Monday, May 23, 2022

Revenue and profit dip at NAHL

Revenue and profit have slipped slightly at Kettering-based NAHL, which operates in the UK consumer legal services market and is behind the brand National Accident Helpline.

According to a trading update for the year ended 31 December 2021, group revenue is anticipated to be in line with the board’s expectations at £38.9m, slightly below £40.9m in the prior year.

Underlying operating profit meanwhile is expected to be at least £4.0m, down from £5.7m last year, though this is also in line with the board’s expectations.

The business noted that COVID-19 continued to have an impact on the group’s markets, with Government restrictions and cautious consumer behaviour supressing accident numbers. The results for 2021 reflect a full year of COVID-19 impact.

James Saralis, CEO of NAHL, said: “While our business continued to experience headwinds throughout 2021, I am pleased with the progress we were able to make on our strategic objectives of creating a higher margin personal injury business and delivering growth in our catastrophic injury business. We grew the book of ongoing personal injury claims in National Accident Law by 166% and grew revenues in Bush & Co. by 9%, driven by our investments in business development.

“During the period, we were pleased to successfully extend our RCF with Yorkshire Bank through to December 2024, providing our business with the liquidity to continue to grow NAL. Finally, I would like to take this opportunity to thank all of our people who have continued to work tirelessly throughout the period to strive for the best results for all of our stakeholders.”

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