One Health debuts on AQSE after raising GBP1.6 million on first day

(Alliance News) - One Health Group PLC on Thursday debuted on the AQSE Growth Market, after it raised GBP1.6 million in its initial public offering.

One Health is a provider of NHS-funded medical procedures. It is focused on four specialities: orthopaedics, spinal surgery, general surgery and gynaecology.

One Health said that as part of the IPO it had undertaken a placing and subscription of shares priced at 150 pence each, to raise GBP1.6 million.

The company has 10.0 million shares in issue for a market capitalisation of GBP15.1 million at the issue price. 

Following repayment of indebtedness by the One Health Group EBT Trustee, the funds will be applied to working capital for the development of the company and to fund irrecoverable VAT.

In the six months that ended September 30, One Health booked revenue of GBP9.7 million, at a gross margin of 17%. It noted that it has seen new patient referrals 11% above the level experienced in the financial year that ended March 31, 2020, being the last year prior to the Covid-19 pandemic.

Looking ahead, One Health said it intends to pay out to shareholders up to 50% of annual profit after tax. Since 2012, the company has paid out GBP1.6 million in dividends.

It expects to deliver around 5,500 procedures in the year to March 31, 2023. In financial year 2022, it delivered 4,870 procedures.

Chair Derek Bickerstaff said: "One Health has currently achieved, and continues to achieve, revenue growth through the use of facilities within existing private hospitals and excess capacity offered by NHS facilities and the growing awareness of its services among medical practitioners and patients in our areas of operation."

By Sophie Rose; [e-mail]

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