Spire Healthcare is a leading provider of private healthcare, with 39* private hospitals and 13 clinics across England, Wales and Scotland. The company is built on a proud heritage of over 25 years experience of running successful private hospitals.

The group was founded with the acquisition and rebranding of 25 Bupa hospitals in 2007. Since then, Spire Healthcare has made significant capital investments in its estate and continues to deliver successful and award winning clinical outcomes and high levels of patient satisfaction.

Announcement of Offer Price


Company Website

Financial Calendar

Recent Broker notes

BarChart Indicators

Recent Market news

Spire Healthcare Fundamentals

Interim Results

Financial highlights
· Revenue increased 10.5% to £417.2m (H1 2013: £377.5m) with growth delivered in all payor categories
· In-patient and daycase discharge volumes up 9.2% on prior year to approximately 128,000
· Adjusted EBITDA* up 9.3% to £79.9m (H1 2013: £73.1m)
· Operating profit before exceptional items, up 7.9% to £57.3m (H1 2013: £53.1m)
· Operating cash flow of £71.0m, with 88.9% cash conversion of EBITDA (H1 2013: 37.9%)
· Pro-forma adjusted earnings per share at 8.43p per share **
· Investment in acquisitions and capital investments totalled £71.9m, including St Anthony's Hospital acquisition
· Capital restructuring on IPO reduced pro-forma net debt to £467.4m

Operational highlights
· Acquisition of St Anthony's Hospital completed, pending Competition and Markets Authority ('CMA') clearance
· Bristol radiotherapy centre opened in April 2014 and reached EBITDA breakeven within two months of opening
· Cardiac catheterisation lab in Cardiff completed
· Increased in-patient and daycase volumes improved capacity utilisation by 4% to 64%
· Work ongoing on two additional theatre developments for delivery in H2 2014

JP Morgan Cazenove Overweight 245.38 228.00 - 336.00 Initiates/Starts

Morgan Stanley Overweight 245.38 228.00 - 272.00 Initiates/Starts

Numis Buy 245.13 228.00 - 320.00 Initiates/Starts

Investec Buy 245.13 228.00 - 285.00 Initiates/Starts

Spire Healthcare to pay out £27.2m to victims of rogue breast surgeon

Hundreds of NHS patients who suffered at the hands of rogue cancer surgeon Ian Paterson will have been paid more in compensation for their trauma than his private patients, it has emerged.

Around 750 private patients operated on by the disgraced surgeon will receive a total of £37.2 million for the physical and psychological pain they suffered undergoing unnecessary treatment, it was announced yesterday.

Spire Healthcare, the hospital group where Paterson treated his private patients, will contribute £27.2 million to the fund, with most of the rest coming from his insurers.

Hundreds of patients treated by Paterson at Spire’s two West Midlands hospitals between 1993 and 2012 had been due to take their case to the High Court next month.

The settlement is intended to stop patients taking legal action against the group and deal with any new claims from former patients.

But it means that Paterson’s victims are having to accept less in compensation than their NHS counterparts, in order to avoid the potential risk of an even lower figure should the case have gone to trial.

Around 270 NHS patients received an average compensation payment of £62,815 each earlier this year, from a total settlement of £17.4m.

That compares to an average compensation payment of £49,600 for each of Paterson’s 750 private patients towards the long term costs of therapy and ongoing treatment.

A source close to the solicitors representing Paterson’s private patients said: “The private patients will be getting a bit less than the NHS ones. They won’t be as fully compensated.

“It’s frustrating, but we have had to reduce our claim because we have had to take into account the litigation risk had it gone to trial.”

Irwin Mitchell solicitors, which represented more than 30 of his patients, said: “Many people wrongly believe they will be better protected under private care than under the NHS.

“While Spire in this case has set aside a significant sum, it is likely to be less than the amount that the patients affected need.”

Paterson was jailed for 20 years after he was found guilty in April at Nottingham Crown Court of 17 counts of wounding with intent and three further wounding charges.

I'd forgotten about these - header updated to pick up correct broker notes link.

Numis Add 254.75 350.00 350.00 Reiterates

Liberum Capital Hold 254.75 - - Retains