Business
NAHL : Interim Results Presentation 2026
NAHL : Interim Results Presentation
About this update from Nahl Group Plc
May 2026 Final Results 2025 Introduction Agenda Highlights Financial Review Business Review Summary and Outlook Appendices James Saralis CEO Joined in 2018 as CFO of NAHL Chartered Accountant 20 years experience in public and private equity environments Also, a Non-Exec of Skillcast plc, a SaaS provider of GRC services Chris Higham CFO Joined in 2006 Chartered Certified Accountant Previously at Thomson Reuters Compliance Officer for Finance and Admin for NAL Responsibility for Searches UK Highlights Financial Highlights Revenue +3% Operating Profit 1 +85% Profit Before Tax 1 +260% £40.0m £7.3m £5.0m (2024: £38.8m) (2024: £3.9m) (2024: £1.4m) Cash from Settlements +26% Free Cash Flow +51% Net Debt at 31 Dec -55% £10.7m £3.9m £3.2m (2024: £8.5m) (2024: £2.6m) (31 Dec 2024: £7.1m) 1 Operating Profit and Profit Before Tax are underlying, and exclude exceptional items Operational Highlights Consumer Legal Services Revenues increased by 4% to £23.8m Underlying operating profit increased by 118% to £4.4m Performance stabilised in National Accident Law 4,276 new enquiries placed into NAL, worth an estimated £5.8m in future revenue and cash 3,197 claims settled, generating £10.7m cash from settlements, up 26% Ongoing claims book of 7,243 claims, worth £8.6m and £13.0m of future revenue and cash, respectively National Accident Helpline generated 13,389 enquiries in the year (2024: 19,744), reflecting lower demand from panel law firms Critical Care Revenues increased by 2% to £16.3m, of which 43% are recurring Underlying operating profit remained flat at £4.8m Expert witness services grew revenues by 9% to £8.5m and issued 1,454 reports to customers Care services grew revenues by 21% to £0.9m and grew the number of ongoing care packages it delivers New management has brought fresh impetus, and the team are actively exploring several new growth initiatives NAHL Group plc A leader in the consumer legal services and catastrophic injury markets Consumer Legal Services What we do Delivering marketing services, personal injury claim processing and property searches to UK consumers and businesses Highly productive marketing engine, powered by one of the sector's most trusted brands, National Accident Helpline Integrated claim processing engine, National Accident Law Our strategy Create a higher margin, integrated law firm, underpinned by a flexible placement model Critical Care What we do Delivering a range of specialist services to claimants and defendants in the catastrophic and serious injury market A valued and essential service Bush & Co - the standout brand in a consolidating market Our strategy Broaden our customer base, extend our competencies and specialisms and be more efficient through the use of technology How we do it Passionate Driven Unified Curious Values driven culture Award-winning employee engagement Highly experienced and trusted leadership team 261 employees (31 December) Financial Review Financial Performance 85% increase to underlying operating profit £m 2025 2024 +/- % Consumer Legal Services 23.8 22.9 0.8 4% Critical Care 16.3 15.9 0.4 2% Revenue 40.0 38.8 1.2 3% Consumer Legal Services 4.4 2.0 2.4 118% Critical Care 4.8 4.9 (0.1) -1% Shared Services (1.7) (1.7) (0.0) 0% Other items (0.2) (1.3) 1.0 -82% Underlying operating profit 7.3 3.9 3.4 85% Underlying operating profit margin 18.2% 10.2% 8.1% Exceptional costs (0.6) (0.6) (0.0) Impairment of goodwill - (39.9) 39.9 Statutory operating profit 6.7 (36.5) 43.2 Non-controlling interests (1.9) (1.9) (0.1) 5% Net interest (0.4) (0.7) 0.3 -47% Underlying profit before tax 5.0 1.4 3.6 260% Stautory profit before tax 4.4 (39.1) 43.5 Taxation (1.1) (0.2) (0.9) 479% Profit for the period 3.3 (39.3) 42.5 Underlying EPS 8.0p 2.5p 5.5p 221% Group revenue up 3% to £40.0m . Underlying operating profit +85% to £7.3m 118% increase in Consumer Legal Services operating profit driven by strong case settlements and the return of marketing generation costs in line with historical norms; and £0.8m reduction in amortisation relating to business combinations (now fully amortised). Exceptional items of £0.6m primarily related to the potential disposal of the Critical Care business and management restructure. 