The CEO of NAHL, the marketing and services business focused on the UK consumer legal market, is “pleased with the first half performance of the Group,” with the business profitable, cash generative, and making further progress in reducing net debt.
According to unaudited interim results for the six months ended 30 June 2024, revenue was £19.4m, 7% lower than last year, due to a reduction in revenues from NAHL’s Personal Injury business in what it says was a “challenging and unusually competitive market.”
Profit before tax, however, increased to £0.5m and was almost as high as for the whole of the previous year (FY 2023: £0.6m).
Moreover, net debt at the Kettering-based firm was £9.0m, down 7% from £9.7m at 31 December 2023 and down 22% from 30 June 2023.
The news comes as NAHL negotiates terms with a number of parties for the potential sale of Bush & Co, with discussions hoped to be concluded before the end of the year.
James Saralis, CEO of NAHL, said: “I am pleased with the first half performance of the Group. Despite the challenges presented by a volatile personal injury market, the Group was profitable and cash generative and we made further progress in reducing our net debt. In Critical Care, Bush & Co. performed very strongly in the first six months delivering double digit growth in revenue and profits.
“NAH faced a more difficult, highly competitive market in the Period but we continue to take steps to improve performance in this area and we expect to make progress in the second half. As a result, the Board is confident in delivering a full year outturn in line with market expectations and I would like to take this opportunity to thank our fantastic team for their continued hard work and commitment.
“The Board is encouraged that negotiations for the potential sale of Bush & Co. are progressing well and it believes now is the right time to consider the potential strategic options and future strategy for the remainder of the Group. While this is at an early stage the Board will keep shareholders updated with further announcements as appropriate.”
