Optima Health, a UK occupational health provider, expects first-half FY27 revenue of about £96 million, up 60 percent year on year, largely driven by its acquisition of PAM Healthcare. The figure reflects PAM’s first full six-month contribution rather than organic growth alone, making integration and deleveraging the measures that now matter.

Optima, headquartered in Sheffield and listed on AIM, was spun out of Marlowe in September 2024 and supplies technology-enabled occupational health services to employers across the UK and Ireland through over 48 clinics and more than 800 clinicians.

Optima bought PAM for roughly £100 million in March in a deal that marked an exit for investor LDC. PAM generated revenue of £66.6 million and adjusted EBITDA of £8.2 million in 2025.

Both businesses operate in the UK and Irish occupational health market, and the deal substantially expands Optima’s scale in a fragmented sector.

Net debt stood at £94.4 million in March and had fallen to £70.4 million by September. The purchase was financed with secured bank facilities of £70 million and a £30 million bridge facility, which Optima planned to repay through a £35 million open offer.

By July, Optima said £2.1 million of annualised cost savings had been delivered or were underway against a £5 million target, and management says integration remains on track.

“This transformational acquisition underscores our intent in delivering our stated strategic objectives and cements Optima’s position in its attractive and growing market,” said chief executive Jonathan Thomas when the deal was agreed.

The structural driver is consolidation in a fragmented occupational health market, with Optima targeting £200 million of revenue and £40 million of adjusted EBITDA in the medium term.

For the sector, the results confirm that scaled occupational health groups are using acquisition and deleveraging to build integrated workplace health platforms across the UK and Ireland.

Source: dealroom.co / ajbell.co.uk / sharecast.com / marketscreener.com / proactiveinvestors.com