260% increase in underlying profit before tax to £5.0m . Underlying EPS +221% to 8.0p Underlying Profit Before Tax £5.0m £1.4m £0.6m £0.6m (Roundings exist) 2022 2023 2024 2025 Cash Generation Strong cash from settlements contributed to £3.9m reduction in net debt £m 2024 +/- % Free cash flow of £3.9m, 51% higher than last year with operating cash conversion at 111% Cash generation in Personal Injury business carefully managed, delivering £2.3m of cash after drawings paid to LLP members. Cash from settlements increased by 26% to £10.7m (2024: £8.5m). Critical Care generated £4.5m in operating cash. Net debt at 31 December 2025 reduced by 55% to £3.2m (31 December 2024: £7.1m). Since year end, the Group's banking facilities have been extended to 31 December 2027, with the facility reduced from £11m to £8.5m. 2025 Personal Injury 4.6 2.7 1.9 70% Residential Property 0.4 0.4 0.0 10% Consumer Legal Services 5.0 3.1 1.9 63% Critical Care 4.5 5.4 (0.9) -17% Shared Services (1.4) (1.7) 0.3 -16% Cash generated from operations 8.1 6.8 1.3 1G% Operating cash conversion 111% 173% -C2% Exceptional costs (0.7) (0.2) (0.5) 230% Interest paid (0.3) (0.7) 0.3 -50% Tax paid (0.4) (0.8) 0.4 -52% Drawings paid to LLP members (2.3) (2.1) (0.3) 14% Capex, lease and other (0.4) (0.5) 0.1 -13% Free cash flow 3.9 2.6 1.3 51% Net debt - on 1 January (7.1) (9.7) 2.6 -27% Net debt - on 31 December (3.2) (7.1) 3.G -55% (Roundings exist) £21.0m Net Debt £16.3m £15.5m £13.3m £9.7m £7.1m £3.2m Final Results 2025 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 Highlights - Consumer Legal Services Consumer Legal Services Funnel to cash value creation model 1.High-quality work 2.Value growth in NAL 3.Exceptional customer service 4.Technology and productivity Generate high-quality work through market-leading brands to build strong brand trust and demand. Grow value in NAL to drive business growth and increase profitability. Deliver exceptional service and customer advocacy to enhance satisfaction and trust. Leverage technology and streamline processes to scale productivity and operational efficiency. Clear growth strategy built on four pillars Financial highlights Revenue +4% to £23.8m Underlying operating profit +118% to £4.4m Cash from operations +350% to £5.0m Leading brands in the UK legal services market Strong customer advocacy 95% Client approval rating National Accident Helpline 9.2 8.8 8.9 9.0 9.8 8.0 8.6 8.3 6.2 5.1 4.9 3.5 3.5 3.0 3.6 3.2 Maintained cost efficiency as enquiry generation adjusted to match lower market demand Reduced new enquiry to match panel demand and working capital. 13,389 enquiries generated in 2025 (2024: 19,744). Consistent demand from our panel of third-party solicitors, albeit substantially reduced from previous years. Acquisition cost per enquiry ("CPE") managed back to historical norms after spike in 2024, and maintained within normal range throughout 2025. Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 32% of new enquiries placed into NAL (2024: 30%), which are expected to generate £5.8m of future revenue and cash. 40% 30% 20% 10% 0% -10% Q1 2022 Q2 2022 Q3 2022 -20% Enquiries by quarter ('000) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Enquiry acquisition cost (indexed to 2023 average) NAL is built on proven cohort WIP analysis £6.6m £6.0m £2.1m £6.2m £8.5m £2.8m £5.8m £10.7m £3.5m £13m of future cash is currently embedded in NAL's WIP £1.3m £0.1m £2.1m £2.2m £3.5m £5.9m £0.3m £4.7m £6.0m £0.2m £3.8m £8.4m £0.2m £11.2m £13.0m £14.4m £13.9m £2.3m Investment thesis for NAL proven over the past six years Total value of claims to date £46m Increased litigation has driven growth in average claim values At 31 December 2025, expected value of 7,243 ongoing claims was £13.0m Cohort performance has overdelivered against initial estimates 2019 Cohort - £3.2m cash collected to date compared to initial £2.3m estimate £3.2m £0.1m £0.1m £2.3m £0.2m £0.6m £0.6m £0.7m £0.9m £1.0m Revenue Estimates £m £0.2m New cohort value £3.3m New Enquiries in 2019 Revaluation Cash Received in 2019 Cash Received in 2020 Cash Received in 2021 Cash Received in 2022 Cash Received in 2023 Cash Received in 2024 Cash Received in 2025 At 31 December 2025 Future cash / debtor / accrued 2020 Cohort - £4.9m cash collected to date compared to initial £3.8m estimate £0.4m £4.9m £0.2m £3.8m £0.6m £0.7m £1.0m £1.1m £1.1m £1.3m New cohort value £5.1m Revenue Estimates £m New Enquiries in 2020 Revaluation Cash Received in 2020 Cash Received in 2021 Cash Received in 2022 Cash Received in 2023 Cash Received in 2024 Cash Received in 2025 At 31 December 2025 Future cash / debtor / accrued Highlights - Critical Care Critical Care The brand leader for case management, expert witness, and care services in the UK catastrophic injury sector Our Strategy Our low-risk, low-cost strategy for growth is focused on delivering growth in expert witness and case management and accelerating growth from care solutions. Largest network of associate case managers and expert witnesses, offering geographical reach and an unparalleled range of specialisms and capabilities. Strong clinical