May 2026 Final Results 2025
Introduction
Agenda
Highlights
Financial Review
Business Review
Summary and Outlook
Appendices
James SaralisCEO
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 HighamCFO
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 Profit1 +85% | Profit Before Tax1 +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 |
|
Critical Care |
|
NAHL Group plc
A leader in the consumer legal services and catastrophic injury marketsConsumer 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 model1.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 demandReduced 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 sectorOur 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 modelCase 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 expectationsGroup 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
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