 25 May 2023
NAHL Group PLC
("NAHL" or the "Group")
AGM Statement
James Saralis, CEO of NAHL (AIM: NAH), a leading marketing and services business focused on the UK consumer legal market, will make the following statement at the Group's Annual General Meeting being held at 10 a.m. today:
"Since the publication of the 2022 Final Results on 22 March 2023, the Group has continued to make progress in scaling both of its divisions.
"In Consumer Legal Services, the number of personal injury enquiries generated in the first four months of the year (the "Period") was consistent with last year (excluding tariff-only road traffic accident ("RTA") claims, which we ceased processing in February 2022) and the Group's market-leading brand, National Accident Helpline, delivered a good performance in organic search. The business saw higher than expected supply of RTA enquiries in the Period, which may be due to recent consolidation in the industry, which has resulted in the division placing increased levels of RTA work into its wholly-owned law firm, National Accident Law ("NAL"). The Group will continue to utilise its agile placement model to manage volumes.
"The Group continues to make progress in scaling NAL and placed 8% more enquiries into NAL in the Period. Cash received from settled claims in NAL increased by 108%.
"In Critical Care, Bush & Co. has grown both Case Management and Expert Witness services, and
issued 25% more Expert Witness reports in the Period than the same period last year. As a result of its marketing and business development activities, the pipeline of work for Bush & Co. remains strong for the remainder of the year.
"Finally, in April and as previously announced, the Group completed the sale of its conveyancing business, Homeward Legal. The subsidiary was considered non-core to the Group's principal focus in Consumer Legal Services and Critical Care and its sale will allow us to further focus on delivering value in these key areas.
"The Board's expectations for the full year remain unchanged and we look forward to providing a trading update later in the year on the half year results." |
lombard does it again fromc 18 to 19pc- what dont we know? |
Lombard Odier increase holding from 18.02% to 19.01%. |
Bought yesterday GATC & going add more today |
Tiny volume... odd? |
up 12% today, any news? |
Mr Market seems to think these are decent results, and I agree.
But what a truly awful RNS. Don't the Directors talk to each other and decide what subject each is going to cover? All of them seem obsessed with the NAL part of the business, and yet it represents just a small part of Consumer Legal Services. Should we equate 34905 enquiries with 8760 claims allocated to NAL? Or are enquiries and claims different animals? What proportion of new claims being processed go to JV Companies, I haven't a clue? How much cash is being generated from the JV's, haven't a clue?
Where is the, oh so simple table, Revenue, Operating Profits, this year (last year) vs Consumer Services NAL, JV, Critical Care, (the Bush part and the other bit if it exists or is it all Bush now, haven't a clue), Residential Property, Any other revenue earning part of the business if they exist, Central Expenses.
Results reports are supposed to inform investors and potential investors of the overall performance of a business. These seem to go out of their way to hide what is really going on. |
Decent results today:
Year ended 31 December FY2022 FY2021 Change
Group Revenue GBP41.5m GBP38.9m 6.5%
---------- ---------- -------
Operating Profit GBP4.8m GBP4.2m 15.7%
---------- ---------- -------
Profit Before Tax GBP0.6m GBP0.2m 163.8%
---------- ---------- -------
Net Debt GBP13.3m GBP15.5m -14.1% |
83% of Operating profit goes to non-controlling interests i.e. not NAHL shareholders.
With a 0 pence EPS on £20m of revenue there is nothing reassuring about those results or P/E ratio.
Even Critical Care has gone backwards against a comparative that still included covid lockdowns.
A perennial business in transition. |
Interesting and reassuring interim results this morning.
They are progressing well with their strategy of building up a book of WIP (work in progress) within their law firm and are balancing investment in cases with cash flow sensibly. Once the book reaches maturity (FY24), it should generate £2-3m per year in profits, which when added to the c. £3-4m+ profits from their other main division (provides Critical Care assessment and expert witness services), the group should be earning in excess of £5m per year. That's against a market cap of c.15m (EV of £29m). I hold. |
Mcap too high ... |
where 's everyone here- update comments? |
Bought some MCB today which looks potential returns of 200 percentage |
isnt this still good long term |
MCB looks excellent value, https://www.mcbride.co.uk/about-us/corporate-policies/board-matters/ |
I am 25% down , sold this & bought IGR |
Allenby note with TP of 65p |
Excellent buying opportunity ?? |
Bullish buying signals from brokers |
Brokers price target 150 |
Profit H2 2021 ... 4 millions when other companies posting looses |
Looking bullish |
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