NAHL Group (NAH) Trading update summary

Group trading and cash

• H1 2025 revenue expected at £19.2m, broadly in line with H1 2024; underlying operating profit expected to rise ~67% to £3.2m from £1.9m.

• Profit growth primarily reflects lower Personal Injury marketing costs and overheads, plus reduced amortisation after intangible assets were fully amortised in 2024.

• Free cash flow rose 110% YoY to £1.4m; net debt fell 21% from 31 Dec 2024 to £5.6m at 30 Jun 2025.

• Trading remains in line with full-year market expectations; H1 results are expected towards the end of September 2025.

Consumer legal services

• H1 revenue expected ~3% below the prior year, while operating profit is expected to be over 80% higher.

• Average enquiry acquisition costs were ~32% below the September 2024 peak, following actions to restore costs to historical norms and diversify lead channels beyond Google paid search.

• Average monthly enquiries were slightly affected during channel testing, but June exit volumes exceeded the Q4 2024 monthly average.

• National Accident Law settled 1% fewer cases than H2 2024, generating £5.3m cash from settlements versus £4.5m in H2 2024.

Critical care and strategic options

• H1 revenue expected to grow ~2%, with operating profit broadly in line with the prior year.

• Bush & Co. expert witness services delivered double-digit revenue growth amid high demand; case management revenue declined 9% as fewer Initial Needs Assessment reports and ongoing clients were billed.

• Initiatives to address subdued case management are expected to start contributing in H2 2025 and H1 2026.

• After the Bush & Co. sale process ended on 19 June 2025, the Board is considering alternative options to accelerate shareholder value.