One Health Group PLC on Tuesday said revenue increased by 17% in a year of post-Covid recovery and kept dividends on target, but that annual profit was down amid a ‘challenging’ economic backdrop.

The Sheffield, England-based provider of NHS-funded medical procedures said its pretax profit for the year ended March 31 decreased by 94% to £80,145 from £1.4 million the previous year. However it noted that underlying operating profit was up 11% to £1.5 million from £1.4 million.

One Health also noted that revenue increased by 17% to £20.5 million from £17.5 million. Cash at March 31 meanwhile was £3.3 million, down 11% from £3.7 million on the same date in 2022.

One Health declared a final dividend of 4.34 pence per share, which it said was in line with its stated dividend policy. Its total payout for financial 2023 was 6.00p per share.

Shares in One Health, which underwent its initial public offering in November last year, were flat at 174.00p each on Tuesday in London.

Looking ahead, One Health claimed that ‘All our key metrics are on an upward trajectory’.

‘With the ever-increasing demand, we are confident we can achieve our future forecasts with organic growth supplemented by our own surgical capacity when required,’ the company added.

Chief Executive Officer Adam Binns commented: ‘Last year was a year of growth for One Health. Performance has exceeded market expectations and the company has maintained profit margins despite a challenging financial climate...This represents a strong recovery following two years of Covid-19 restrictions placed upon the healthcare sector.

‘During the year the company benefited from new revenue streams in the form of waiting list transfers and assisting the NHS with the elective recovery plan following Covid-19.’

Copyright 2023 Alliance News Ltd. All Rights Reserved.