NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
This announcement does not constitute or form part of an offer to sell or issue or a solicitation of an offer to subscribe for or buy any securities nor should it be relied upon in connection with any contract or commitment whatsoever in any jurisdiction. Investors should not subscribe for or purchase any securities referred to in this announcement except solely on the basis of the information contained in the admission document, including the risk factors set out therein, published by Optima Health Ltd (to be re-registered Optima Health plc) (the "Company" or "Optima") today in connection with the admission of the ordinary shares in the capital of the Company to trading on AIM, a market operated by London Stock Exchange plc (the "Admission Document").
Optima Health Ltd
("Optima Health", the "Company", and, together with its subsidiaries, the "Group")
Publication of Admission Document
- Admission of shares to AIM with trading expected to commence on Thursday 26 September*
- UK's largest provider of corporate health and wellbeing solutions
LONDON, UK., 23 September 2024, Optima Health Ltd (to be re-registered as a public limited company under the name Optima Health plc prior to Admission), the UK's leading provider of technology enabled corporate health and wellbeing solutions, will today publish its Admission Document in relation to the admission of its Ordinary Shares to trading on AIM ("Admission"), as announced on 12 September 2024. Admission is expected to take place and dealings in the Ordinary Shares to commence on AIM at 8.00 a.m. on Thursday 26 September 2024*.
Jonathan Thomas, Chief Executive Officer of Optima Health, commented: "Our upcoming admission to trading on AIM is a significant milestone for Optima Health. Over the last decade we have firmly established our position as the UK leader in the management of workplace and employee health, helping millions of people and the organisations they work for to be the best that they can be. As a publicly listed company, and with the increasing focus on the importance of employee wellbeing, we are well placed to deliver our services on a broader scale, and we look forward to the opportunity of supporting employers to positively impact the working lives of even more employees."
Information on Optima Health
In the UK, the combined economic cost of ill-health related absence and lost output is estimated to be £150 billion per annum equivalent to 7 per cent. of GDP, with mental health, stress and anxiety contributing almost 50 per cent. of working days lost due to work-related injury and illness in the UK [1] .
Optima Health offers a comprehensive range of flexible and progressive occupational health services from statutory driven workplace health surveillance medicals to proactive and preventive interventions, through to workplace health advice and attendance management assessments, and ultimately rehabilitation programmes and pathways aimed at returning people to work.
Optima Health operates a national, technology enabled, scalable platform with a diversified client base providing recurring revenue and opportunity for further growth. To date the Company has focussed on growing both revenue and EBITDA with margin improvements arising from integration, quality new business opportunities and enhancing the scope of service for customers. In addition to organic revenue growth, the Directors believe there are significant opportunities to accelerate growth via further bolt-on acquisitions and continued consolidation in the market. The Company is targeting 25 per cent. market share through organic and inorganic growth in the medium to long-term.
Group Key highlights
· UK's leading provider of technology enabled corporate health and wellbeing solutions in the occupational health sector
· 1.8x times larger than the second largest provider by revenue
· Underpinned by a robust clinical governance framework
· Leveraging proprietary technology and flexible delivery platform to foster healthy high performance within its clients' workforces
· Proven business model and track record of consolidation and integration
· In the 12 months ended 31 March 2024, the Group reported revenue of £110.9 million (FY23: £115.3 million) and adjusted EBITDA of £18.0 million (FY23: £21.0 million)
· Cash generative and profitable (on an adjusted basis) with contracted and recurring revenue
· Optima Health has continued to perform strongly alongside the successful integration of several acquisitions, testimony to the Group's resilient business model and ability to consolidate its market leadership
· Optima Health has a strong pipeline of new business, some of which has already been won and is in the process of being transitioned
· Well balanced portfolio comprising over 170 large clients (contract size of more than £100,000 per annum) and over 2,000 clients in total across both the public and private sectors
· Broad, well balanced, and diversified client base focused on large clients with high corporate health and wellbeing demands, through to efficient SMEs
· Well-established and adhered-to strategy through which key sectors with predictable revenue streams are targeted
· Significant and growing market with multiple drivers for long-term growth, attractive dynamics and opportunity for consolidation
· UK occupational health market forecast to grow to £1.4 billion in 2028 with the Group's ambition to capture a 25% share of this
· Highly fragmented nature of outsourced occupational health market provides opportunities for growth through M&A consolidation
· Growth opportunities in new and adjacent markets across additional services, care settings and territories
· Delivery via flexible, leveraged, digitally enabled operating model
· Well-invested technology architecture to support growth ambitions: over £15 million of capital and operational expenditure invested into its proprietary, bespoke occupational health and wellbeing technology platforms in the last seven years
· Digitally enabled and scalable platforms enable efficient delivery across the nationwide offering and allow Optima Health to meet the evolving needs of its clients and increasing scale of the Group
Admission Document
Optima Health's Admission Document is available to view on the Company's website at www.optimahealth.co.uk .
