Doctor Care Anywhere doubles free cash flow and lifts EBITDA 27% in H1 2026
Doctor Care Anywhere Group plc (ASX:DOC) more than doubled free cash flow to £1.5m and lifted EBITDA 27.1% to £2.6m in the six months to 30 June 2026, positioning the telehealth provider as an increasingly self-funding business.
One of the UK’s largest private providers of telehealth services delivered revenue of £20.4m, up 6.3%, with EBITDA margin expanding 2.1 percentage points to 12.8%. Net profit rose 28.5% to £0.6m, while cash grew 60.3% to £7.7m.
The results provide evidence that the company’s transformation has translated into genuine cash generation. Notably, a £0.9m weight management acquisition completed during the period was funded from existing resources rather than new capital.
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H1 2026 results — a business now generating cash
The half-year results showed operating leverage taking hold across the business. Revenue grew 6.3% while total labour cost fell 4.9%, reflecting tighter control over labour hours and mix following operating model changes made in the prior year.
Contribution, which equates to gross profit under the reclassification applied in the FY25 Annual Report, rose 8.8% to £8.6m.
| Metric | H1 2026 | H1 2025 (restated) | Change |
|---|---|---|---|
| Revenue | £20.4m | — | +6.3% |
| Contribution | £8.6m | — | +8.8% |
| EBITDA | £2.6m | £2.1m | +27.1% |
| Operating profit | £1.1m | — | +18.6% |
| Net profit | £0.6m | — | +28.5% |
| Free cash flow | £1.5m | — | More than doubled |
Why free cash flow is the headline
Free cash flow, defined as net cash from operating activities less payments for property, plant and equipment and purchases of intangible assets, more than doubled to £1.5m. Critically, management funded the £0.9m weight management acquisition from existing cash reserves rather than raising new capital.
The strength of the cash position drew a formal acknowledgement from the exchange. In July 2026, following the group’s sustained cash generation, ASX granted the company relief from the quarterly reporting requirements of Listing Rules 4.7B and 4.7C.
CEO Commentary
“This half shows a business that is generating cash. Free cash flow more than doubled to £1.5m, and we completed the acquisition of our new weight management business, which was funded out of existing cash reserves rather than raising new capital. That is the test of whether a transformation has worked,” said Laura O’Riordan, Chief Executive Officer.
Expanding beyond insurers — weight management and new channels
Alongside the financial result, the company broadened its revenue base beyond its historic insurer channel through two strategic developments during the period.
The weight management acquisition
On 8 May 2026, DCA acquired the platform and related assets of a weight management business for £0.9m, funded from existing resources, through its newly incorporated subsidiary DCA Medicspot Ltd. The business contributed £0.9m of revenue from acquisition to 30 June 2026 and operated at approximately breakeven.
The transaction gives DCA an immediate position in GLP-1 weight-loss treatment and ongoing weight management support, described by the company as one of the fastest growing areas of private healthcare in the United Kingdom.
The GLP-1 weight management acquisition was structured with no earn-out, no deferred consideration, and no shareholder dilution, representing an EV/Sales multiple of just 0.16x on the target’s trailing 12-month revenue of £5.3 million.
Ramsay Health Care UK partnership
The company also entered a collaboration with Ramsay Health Care UK. The partnership gives Ramsay patients access to self-pay online GP appointments with onward referral into Ramsay’s network of hospitals and specialists, creating an end-to-end care pathway from primary to secondary care.
Growing non-insurance revenue
Ongoing non-insurance revenue accounted for 11% of total revenue in H1 2026, up from 7% in H1 2025. This revenue comprises corporate and direct-to-consumer subscription services.
On a pro forma annualised basis, applying DCA Medicspot’s current revenue run rate of approximately £0.5m per month, non-insurance revenue would represent approximately 19% of total revenue. The company has stressed this pro forma assumes current trading rates continue, is provided for illustration only, and is not a forecast.
Patient engagement and the recurring revenue base
Underpinning the financial performance is a platform demonstrating durable, repeat demand. Consultation activity and patient loyalty metrics both held firm during the period.
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Consultation volumes reached 354,900, up 1.4%
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Repeat patients represented 74.0% of consultations, up from 72.9% in H1 2025
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Approximately three quarters of all consultations are now delivered to patients who have used the service before
Understanding telehealth’s recurring-revenue model
Telehealth businesses such as DCA typically generate revenue through several channels. The largest historically has been insurer partnerships, where health insurers pay for members to access virtual consultations. Alongside this sit corporate and direct-to-consumer subscription services, where employers or individuals pay recurring fees for ongoing access, plus revenue earned from delivering individual consultations.
Why does the shift toward non-insurance revenue and repeat consultations matter? A revenue base concentrated in a single channel carries concentration risk. The entry into GLP-1 weight-loss treatment and the Ramsay referral pathway both extend the range of services the company can offer, giving DCA a position in weight management and creating an end-to-end care pathway.
What’s next for Doctor Care Anywhere
Management indicated the company begins the second half in a stronger position than it started the first, having broadened its activities into weight management, the Ramsay Health Care UK pathway, and non-insurance revenue.
CEO Outlook
“There is a great deal still to do, and we start the second half in a stronger position than we started the first,” said O’Riordan.
The pro forma £0.5m per month run rate for DCA Medicspot remains illustrative only and is not a forecast. With the acquisition funded internally and cash reserves at £7.7m, the company retains flexibility to pursue its stated priorities without immediate reliance on external capital.
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