governance with a focus on expertise, integrity and professionalism that underpins the quality of our work. Expanded profit margins through the use of technology and the utilisation of employed case managers to reduce delivery costs. Strong cash generation to support scalable investments in infrastructure and innovation. Industry leading partnership with the Child Brain Injury Trust that provides access to the most specialised case management services across the UK. Award-winning business with deep relationships with claimant, defendant and insurer customers. Financial Highlights Revenue +2% to £16.3m 43% recurring revenue Underlying operating profit flat at £4.8m (2024: £4.9m) 29.5% operating profit margin Cash from operations -10% to £4.5m due to growth in expert witness reports, which have a longer working capital cycle Expert Witness The largest provider of expert witness services to the UK catastrophic injury and complex care markets Expert witness services grew revenues by 9% to £8.5m 1,454 reports delivered to customers, an increase of 9% Strong pipeline of future work, with 1,408 new instructions received in the Period, 5% more than prior year Continually growing capacity, with extensive network of 202 expert witnesses across the UK Strong growth in number of expert witness reports issued (5-year CAGR of 15%) 974 1,136 731 885 1,335 1,454 2020 2021 2022 2023 2024 2025 Further growth in expert witness instructions (5-year CAGR 12%) Very strong levels of trust and customer advocacy 97% of customers said they would instruct us again 1,351 1,408 973 1,044 1,142 790 2020 2021 2022 2023 2024 2025 Case Management A leading provider of ongoing case management services to a large client base through a recurring revenue model Case management revenues fell 6% to £6.9m 424 Initial Needs Assessments reports delivered, 13% fewer than last year 447 new instructions generated, broadly unchanged from last year Very strong levels of trust and customer advocacy 94% of customers said they would instruct us again 1,149 ongoing clients that generate recurring revenue through a mix of claimant, defendant and insurer relationships Number of INA reports delivered 504 529 539 490 401 424 2020 2021 2022 2023 2024 2025 Number of ongoing clients 1,208 1,222 1,354 1,406 1,335 1,149 2020 2021 2022 2023 2024 2025 Bush & Co. Care Solutions High-growth proposition providing peace of mind for direct employment and nurse led packages Care Solutions grew revenues by 21%, all of which was recurring Consistent growth profile since launch in 2021, with 4 - year CAGR of 30% 13% growth in the number of ongoing care packages being delivered Continued growth in revenue £705k £516k £297k £372k £855k Delivering a comprehensive range of services including employment support (recruitment and payroll), care management (care planning, nursing and medication management), and clinical governance (training and competency, risk assessments and case audits, and safeguarding) 2021 2022 2023 2024 2025 Outlook Outlook: Q1 Performance 2026 has started well with performance in line with the Board's expectations Group revenues 3% ahead of prior year. Free cash flow of £1.0m, further reducing net debt to £2.2m at 31 March 2026 (31 December 2025: £3.2m). We anticipate lower levels of FCF for the rest of the year due to the expected lower number of case settlements in NAL. Group The Group generated 3,983 new enquiries, 13% more than prior year. The CPE of these enquiries was c. 10% higher than historical norms (2023 average). 1,220 new enquiries were placed into NAL, 5% fewer than prior year. 851 claims were settled, which generated £2.7m of cash from settlements. This was 4% lower than last year. Consumer Legal Services 376 expert witness reports were issued, 8% more than last year. 103 INA reports were issued, 6% fewer than last year. 39 ongoing case cases at 31 March 2026, unchanged from year-end. Instruction levels were strong, growing 18% across all services in the period compared to Q4. Critical Care The Board continues to focus on exploring strategic options to accelerate value for shareholders Disclaimer The information contained in this document ("Presentation") and the presentation made to you verbally has been prepared by NAHL Group PLC (the "Company"). NAHL Group PLC is a UK company quoted on AIM, a market operated by London Stock Exchange plc. This Presentation has not been fully verified and is subject to material updating, revision and further verification and amendment without notice. This Presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000 (as amended) ("FSMA") and therefore it is being provided for information purposes only. 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