Ahead of its Annual General Meeting later today, Spire Healthcare Group plc (LON:SPI), a leading independent healthcare group in the UK, has provided an update on trading for the period 1 January 2026 to 30 April 2026 and reconfirms FY26 outlook.
FY26 trading update to April1 and full-year outlook
Trading in the first four months of the year to April 2026 has been in line with our expectations. Private patient revenue has continued to grow strongly, particularly self-pay; with NHS revenue also as expected.
NHS commissioning plans reset in April 2026 with the start of the NHS 2026/27 financial year, covering Spire’s Q2-Q4 FY26 and Q1 FY27. We have good visibility of volumes, with more than 85% of commissioning agreed. Those volumes are aligned with our previously communicated guidance for NHS activity in FY26 and indicate strong growth for Spire in Q1 FY27, supported by the lower base of activity in Q1 FY26.
In terms of efficiencies, the delivery of the FY26 £30m savings target continues to progress well with the majority of initiatives underpinned.
Primary Care continues to trade well, with integrated referral activity progressing positively.
Accordingly, we confirm the Group continues to target FY26 Group adjusted EBITDA broadly in line with FY25.
Footnotes
1. The trading update represents unaudited results for the four months ended 30 April 2026.
Appendix 1 – the 2026 Profit Forecast
In the Company’s Trading Update released on 3 December 2025, Spire Healthcare stated that in respect of the financial year to 31 December 2026, it expected “FY26 Group adjusted EBITDA to be broadly in line or slightly ahead of 2025“.
In the Company’s preliminary results released on 5 March 2026, the Company provided incremental disclosure where it has stated that “We are targeting FY26 EBITDA broadly in line with FY25 EBITDA“.
Today Spire Healthcare has repeated the above statement as set out above in this announcement where it has stated that “the Group continues to target FY26 Group adjusted EBITDA broadly in line with FY25″.
The Panel on Takeovers and Mergers has confirmed that the statements set out above (the “2026 Profit Forecast“) constitute a profit forecast for the purposes of Rule 28.1 of the Code, to which the requirements of Rule 28.1(c)(i) of the Code apply.
Directors’ confirmation in respect of the 2026 Profit Forecast
The Spire Healthcare Directors have considered the 2026 Profit Forecast and confirm that, as at the date of this announcement, the 2026 Profit Forecast remains valid and confirm that it has been properly compiled on the basis of the assumptions stated below and that the basis of accounting used is consistent with Spire Healthcare’s accounting policies. Any of the assumptions set out below could turn out to be incorrect and therefore affect the validity of the 2026 Profit Forecast.
Basis of Preparation and Assumptions
The 2026 Profit Forecast was prepared on the basis of the following assumptions, any of which could turn out to be incorrect and therefore affect the validity of the 2026 Profit Forecast:
Factors outside the influence or control of the Spire Healthcare Directors:
| i. | No material change in the political, economic and/or market environment that would materially affect Spire Healthcare. |
| ii. | There will be no material changes in market conditions over the period to 31 December 2026 in relation to either patient demand or competitive environment. |
| iii. | No significant or one-off events or litigation that would have a material impact on the operating results or financial position of Spire Healthcare. |
| iv. | No adverse changes to inflation or interest or tax rates compared with Spire Healthcare’s budgeted estimates. |
| v. | No material adverse events which will have a significant impact on the operating results or financial position of Spire Healthcare. |
| vi. | No material adverse outcome from any ongoing or future disputes with any patients, suppliers, competitor, regulator or tax authority. |
| vii. | No material change in legislation, taxation, regulatory requirements, applicable standards or the position of any regulatory bodies impacting Spire Healthcare’s operations or accounting policies. |
| viii. | No material changes to NHS contracting arrangements, and specifically referral patterns or ICS level policy shifts. |
| ix. | No material changes to PMI insurer rates, or contract terms. |
| x. | No material change in government policy or approach impacting consumer preference for private care, or the cost of delivery of that care. |
Factors within the influence and control of the Spire Healthcare Directors:
| i. | No additional significant acquisitions, disposals, developments, partnership or joint venture agreements being entered into by Spire Healthcare which could have a materially dilutive effect on Spire Healthcare’s earnings. |
| ii. | No material change in the dividend or capital policies. |
| iii. | No material changes to the Spire Healthcare’s management team. |
| iv. | No material changes to Spire Healthcare’s strategy. |
| v. | Spire Healthcare’s accounting policies will be consistently applied in the period ending 31 December 2026 |