**Summary**
Spire Healthcare Group PLC, a leading UK independent healthcare provider, released a trading update on December 3, 2025, highlighting positive performance and strategic developments. Key points include
1. **FY25 Trading Performance**
Revenue growth of 3.6% year-on-year from July to October 2025, despite inflationary pressures and increased costs from National Minimum Wage and National Insurance Contributions.
Transformation program on track to deliver £30m in savings, including a £10m uplift to offset cost increases.
Patient Support Centres (PSCs) launched in summer, initially causing disruption but now improving efficiency and private patient trends.
Primary Care remains on track, with a new outpatient clinic opened in Kings Lynn.
2. **Market Trends**
Self-pay trends improvingwhile PMI trends are stable.
NHS commissioning slowdown due to budgetary restrictions has impacted performance, but Spire is working with commissioners to address this near-term challenge.
3. **FY25 Outlook**
Adjusted Group EBITDA expected to be around the bottom end of the £270m to £285m guidance range due to market trends.
4. **FY26 Outlook**
Expect continued improvement in self-pay and PMI trends as PSCs mature.
NHS volumes remain a material uncertainty, particularly in Q1, with proposed NHS tariff uplifts falling short of inflation.
FY26 adjusted EBITDA expected to be broadly in line or slightly ahead of 2025.
5. **Debt Facilities**
Successfully extended existing £425m banking facilities to August 2028 on unchanged terms.
6. **Strategic Review**
Actively evaluating options to drive long-term shareholder value, including potential sale of the company, value generation from hospital properties, and increased focus on private payors.
Discussions with parties are ongoing, with no certainty of an offer at this stage.
7. **Regulatory Notes**
The announcement contains profit forecasts and inside information, with compliance to Takeover Code requirements to be addressed in due course.
Spire remains confident in its medium-term outlook, focusing on growth in private patient volumes and strategic investments to strengthen its market position.
| Metric | FY25 | FY26 Outlook | Change |
|---|---|---|---|
| Group Revenue Growth | 3.6% y/y (July-Oct 2025) 4.9% y/y (H1 2025) | Not specified | N/A |
| Adjusted Group EBITDA | £270m - £285m (guidance) Expected at bottom end of range | Broadly in line or slightly ahead of FY25 | Flat to slight increase |
| Cost Savings | £30m (including £10m uplift) | Further £30m expected | Additional £30m in FY26 |
| Debt Facilities | £425m (maturity August 2027) | Extended to August 2028 £325m term loan + £100m RCF | 18-month extension |