HealthHero has told Health & Protection the business is in the middle of a significant growth trajectory and expects operating profit before exceptionals, depreciation and amortisation to be well above £10m in 2026.
This is despite the release of financial results for the remote GP and health services provider which cast ‘significant doubt’ on its ability to continue as a going concern as it is heavily reliant on parent company Medtop’s ability to raise funding.
HealthHero Group Limited’s year end 2024 annual results, filed with Companies House on 24 March and published on 3 April, revealed a loss after tax of £7.01m, although this was an improvement on the £40.5m loss in 2023.
However, parent company MedTop Group posted its results for the whole group a couple of days before HealthHero showing a £40.2m after tax loss for 2024, up slightly from a £39.9m after tax loss in 2023.
Going concern
HealthHero noted that while it made a loss in 2024 it had net assets at 31 December 2024, meaning its results were prepared on a going concern basis which the directors consider to be appropriate.
It added the going concern basis was underpinned by a letter of support from parent Medtop Intermediate Limited, confirming support will be continued to enable the company to meet its liabilities as they fall due for a period of at least 12 months from the data of approval of its 2024 financials.
However, it further noted that the company’s assets are pledged as security in respect of bond arrangements entered into by Medtop Intermediate Limited.
The company has registered its assets as a security on bond arrangements in place with MedTop International SA. At year end the total outstanding was €17.4m, up from €9.4m in 2023.
During 2025, Medtop Intermediate Limited entered into two new bond agreements, each with a principal amount of €15m.
As at 31 December 2025, a total of €22.5m had been drawn down under these agreements.
The bond includes an arrangement fee applicable to each tranche and carries interest at the higher of 12.00% or 8.25% plus the three-month EURIBOR – which currently sits at around 2.1%.
The bonds are repayable 36 months from the respective issue dates.
Material uncertainties
HealthHero pointed out that under the terms of these arrangements, if Medtop Intermediate Limited is unable to meet scheduled interest or principal repayments, the bondholders may enforce their security over the company’s assets.
This means the company’s ability to continue as a going concern is dependent upon the ability of Medtop Intermediate Limited to meet its obligations under the bonds (which include interest and principal repayments due in 2026 and 2027).
HealthHero’s directors acknowledged that Medtop Intermediate Limited is in turn dependent on funding raised by other companies in the Medtop Group, adding they also understand that the group has received heads of terms for an additional loan facility and due diligence is underway, with refinancing expected to close in April 2026.
While the company conceded there was no assurance the funds would be available on acceptable terms, the group’s directors believed they will be successful in raising this additional financing.
Consequently, they maintained that it remained appropriate to prepare the company financial statements on a going concern basis.
But they also conceded there are material uncertainties in respect of Medtop Intermediate Limited’s ability to raise further funding that may in turn impact its ability to meet its obligations under the bonds and these circumstances cast significant doubt on the company’s ability to continue as a going concern.
HealthHero added the results did not include any adjustments that would result from a basis of preparation other than a going concern.
‘Do not reflect how business is performing’
HealthHero told Health & Protection the accounts were filed approximately three months after an extended Companies House deadline.
“This is not unusual for a complex, multinational organisation with multiple investors – and we kept Companies House informed throughout,” it said.
“Secondly – the net loss was effectively flat year-on-year (£40.2m vs £39.9m), not an increase,” it added.
It attributed the headline net loss largely to non-operating items such as interest and amortisation, which do not reflect how the business itself is performing.
‘Significant growth trajectory’
The company further maintained that its accounts reflect a business in the middle of a significant growth trajectory.
“Revenue grew 22% to £124.4m, illustrating strong demand for our services across every market in which we operate,” it continued.
“At the group level, operating loss before exceptionals, depreciation and amortisation improved dramatically, going from -£16.0m to just -£2.1m, and operating cash flow turned positive for the first time, moving from a £7.9m loss to a £200,000 gain. In the UK specifically, our businesses have been profitable since 2023.”
“That trajectory has only accelerated,” the company continued.
“HealthHero now generates sustainable operating profits and positive operating cash flow. We continue to scale rapidly and see significant opportunity ahead across all our markets.
“As a result, we expect to end 2026 with annualised run rate revenue of more than £180m and operating profit before exceptionals, depreciation and amortisation well above £10m.”