Inspiration Healthcare Group plc
Inspiration Healthcare Group plc (AIM: IHC) designs, manufactures and markets neonatal intensive care medical technology, including ventilators, incubators and consumables, supplementing its own branded products (SLE) with distributed third-party products (Infusion Therapies) and US-made pneumatic ventilators (Airon). It sells directly in the UK and Ireland and via a distributor network in 75+ countries, manufacturing from Croydon, UK and Melbourne, Florida.
FY2026 in sixty seconds
year to 31 Jan 2026 · approved 15 Jun 2026 · 83 pages · Companies House
Inspiration Healthcare Group plc makes and sells ventilators, incubators and other equipment for the intensive care of newborn babies. Revenue rose to £47.5m from £38.3m the year before, and the loss after tax narrowed to £1.0m from £15.0m.
Sales of its own SLE ventilators grew strongly, helped by £9.5m of one-off export orders to a humanitarian organisation and a Middle East contract. Sales of distributed infusion pumps and of its US-made Airon ventilators both fell. The previous year's loss was swollen by a large write-down of goodwill and other assets, which was not repeated; this year's result still included restructuring costs.
Cash at the year end was £1.2m and borrowings fell to £6.3m. No new shares were issued and no dividend was paid or proposed. The board said trading is in line with its expectations, with a growing order book. It also flagged that the infusion pump distribution business, which brought in £9.7m of revenue this year, will transfer to the supplier, Micrel, from 31 January 2027, reducing revenue. The auditor's opinion was unqualified and raised no going-concern doubt.
SLE capital ventilator sales (SLE6000/SLE1500)
SLE products revenue grew 56% to £31.6m, capital sales grew 85% and comprise 73% of SLE revenue; includes £9.5m one-off export orders to a global humanitarian organisation and Middle East contract
page 9Mix shift toward higher-margin SLE capital sales
Gross margin improved to 43.7% (FY25 42.8%), driven by growth in capital sales of SLE products
page 15Current trading is in line with the Board's expectations, and the Group has an increasing orderbook and an improving pipeline of opportunities for FY27
page 13No interim dividend paid in FY26 and the Board is not recommending a final dividend (FY25: nil); dividend payments remain suspended while focus is on reducing net debt and investing in the SLE product portfolio; policy kept under review
page 1512 years on one page · FY2015–FY2026
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
12 figures restated in a later report
Every figure is read again from the following year’s report: 412 confirmed, 13 differ, 12 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
12 more figures were restated in FY2015 to FY2023, which a free account opens.