Strong profit growth and revenue for Spire
Spire Healthcare Group, which includes Little Aston Hospital, has reported a strong revenue performance in its half-year update.
The independent hospital group said revenue was £675.5m, up by 13.1 per cent, compared to the same time last year, driven by continued strong demand, as it revealed its interim results for the six months to June 30.
NHS revenue was up 17.1 per cent as a result of continued support on longest waiting patients and orthopaedics.
Adjusted operating profit was up 24.2 per cent on 2022 half-year results, at £67.8m, while adjusted EBITDA was up 11.4 per cent at £117.9m.
Pre-tax profit was £20.3 compared to £3m at the same time last year while profit after tax was £12.7m, compared to a loss of £0.6m in the first half of 2022.
Spire, which said 98% of inspected hospitals and clinics are currently rated 'Good' or 'Outstanding' by the CQC, said further good progress in the delivery of efficiency programmes mean it is on track to deliver at least £15m cost savings in 2023.
Justin Ash, Chief Executive Officer of Spire Healthcare, said: "Our strategy is working, as this strong set of results demonstrates, with top-line momentum and strong profit growth.
"Our investments in a high quality service, partnerships with PMI providers and the NHS, and a compelling self-pay proposition, meant we treated a record number of patients in the first half of this year.
"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. In line with our strategy to develop adjacent services, we acquired The Doctors Clinic Group last year and the business is performing well.
"Demand for easily accessible private GP services continues to soar and our occupational health services are a key platform for employers seeking to retain staff and support their health needs.
"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."