One Health Group Non-Executive Director Zak McMurray Acquires Nearly 40,000 Shares at 251p Each

Details of Director Share Acquisition and Regulatory Disclosure

One Health Group plc issued a regulatory announcement confirming that Zak McMurray, a Non-Executive Director, purchased 39,840 ordinary shares on 21 July 2026. Each share has a nominal value of 0.5 pence and was acquired at 251 pence per share on the London Stock Exchange. This disclosure complies with Market Abuse Regulation requirements concerning transactions by persons with managerial responsibilities and their closely associated persons.

After this purchase, McMurray’s total beneficial shareholding increased to 53,173 ordinary shares, representing roughly 0.38% of the Company’s issued share capital. The notification underscores the regulatory framework ensuring transparency and investor confidence in board members’ share dealings. Investors may interpret the timing and scale of this acquisition as a sign of board-level confidence in One Health’s medium-term prospects and strategic positioning in the NHS-funded surgical services market.

One Health Group’s NHS Patient Choice Model and Market Presence

One Health Group functions as an independent provider of surgical procedures for NHS patients referred under the Patient Choice scheme. Its business model targets areas where NHS services are undersupplied, typically in densely populated regions with lower private medical insurance uptake. The Company’s operations focus on five counties in the East Midlands and Yorkshire: Yorkshire, Lincolnshire, Derbyshire, Nottinghamshire, and Leicestershire. Revenue streams come from 29 Integrated Care Boards (ICBs) across England and contracts with local NHS trusts to transfer internal waiting list patients for expedited surgical treatment.

The Company engages 88 NHS consultants (excluding anaesthetists) specializing in various surgical disciplines. It operates a growing network of 14 independent hospitals and 40 community outreach clinics designed to minimize patient travel and provide local post-operative physiotherapy. Surgeons and anaesthetists, typically NHS employees subcontracted to One Health, enable the Company to expand surgical capacity without incurring full employment costs while maintaining NHS clinical standards and governance.

Surgical Specialties and Growth Drivers in Orthopaedics and Spine

One Health’s surgical portfolio includes four primary specialties: orthopaedics, spine, general surgery, and gynaecology, which represent the majority of the national NHS waiting list. Urology was added at the end of FY2025, marking expansion into a new specialty. Orthopaedic procedures mainly involve knee and hip replacements, which remain in high demand within the NHS. The Company’s directors highlight three key growth drivers for spine and orthopaedics: an ageing population, physical inactivity, and rising obesity rates. These demographic and lifestyle trends create sustained demand for joint replacement and spinal surgeries, supporting long-term growth.

By focusing on these high-demand areas, One Health is positioned to benefit from increased patient volumes and ongoing NHS orthopaedic waiting list pressures. This strategy targets specialties where NHS capacity constraints are most acute and demographic trends are favorable.

Operational Scale and Patient Volume in FY2026

For the financial year ending 31 March 2026, One Health delivered care to nearly 19,000 new patients through its hospital and outreach clinic network. These patients accounted for over 50,000 consultations, reflecting comprehensive diagnostic, pre-operative, and post-operative care. The Company completed more than 8,000 surgical procedures during this period, demonstrating significant surgical capacity utilization across its specialties.

These figures highlight One Health’s substantial operational scale and revenue-generating activity within the NHS-funded surgical market. The extensive consultation and procedure volumes across 14 hospitals and 40 outreach clinics indicate operational efficiency and effective infrastructure use. Continued growth in patient numbers and surgical volumes is expected to drive revenue and profitability, contingent on contract terms and cost management.

Community Clinic Network and Regional Expansion Strategy

One Health’s strategy includes a significant community outreach component, with 40 clinics across its five regional markets. These clinics provide consultations and post-operative physiotherapy locally, reducing patient travel and inconvenience. This decentralized approach aims to improve clinical outcomes and patient satisfaction by delivering care closer to home.

