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Marlowe PLC (LSE:MRL) has announced plans to spin off its occupational health division as Optima Health PLC, marking a key step in its strategic restructuring. This demerger will create a distinct entity focused on occupational health, allowing both Marlowe and Optima Health to pursue tailored strategies for their respective markets and enhance shareholder value.
The spin-off will be executed through a dividend in specie of ordinary shares to Marlowe shareholders. Each shareholder will receive one Optima Health share for every Marlowe share held as of September 25. Optima Health shares are set to commence trading on AIM the following day. Post-demerger, Marlowe will concentrate on its testing, inspection, and certification (TIC) operations, which include Fire Safety & Security and Water & Air Hygiene sectors. These continuing operations generated £292.3 million in revenue and £35.2 million in adjusted EBITDA for the fiscal year ending March 2024.
The strategic review, initiated last November, has already led Marlowe to divest certain assets to private equity for £430 million earlier this year. The restructuring aims to focus Marlowe on sectors with clear growth strategies and strong cash generation.
Optima Health, under the leadership of CEO Jonathan Thomas, will operate as a leader in the UK’s occupational health sector, offering technology-enabled health and wellbeing solutions. These include statutory workplace medicals, health advice, attendance management, and rehabilitation programs. Optima Health serves various public and private sectors, including manufacturing, construction, transport, logistics, emergency services, and the NHS.
Optima Health has stated it does not plan to raise new capital through public or institutional offerings in connection with its AIM admission. Panmure Liberum will serve as its nominated adviser and corporate broker. The division’s established track record of organic growth and strategic acquisitions positions it well to capitalize on the expanding occupational health market in the UK.
