NAHL Group PLC Half Year Trading Update

RNS Number : 6338Z

NAHL Group PLC

08 August 2024

 

Prior to publication, the information contained within this announcement was deemed by the Group to constitute inside information for the purposes of the UK Market Abuse Regulations.

 

8 August 2024

NAHL Group PLC

("NAHL", the "Company" or the "Group")

 

Half Year Trading Update

 

NAHL (AIM: NAH), a leading marketing and services business focused on the UK consumer legal market, is pleased to provide a trading update for the first half of its current financial year, covering the six months to 30 June 2024 (the "Period").

 

Since the AGM Statement and Trading Update on 27 June 2024 (the "Statement"), the Group has traded in line with the Board's expectations.  Revenues for the Period are expected to be £19.4m, (H1 2023: £21.0m) while operating profit is expected to be broadly in line with last year.  The Group has made further progress in reducing net debt and at 30 June 2024, net debt had decreased 7% to £9.0m (31 December 2023: £9.7m). 

 

In the Group's Consumer Legal Services division, the actions that management have taken to address the challenges in lead generation in National Accident Helpline (NAH), as detailed in the Statement, have resulted in a material reduction in average enquiry acquisition cost towards normalised levels alongside a modest growth in volumes. The Board continues to believe that these headwinds are short-term in nature.

 

In Critical Care, Bush & Co. traded well during the Period and delivered double-digit growth in revenue and profit.  The Board is continuing to explore a potential sale of the business and is pleased to report strong levels of interest from a wide variety of potential buyers.  The Board will update shareholders on progress as appropriate.

 

Trading through July has continued to plan and as a result, the Board remains confident of delivering a full year outturn in line with market expectations.

 

NAHL expects to announce its results for the six months ended 30 June 2024 in late September 2024.

 

 

For further information:

 

NAHL Group PLC James Saralis (CEO) Chris Higham (CFO)	via FTI Consulting Tel: [phone]
Allenby Capital (AIM Nominated Nomad & Broker) Jeremy Porter/Liz Kirchner (Corporate Finance) Amrit Nahal/Stefano Aquilino (Sales & Corporate Broking)	Tel: [phone]
FTI Consulting (Financial PR) Alex Beagley Amy Goldup	Tel: [phone]

 

Notes to Editors

 

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

 

· Consumer Legal Services provides outsourced marketing services to law firms through National Accident Helpline and claims processing services to individuals through National Accident Law, Law Together and Your Law.  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, www.national-accident-helpline.co.uk, www.national-accident-law.co.uk and www.bushco.co.uk.

 

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