The Company’s geographic focus on five East Midlands and Yorkshire counties enables strong local relationships with ICBs, NHS trusts, and clinical networks while maintaining operational efficiency and governance. The expansion of outreach clinics underscores the importance of community-based service delivery as a competitive advantage and growth driver. Future growth may involve opening additional clinics or expanding services within existing locations.

Clinical Staffing Model and NHS Professional Collaboration

One Health employs a staffing model that contracts NHS-employed surgeons, anaesthetists, and other clinical professionals rather than hiring them directly. The network includes over 140 professionals, with 88 NHS consultants specializing in surgical disciplines. This model offers operational flexibility, access to highly trained NHS staff, and alignment with NHS clinical standards and governance.

Leveraging NHS-employed professionals on a subcontracted basis allows One Health to avoid full employment costs while maintaining clinical credibility. However, the Company’s growth depends on the availability and willingness of NHS professionals to undertake subcontracted work and NHS trust approvals. Changes in NHS staffing policies or professional guidance could impact clinical workforce scalability and volume growth.

Revenue Diversification via Contracts with 29 Integrated Care Boards

One Health generates revenue from 29 Integrated Care Boards across England, supplemented by contracts with individual NHS trusts. This diversified customer base mitigates concentration risk from any single commissioner. The Patient Choice scheme enables NHS commissioners to reimburse providers for surgical procedures performed on referred patients.

Additionally, contracts with NHS trusts allow transfer of internal waiting list patients to One Health for faster treatment, providing an alternative revenue stream. These combined income sources reduce dependence on any single commissioning mechanism. Revenue relies on continued commissioner demand, competitive pricing, and the Company’s ability to maintain clinical quality and efficiency.

Board Confidence Reflected in Director Share Acquisition

Zak McMurray’s purchase of 39,840 shares at 251 pence each represents a significant insider acquisition. Such purchases by Non-Executive Directors are often viewed as indicators of confidence in the Company’s strategy, financial outlook, and valuation. McMurray’s investment at the current market price suggests belief in the shares’ value and the Company’s medium-term prospects.

The timing of the purchase, several months after the FY2026 year-end, likely reflects full-year results visibility and recent operational data. Increasing McMurray’s holding to 53,173 shares (about 0.38% of issued capital) demonstrates a meaningful commitment. While Non-Executive Director holdings are typically modest, they symbolically and practically signal board alignment with shareholders. However, investors should note that a single director purchase does not guarantee future share price or company performance.

Compliance with Regulatory and Market Transparency Standards

The share purchase announcement complies with the Market Abuse Regulation (MAR), requiring persons with managerial responsibilities, including Non-Executive Directors, to notify the Company and market of share transactions. The standardized notification includes director name, position, transaction date, price, volume, and resulting beneficial interest. This framework promotes transparency, prevents insider trading, and maintains investor trust.

One Health’s disclosure adheres to UK listing rules and market conduct obligations. The announcement was released via the Regulatory News Service (RNS) and is available on the Investegate platform, ensuring simultaneous public access. Inclusion of LEI and ISIN codes ensures clarity. This transparent approach aligns with UK market standards and good corporate governance, enabling investors to monitor insider share dealings and assess board confidence.

Outlook: Strategic Positioning and Investor Considerations

Operating within the NHS-funded surgical market, One Health benefits from structural factors such as chronic NHS waiting list pressures, an ageing population, rising obesity rates, and increasing joint replacement demand. Its focus on high-demand surgical specialties—orthopaedics, spine, general surgery, gynaecology, and urology—and geographic concentration in five East Midlands and Yorkshire counties supports operational efficiency and strong regional relationships with potential for expansion.

Investors may monitor developments including patient volume and procedure growth, outreach clinic network expansion, entry into new regions, addition of surgical specialties, new contract wins with ICBs or NHS trusts, operational efficiency, cost control, and capital allocation. Zak McMurray’s share purchase signals positive board sentiment, but investors should seek independent financial advice and conduct thorough due diligence. The Company’s FY2026 results and updated investor materials provide further insight into financial performance and strategic direction.