NAHL Group PLC AGM Statement (9992Q)

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RNS Number : 9992Q

NAHL Group PLC

25 June 2020

25 June 2020

NAHL Group PLC

("NAHL" or the "Group")

AGM Statement

Russell Atkinson, CEO of NAHL (AIM: NAH), the leading UK consumer marketing business focused on the UK legal services market, will make the following statement at the Group's Annual General Meeting ("AGM" or "Meeting") today at 10am:

"Following the Covid-19 update announced on 20 April 2020, the Group's response to the pandemic continues to evolve and trading has been broadly in line with management's early scenario planning.

"The Group's Critical Care division has demonstrated a reasonable level of resilience in challenging conditions. Consultants have been successfully utilising technology to deliver case management services remotely, albeit volumes have been slightly reduced, and are now restarting face to face meetings as lockdown measures ease.

"The Group previously indicated that it would look to optimise the structure of the business to maximise efficiencies and has combined its Personal Injury and Residential Property businesses into a new Consumer Legal Services division, which has been significantly impacted by Covid-19. During the early weeks of the UK's lockdown, volumes dropped by between 75-90% compared to pre-Covid levels. This is a result of fewer vehicles being on the roads, the number of workers furloughed or working from home and the housing market coming to a standstill. More recently, as the UK has emerged from lockdown, conditions have improved somewhat, and we are currently experiencing volumes that are approximately 50% below pre-Covid levels. Throughout the pandemic period, we have actively recalibrated our marketing activity and are encouraged by recent improvements in our SEO performance.

"The Group has proactively taken steps to manage its balance sheet and as at 31 May 2020, net debt was GBP21.7m with a GBP25m revolving credit facility committed until December 2021. As clarified at the time of the 2019 Final Results, the Group continues to have positive discussions with its bank regarding its debt facility and does not anticipate the need for further funding.

"Whilst the Board acknowledges the progress being made, with the UK only recently starting to re-open, it remains too early to quantify the full impact on 2020 with any degree of certainty. That said, given the Board's experience in navigating change in difficult markets, I remain confident in the Group's ability to emerge from this period as a sustainable business."

As previously announced, in accordance with Government guidelines and in order to safeguard the wellbeing and health of shareholders and employees, only two shareholders, who are also Directors, will be physically present at the AGM.

Details of the voting on the resolutions to be proposed at the AGM will be published via RNS later today, as well as being made available on the Company's website.

For further information please call:

 
 
  NAHL Group PLC                           via FTI Consulting 
  Russell Atkinson (CEO)                   Tel: +44 (0) 20 
  James Saralis (CFO)                      3727 1000 
finnCap Ltd (NOMAD & Broker)             Tel: +44 (0 ) 207 
 Julian Blunt/James Thompson (Corporate   220 0500 
 Finance) 
 Andrew Burdis (Corporate Broking) 
FTI Consulting (Financial PR)            Tel: +44 (0) 20 
 Alex Beagley                             3727 1000 
 James Styles 
 Sam Macpherson 
 

Notes to Editors

NAHL Group plc (AIM: NAH) is a leader in the Consumer Legal Services ("CLS") market. The Group provides services and products to individuals and businesses in the CLS market through its two divisions:

-- Consumer Legal Services provides outsourced marketing services to law firms through National Accident Helpline and Homeward Legal; and claims processing and conveyancing services to individuals through Your Law, Law Together, National Accident Law and National Conveyancing Partners. In addition, it also provides property searches through Searches UK.

-- Critical Care provides a range of specialist services in the catastrophic and serious injury market to both claimants and defendants through Bush & Co.

More information is available at www.nahlgroupplc.co.uk and www.national-accident-helpline.co.uk .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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June 25, 2020 02:00 ET (06:00 GMT)