He will leave the private hospital group at its next AGM or sooner if a replacement is in place.
In a separate announcement, the company also published its results for the six months ended June 30, 2020, where it swung to a loss due to a fall in revenue following restrictions over private activity during the NHS coronavirus (COVID-19) contract, partially offset by decreased cost of sales.
The group said it will remain within the NHS contract for most of 2020 and if current trends continue, its second-half operating loss is expected to be in line with the first half, or around £189mln.
Trading is forecast to return to 2019 levels in 2021 following a comeback of private activity since lockdown while “there is significant national unmet demand for both private and NHS procedures”, Spire said.
Total admissions were back to 95% in August compared to 2019.
Revenue slipped 18% to £401mln while last year’s £9mln profit before tax turned into a £231mln loss.Net bank at December is estimated to be £320mln-£360mln, from £330mln in June.
“The key take-away for us is that Spire is managing the return to normality very well, with strong prospects for future revenue growth,” analysts at Peel Hunt commented in a note to clients.
“This is exemplified by the very encouraging return of activity under the varied NHS agreement (from mid-August), intended to allow Spire to flex its capacity back towards private revenue.”
Spire shares hares dipped 1% to 94.3p on Thursday at the opening bell.