NAHL Group (NAH) Trading update summary

FY25 trading and cash

• FY25 revenue expected to rise 3% YoY to ~£40.0m; underlying operating profit up 86% to ~£7.3m, driven mainly by higher Personal Injury revenue, lower marketing costs and reduced intangible amortisation.

• Underlying profit before tax expected at ~£5.0m versus £1.4m in 2024; £0.6m of exceptional costs related to exploring a Bush & Co. sale and Personal Injury cost-saving initiatives.

• Free cash flow increased 37% to £3.9m; year-end net debt fell 55% YoY to £3.2m, a 10-year low.

Consumer legal services

• Revenue expected up 4% YoY to ~£23.8m; underlying operating profit expected up 120% to ~£4.4m.

• National Accident Law settled 3,197 claims, generating ~£10.7m settlement cash, up 26% YoY; 4,276 new enquiries represented 32% of division enquiries and are estimated to yield £5.8m in future revenue and cash at maturity.

• Existing claims book upgraded by £3.5m during the year; estimated future cash value was £13.0m at 31 Dec 2025 versus £14.4m a year earlier.

• New enquiries fell to 13,389 from 19,744 in 2024; new lead channels were developed to reduce future reliance on paid search and strengthen lead generation resilience.

Critical care

• Revenue expected up 2% YoY to ~£16.3m; underlying operating profit expected broadly flat at ~£4.8m versus £4.9m.

• Bush & Co. expert witness revenue grew ~9%; case management revenue fell 6%, while Care Solutions revenue rose 20%.

• Bush & Co. Kids, launched at end-2024, was well received; increased insurer focus yielded encouraging results.