceeds from issue of shares by EBT	2.2	-
Purchase of own shares by EBT	(8.7)	(3.1)
Purchase of non-controlling interests	(5.2)	-
Settlement of tax obligation on vested equity settled share awards	(3.0)	(5.4)
Dividends paid to equity holders of the parent	(9.2)	(8.5)
Dividends paid to non-controlling interests	(0.5)	(0.7)
Purchase of ordinary shares for cancellation	-	(3.1)
Net cash used in financing activities	(164.5)	(145.1)
Net decrease in cash and cash equivalents	(6.5)	(8.4)
Cash and cash equivalents at 1 January	41.2	49.6
Cash and cash equivalents at 31 December	34.7	41.2

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	1,575.8	1,579.8	1,511.2
Gross profit	712.3	716.1	683.6
Adjusted EBITDA	247.2	268.6	260.0
Adjusted operating profit	125.1	150.5	149.4
Exceptional / adjusting items	(27.1)	(27.9)	(11.9)
Operating profit	98.0	122.6	137.5
Depreciation (owned assets)	–	68.2	67.0
Depreciation (right-of-use)	–	47.3	41.0
Amortisation	4.4	4.1	4.2
Share-based payments	1.6	2.1	4.2
Operating profit to net income
Finance costs	(106.0)	(105.0)	(99.9)
Profit before tax	(7.0)	18.6	38.3
Tax	5.7	(1.4)	(12.3)
Net income (owners)	(1.9)	16.4	25.4
Per share
EPS basic	(0.4p)	4.1p	6.3p
EPS diluted	(0.5p)	4.0p	6.2p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	792.7	−1%	783.1	796.7
Gross profit	357.4	−1%	354.9	361.2
Adjusted EBITDA	112.4	−16%	134.8	133.8
Adjusted operating profit	50.6	−33%	74.5	76.0
Exceptional / adjusting items	(12.2)	−6%	(14.9)	(13.0)
Operating profit	38.4	−39%	59.6	63.0
Amortisation	2.2	+16%	2.2	1.9
Share-based payments	1.7	−23%	(0.1)	2.2
Operating profit to net income
Finance costs	(53.4)	+2%	(52.6)	(52.4)
Profit before tax	(14.8)	n/m	7.8	10.8
Tax	3.3	n/m	2.4	(3.8)
Net income (owners)	(11.8)	n/m	9.9	6.5
Per share
EPS basic	(2.9p)	–	2.5p	1.6p
EPS diluted	(2.9p)	–	2.4p	1.6p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	239.5	242.2	235.7
Interest paid	(23.2)	(23.9)	(22.0)
Tax paid	–	(0.2)	(0.1)
Investing activities
Capex (PP&E)	(61.4)	(76.3)	(109.3)
Capex (intangibles)	(2.8)	(2.2)	(2.8)
Financing activities
Lease principal paid	(39.0)	(35.1)	(26.2)
Lease interest paid	(82.4)	(81.1)	(76.1)
Dividends paid	(6.0)	(9.2)	(8.5)
Share buybacks	–	(8.7)	(3.1)
Shares issued	–	2.2	–

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	115.5	−2%	124.0	118.2
Interest paid	(10.7)	−6%	(12.5)	(11.4)
Tax paid	(0.3)	–	–	–
Investing activities
Capex (PP&E)	(36.3)	−29%	(25.1)	(51.2)
Capex (intangibles)	(1.3)	+86%	(1.5)	(0.7)
Financing activities
Lease principal paid	(22.6)	+21%	(16.4)	(18.7)
Lease interest paid	(41.9)	+3%	(40.5)	(40.6)
Dividends paid	(6.0)	−35%	0.0	(9.2)
Share buybacks	–	–	0.0	(8.7)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	443.9	444.8	–
Property, plant & equipment	1,680.9	1,692.1	1,663.4
Other investments	14.4	14.4	–
Non-current assets	2,143.5	2,155.6	2,117.9
Current assets
Inventories	44.4	46.2	46.6
Trade receivables	130.5	136.5	131.4
Cash	29.8	34.7	41.2
Current assets	209.2	221.5	225.3
Total assets	2,352.7	2,377.1	2,343.2
Current liabilities
Trade payables	222.3	218.1	214.0
Borrowings, current	3.4	3.1	3.6
Lease liabilities, current	106.3	107.6	101.8
Current liabilities	351.0	346.8	341.7
Non-current liabilities
Borrowings, non-current	364.2	364.0	363.5
Lease liabilities, non-current	833.2	841.1	811.0
Non-current liabilities	1,274.9	1,286.6	1,255.3
Total liabilities	1,625.9	1,633.4	1,597.0
Equity
Non-controlling interests	1.2	0.9	(2.2)
Total equity	726.8	743.7	746.2
Net cash and other figures
Net cash / (debt) ex leases	(337.8)	–	–
Undrawn facilities	60.0	60.0	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Other intangibles	443.9	444.8	–	–
Property, plant & equipment	1,680.9	1,692.1	–	1,663.4
Other investments	14.4	14.4	–	–
Non-current assets	2,143.5	2,155.6	–	2,117.9
Current assets
Inventories	44.4	46.2	–	46.6
Trade receivables	130.5	136.5	–	131.4
Cash	29.8	34.7	–	41.2
Current assets	209.2	221.5	–	225.3
Total assets	2,352.7	2,377.1	–	2,343.2
Current liabilities
Trade payables	222.3	218.1	–	214.0
Borrowings, current	3.4	3.1	–	3.6
Lease liabilities, current	106.3	107.6	–	101.8
Current liabilities	351.0	346.8	–	341.7
Non-current liabilities
Borrowings, non-current	364.2	364.0	–	363.5
Lease liabilities, non-current	833.2	841.1	–	811.0
Non-current liabilities	1,274.9	1,286.6	–	1,255.3
Total liabilities	1,625.9	1,633.4	–	1,597.0
Equity
Non-controlling interests	1.2	0.9	–	(2.2)
Total equity	726.8	743.7	–	746.2
Net cash and other figures
Net cash / (debt) ex leases	(337.8)	–	(356.7)	–
Undrawn facilities	60.0	60.0	–	–

Read automatically from each results announcement. Check the source before relying on a figure.

Spotted an error in this income statement? Report it

Company filings. Not investment advice.