Panmure Liberum will be appointed Nominated Adviser and Sole Broker to the Company upon Admission.
Unless otherwise indicated, capitalised terms in this Announcement have the meaning given to them in the Admission Document.
*Subject to the timing of re-registration of the Company as a public limited company
Enquiries
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About Optima Health
Optima Health is the UK's leading provider of occupational health and wellbeing services, directly influencing and improving people's lives for 25 years. Optima Health's incredible team of professionals quickly and effectively encapsulate client's needs, supporting organisations of all shapes and sizes. Through tailored solutions and innovative systems, Optima Health offers unparalleled clinical expertise to its clients. These solutions ensure that processes are simple and allow its clients to spend more time focusing on their employees driving a healthy, high-performing workplace. For more information visit www.optima health.co.uk
IMPORTANT NOTICES
This announcement does not constitute, or form part of, any offer or invitation to sell, allot or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company in any jurisdiction nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment therefor.
No reliance may be placed, for any purpose whatsoever, on the information or opinions contained in this announcement or on its accuracy, fairness or completeness. To the fullest extent permitted by applicable law or regulation, no undertaking, representation or warranty, express or implied, is given by or on behalf of the Company, Panmure Liberum Limited ("Panmure Liberum"), or their respective parent or subsidiary undertakings or the subsidiary undertakings of any such parent undertakings or any of their respective directors, officers, partners, employees, agents, affiliates, representatives or advisers or any other person as to the accuracy, sufficiency, completeness or fairness of the information, opinions or beliefs contained in this announcement and no responsibility or liability is accepted by any of them for any errors, omissions or inaccuracies in such information, opinions or beliefs or for any loss, cost or damage suffered or incurred, howsoever arising, from any use, as a result of the reliance on, or otherwise in connection with, this announcement.
Panmure Liberum, which is authorised and regulated by the Financial Conduct Authority, is acting only for the Company in connection with Admission and is not acting for or advising any other person, or treating any other person as its client, in relation thereto, or giving advice to any other person in relation to the matters contained herein. Such persons should seek their own independent legal, investment and tax advice as they see fit. Panmure Liberum's responsibilities, as the Company's nominated adviser under the AIM Rules for Nominated Advisers and AIM Rules for Companies will be owed solely to the London Stock Exchange and not to the Company, to any of its directors or to any other person in respect of a decision to subscribe for or otherwise acquire Shares in reliance on the Admission Document. No representation or warranty, express or implied, is made by Panmure Liberum or the Company or their respective affiliates, directors, officers, employees or advisers as to any of its contents.
This announcement does not form the basis of or constitute any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any Shares or any other securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment therefor. No offer or sale of the Shares has been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa. Subject to certain exceptions, the Shares may not be offered or sold in the United States, Australia, Canada, Japan or South Africa or to, or for the account or benefit of, any national, resident or citizen of the United States, Australia, Canada, Japan or South Africa. There will be no public offer of the Shares in the United States, Australia, Canada, Japan or South Africa.
This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These statements reflect beliefs of the Directors (including based on their expectations arising from pursuit of the Company's strategy) as well as assumptions made by the Directors and information currently available to the Company. Although the Directors consider that these beliefs and assumptions are reasonable, by their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the Company's actual financial condition, results of operations, cash flows, liquidity or prospects to be materially different from any future such metric expressed or implied by such statements. Past performance cannot be relied upon as a guide to future performance and should not be taken as a representation that trends or activities underlying past performance will continue in the future. Forward-looking statements speak only as of the date they are made. No representation is made or will be made that any forward-looking statements will come to pass or prove to be correct.
Whilst the contents of this announcement are believed to be true and accurate as at the date of its publication, no representation or warranty is made as to such contents continuing to be true and accurate at any point in the future.
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