Key Highlights

  • Doctor Care Anywhere published a Strategy and Business Model Update and an investor primer on 23 October 2026 that contain no forecasts, targets or new results.
  • Revenue was £20.4 million in the first half of the 2026 financial year, up 6.3 per cent, and £39.2 million for the twelve months to 30 June 2026.
  • The company has £10.6 million of interest-free convertible notes maturing on 31 December 2027.

Doctor Care Anywhere Group (ASX:DOC), a UK company with CDIs on the ASX, published a Strategy and Business Model Update and a short-form investor primer on 23 October 2026 (Sydney time). The documents contain no forecasts, targets or new results. They restate the company's reported figures and explain how management intends to measure progress, with growth in subscriptions and weight management as the focus of the plan.

The company provides GP, mental health, physiotherapy and health assessment services on its own digital platform in the UK. It is paid by private medical insurers, employers, healthcare providers and, since May 2026, individual customers using a weight-management service.

Using figures stated in the documents, Revenue was £20.4 million in the first half of the 2026 financial year, up 6.3 per cent, and £39.2 million for the twelve months to 30 June 2026. EBITDA for the twelve months to 30 June 2026 was £4.9 million, and half-year EBITDA was £2.6 million. Contribution Margin was 42.0 per cent in the half. Free Cash Flow was £1.5 million after the weight-management Acquisition payment, and cash at 30 June 2026 was £7.7 million, which the company said was up 60 per cent in a year. Consultations were 354,900 in the half, up 1.4 per cent.

Subscription revenue was £2.2 million, or 10.8 per cent of revenue, compared with 7.1 per cent a year earlier. Revenue growth in the existing business was 1.7 per cent and £0.9 million of the £1.2 million half-year revenue increase came from weight management.

Acquisition, partnerships and strategy

The weight-management business was acquired in May 2026 for about £0.9 million in cash. The company said it contributed £0.9 million of revenue in its first 54 days at roughly breakeven. A Partnership with Ramsay Health Care UK has opened a self-pay channel, and the documents report no revenue or Volume from it yet.

Management lists five growth areas, including direct to consumer, employer benefits, deeper insurer relationships and clinical AI. It estimates the UK telehealth market at about £6.3 billion; the roughly 8 per cent annual growth it cites is a management estimate rather than a forecast.

Concentration, notes and regulation

The documents set out several risks. About 89 per cent of first-half revenue came from insurance, down from about 93 per cent in 2025, when a single insurer relationship accounted for around £35.3 million of revenue. The company says every insurer-scale virtual GP position is currently occupied, so winning a new insurer would mean displacing an incumbent or joining as a second provider.

Doctor Care Anywhere Group (ASX:DOC) also has £10.6 million of interest-free convertible notes, issued in January 2024 and maturing on 31 December 2027. Just over half is held within the same insurer relationship. The notes can convert into shares, in which case no cash leaves the business, or be repaid; the company said settlement could be a combination. The longer document gives a conversion price of £0.0459 and a maximum of about 231.8 million CDIs, equal to roughly 38.7 per cent of the enlarged Capital on full conversion. Net Debt at 30 June 2026 was about £1.7 million at carrying value and £3.1 million at face value. The Care Quality Commission rating remains "Requires Improvement".

Reporting framework and milestones

The company said it will track consultations, revenue and subscription share, with quarterly updates covering those and cash, and half-year results adding weight-management revenue, free cash flow, contribution margin and EBITDA. No dates for those updates are given. The shorter document leaves the financial year-end unclear while the longer says it ends on 31 December. The only dated milestone is notes maturity.