NAHL Group (NAH) H1 2025 earnings summary

Executive summary

• H1 revenue was £19.2m; underlying operating profit rose 74% to £3.2m and profit before tax rose 289% to £1.9m.

• Strong cash generation reduced net debt to £5.6m at 30 June 2025, a 10-year low and 38% below June 2024.

• Personal Injury recovery and Critical Care growth supported earnings, while panel enquiries and case management demand remained weak.

Financial highlights

• Revenue was £19.2m versus £19.4m; statutory operating profit was £3.0m, underlying PBT £2.1m and statutory PBT £1.9m.

• Profit for the period was £1.4m versus £0.3m; basic underlying EPS rose to 3.0p from 0.7p, up 323%.

• Free cash flow rose 119% to £1.5m; underlying operating cash generated was £3.2m, with 102% cash conversion.

• H1 results included £0.2m of exceptional costs.

Outlook and guidance

• The Board remained confident of delivering full-year results in line with market expectations.

• July–August Consumer Legal Services enquiries were 2,452, 12% above the H1 monthly average and at lower average acquisition cost; NAL settlement cash was £1.5m versus £1.4m YoY.

• Net debt fell to £5.5m at 31 August 2025 from £5.6m at 30 June.

• July–August Critical Care activity included 230 expert witness reports and 81 INA reports; expert witness instructions rose 6%, while case management instructions fell 30%.