Year End Trading Update

Prior to publication, the information contained within this announcement was deemed by the Group to constitute inside information for the purposes of the UK Market Abuse Regulations.

27 January 2026

NAHL Group plc

("NAHL" or the "Group") 

Year End Trading Update

NAHL (AIM: NAH), a leading marketing and services business focused on the UK consumer legal market, is pleased to provide an update on trading for the financial year ended 31 December 2025 (the "Period").

Group Results

Since the Interim Results on 24 September 2025, the Group continued to trade in line with the Board's expectations. Revenues for the Period are expected to be 3% ahead of the previous year at c. £40.0m (2024: £38.8m), while underlying operating profit is expected to have increased by 86% to c. £7.3m (2024: £3.9m). These increases are primarily due to higher revenues and lower marketing costs within the Group's Personal Injury business, in addition to a reduction in amortisation of intangibles assets which were fully amortised in 2024.

Underlying profit before tax is expected to be c. £5.0m (2024: £1.4m), which is over 250% ahead of the previous year. The Group incurred £0.6m of exceptional costs in the Period, associated with the exploration of a sale of Bush & Co. and cost saving initiatives in the Group's Personal Injury business. 

The Group continued to deliver strong levels of cash generation, and free cash flow increased 37% in the Period to £3.9m (2024: £2.6m). As a result, net debt at 31 December 2025 reduced by 55% to a 10-year low of £3.2m (31 December 2024: £7.1m). 

As previously announced by the Group, the Board has been working with its advisers to explore options to accelerate value for shareholders. This work is ongoing, and the Board will update the market when it is appropriate to do so.

Divisional Performance

In the Group's Consumer Legal Services division, revenues are expected to be 4% higher than the previous year at c. £23.8m (2024: £22.9m). Underlying operating profit is expected to be 120% higher at approximately £4.4m (2024: £2.0m).

National Accident Law ("NAL"), the Group's fully integrated law firm, performed well during the Period and settled 3,197 claims. This generated approximately £10.7m of cash from settlements, which was 26% higher than in 2024 (2024: £8.5m). During the Period, NAL also created a new Serious Injury team to progress more complex, higher-value claims for our customers, which are expected to attract higher margins. 

The Group directed 4,276 new enquiries into NAL, representing 32% (2024: 30%) of the total number of new enquiries generated in the Period. Management believes that these new enquiries will be worth £5.8m in future revenue and cash at maturity. The embedded value of NAL's existing book of claims was further upgraded by £3.5m in the year, reflecting an increase in the average value of claims settled in the Period. This resulted from higher levels of litigation by NAL and clear evidence of sustained claims inflation. At 31 December 2025, management estimates that this book was worth £13.0m in future cash (31 December 2024 estimate: £14.4m). 

During the year, management took positive action to maintain enquiry acquisition costs in line with historical norms, following the one-off changes to Google algorithms and the introduction of 'AI Overviews' which pushed up costs in 2024. As a result, there was a planned reduction in enquiries in Q4 2024 to match panel demand and investment capacity in NAL, and enquiry numbers were maintained at this level through the year, with 13,389 new enquiries generated (2024: 19,744). Consequently, this is expected to begin to impact the outcome for financial year 2026 and beyond, and whilst the Board anticipates this level of enquiry generation will continue for the short-term, several new lead channels were developed during the year and this is expected to reduce future reliance on paid search activity and improve the resilience of lead generation.

In Critical Care, revenues are expected to be approximately £16.3m, 2% higher than the previous year (2024: £15.9m). Underlying operating profit is expected to be flat compared to prior year at around £4.8m (2024: £4.9m).

Bush & Co. continued to experience strong demand for its expert witness services, driving revenue growth of approximately 9%. The softness that has been experienced in the case management market persisted, with revenues 6% lower in the Period, whilst Bush & Co. Care Solutions grew revenues by 20% in the year.

Bush & Co. Kids, a new initiative focused on children and young people that was launched at the end of 2024, has been well received by customers and the increased focus on insurer instructions is yielding encouraging results.

The sale process of Bush & Co caused understandable distraction and uncertainty in the business. Since its cessation in June 2025, and a change of leadership for the division, the Board has been developing plans to deliver meaningful profitable growth over the medium-term. 

Trading in 2026 has started well in both divisions, however, the lower level of enquiries being placed into NAL over the recent past will likely result in a lower outcome for the Consumer Legal Services division in FY26 compared to the exceptional results experienced in FY25.

NAHL intends to announce its final results for the year ended 31 December 2025 in May 2026.

All figures stated in this announcement are unaudited.

For further information:

Notes to Editors

NAHL Group plc (AIM: NAH) is a leader in the Consumer Legal Services market. The Group provides services and products to individuals and businesses in the through its two divisions:

· Consumer Legal Services provides outsourced marketing services to law firms through National Accident Helpline and claims processing services to individuals through National Accident Law, Law Together and Your Law. In addition, it also provides property searches through Searches UK.

· Critical Care provides a range of specialist services in the catastrophic and serious injury market to both claimants and defendants through Bush & Co.

More information is available at www.nahlgroupplc.co.uk, www.national-accident-helpline.co.uk, 

www.national-accident-law.co.uk and www.bushco.co.uk.