£1,359.0m
revenue up 13.4% from 2022 including £31.4m from acquired new services
Annual report 2023
Our annual report for 2023 outlines our key achievements delivered through our strategy, our progress on sustainability, and all our financial results.
It has been another year of strong progress across the group. Spire Healthcare’s strategy is helping us to meet the changing demands for healthcare, as we expand our reach beyond our hospitals and clinics to support Britain’s healthcare system. For the first time, we cared for over one million patients in 2023. The business delivered a strong financial performance in a tough and uncertain macroeconomic environment and we expect to make further good progress in 2024.
The value we create:
- We’re helping to create a healthier and more productive Britain
- We’re providing the highest quality care to patients and people
- We’re boosting the UK economy
- We’re delivering sustainable shareholder value
2023 annual report
We are helping to meet Britain’s healthcare needs by running great hospitals, developing new services and living our purpose of ‘making a positive difference to people’s lives through outstanding personalised care’.
2023 financial highlights
£126.2m
operating profit up 32.3% from £95.4m in 2022
£234.0m
adjusted EBITDA up 15% from 2022
17.6%
adjusted EBITDA margin up 0.6 percentage points from 2022 for the hospital business, and 0.2 percentage points for the total group after acquired new services
7.5%
ROCE up from 6.2% in 2022
Championing sustainability
We want to become recognised as a leader in sustainability in our industry. Through our sustainability strategy we seek to create value in the workplace, our local communities and the environment. We believe that acting conscientiously and investing responsibly to achieve positive social and environmental outcomes, are critical to the long-term success of Spire Healthcare. We will deliver on our ambition to be a sustainability leader by focusing on our purpose, our strategy and engagement with our stakeholders. The implementation of these is supported by our values. All of this is enabled by our sustainability strategy.
Sustainability strategy
There are three elements to the strategy:
- Respect the environment - We are committed to minimising the environmental impact of our operations and maintaining the group’s resilience to environmental risks and impacts
- Engage our people and communities - We’re a people business. By hiring talented people and providing an environment in which to grow and develop their careers, our patients and the communities with whom we interact, and society at large, will benefit
- Operate responsibly - We aim to operate to the highest standards in everything we do, ensuring honesty, integrity, proper governance and compliance at all times. We promote an ethical culture across the group
The five pillars of our strategy
Our strategy helps us to meet more of Britain’s healthcare needs. It is a strategy that works by focusing on quality and safety, champions sustainability throughout the organisation, recognises the vital role our colleagues play, helps us to expand into new areas of healthcare to meet more people’s needs, and delivers a strong financial performance for our shareholders while generating value for all our stakeholders.
Our five pillars
1. Driving hospital performance
Continue to grow across our existing hospital estate with increasing margins.
2. Building on quality
Maintain strong quality and safety credentials for patients and as a competitive advantage.
3. Investing in our workforce
Aspire to attract, retain and develop the most talented people to our business.
4. Championing sustainability
Become recognised as a leader in environmental, social and governance (ESG) in our industry.
5. Expanding our proposition
Selectively invest to attract patients and meet more of their healthcare needs.
2023 financial highlights continued
£84.4m
invested in upgrading and maintaining our estate, down from £90.1m in 2022
£15m
in efficiency savings delivered in 2023
Largest UK private healthcare provider by turnover
New services
We are becoming an integrated healthcare provider, looking after people’s health and wellbeing with a range of private GP, occupational health, musculoskeletal and talking therapies services. We are seeking new ways to tackle the causes of ill health and low productivity, supporting choice, and supporting the NHS while offering synergies to our hospital business.
We acquired The Doctors Clinic Group in December 2022, a provider of occupational health and private GP services that included London Doctors Clinic, Soma Health and Maitland Medical. Soma Health and Maitland Medical were rebranded as Spire Occupational Health in 2023. In October 2023, we acquired Vita Health Group, a market-leading provider of NHS talking therapies, musculoskeletal and dermatology services, as well as corporate and occupational health services.
2023 non-financial highlights
1 million +
people cared for
96%
of hospital patients rated their experiences as ‘good’ or ‘very good’
800
corporate clients in Spire Occupational Health and Vita Health Group
99,000
appointments in Spire GP and London Doctors Clinic
3%
ahead of 2023 emissions target
Comment from our Board
The group delivered sustained growth in revenue, earnings and margin, creating value for a range of stakeholders. We continued to invest in colleagues, facilities and new services in 2023, and we were pleased to acquire Vita Health Group, delivering new physical and mental health services, in line with our strategy.
Sir Ian Cheshire
Chairman
Our strategy is working, delivering strong results and profit growth, contributing to the nation’s health and creating value. We cared for over one million patients in 2023. Our number one priority will always be quality of care and patient safety. I thank all our colleagues and consultant partners for their tremendous contribution.
Justin Ash
Chief Executive Officer
Previous annual reports
Below you can find a selection of our previous annual reports. Other reports and accounts can be found in our full archive.
