Here is a summary of the trading statement from NAHL Group PLC for the year ending December 31, 2024
Performance Update
Group results are in line with board expectations, with revenues of ยฃ38.8m and underlying operating profit of ยฃ3.9m.
Profit before tax (PBT) increased by 23% to ยฃ0.8m, and adjusted PBT (excluding amortization and exceptional costs) was ยฃ2.2m.
Strong cash flow generation led to a significant reduction in net debt, down 27% to ยฃ7.1m.
Divisional Performance
Consumer Legal Services division saw a revenue decrease due to reduced personal injury enquiries, with an expected revenue of ยฃ22.9m and underlying operating profit of ยฃ2.0m.
National Accident Law (NAL) performed well, with growth in claim settlements and cash generation.
National Accident Helpline (NAH) faced challenges, including changes in Googles search algorithms and industry consolidation, resulting in lower enquiry numbers.
Searches UK, the residential property business, had a strong year with 28% revenue growth.
Critical Care division, Bush & Co., delivered strong results with 9% revenue growth and 10% operating profit growth.
Potential Disposal of Bush & Co.
Exclusive discussions are ongoing for the potential sale of Bush & Co., with due diligence and negotiations progressing.
Outlook
Personal Injury business has stabilized in January, but volumes remain lower than historical levels.
The Group is performing in line with market expectations.
Final results for 2024 are expected to be announced in May 2025.
The update provides an overview of NAHL Groups financial performance and highlights the challenges and growth areas within its divisions. The potential sale of Bush & Co. is a key development, with the outcome expected to impact the Groups future strategy.