NAHL Group PLC Pre-Close Trading Update (9454U)
July 18 2018 - 1:00AM
UK Regulatory
TIDMNAH
RNS Number : 9454U
NAHL Group PLC
18 July 2018
18 July 2018
NAHL Group PLC
("NAHL" or the "Group")
Pre-Close Trading Update
NAHL (AIM: NAH), the leading UK consumer marketing business
focused on the UK legal services market, is today providing a
trading update for the first half of its current financial year,
covering the six months to 30 June 2018.
The Group has performed in line with the Board's earnings
expectations.
The Group's Personal Injury division has continued to deliver
good enquiry volumes in an evolving market and has made progress in
developing its Alternative Business Structures (ABSs). ABS
arrangements provide the Group with an ownership interest in a
company providing legal services and enable NAHL to participate in
that venture and take a share of profit from work processed by the
ABS. The first ABS that was established in July 2017, with NewLaw,
has experienced encouraging levels of closed cases and damages
awarded to injured consumers with associated profits in line with
our expectations. The second ABS, that was established in November
2017 with Lyons Davidson, continues to build scale. The Group's
third ABS, which is currently in the planning phase, is progressing
well and management plans an operational launch in H1 2019.
As we manage these variables and the placement of enquiries in
our business we are seeing a slightly different mix of profit to
that originally envisaged. We expect to see modestly lower levels
of EBITDA offset by lower levels of minority interest, with no
overall impact on 2018 earnings.
The Group's Critical Care division has had a good first half and
is trading in line with the Board's expectations. The team has
worked hard to deliver new commercial contracts with two charities
and an insurer, opening up new relationships with additional law
firms.
The Residential Property division continues to trade in a
challenging housing market, which has been well documented, but
remains focused on margin and is well placed to capitalise on
future opportunities.
The Group continues to invest in cases and developing its ABS
strategy in Personal Injury and can confirm that net debt remains
in line with the Board's expectations.
NAHL will announce its results for the six months ended 30 June
2018 on 18 September 2018.
Russell Atkinson, CEO of NAHL, commented:
"The Group has delivered a good performance in the first half,
as we continue to transition our business model through 2018 and
2019 and I am pleased that earnings are in line with our plans. I
welcome the progress made following the launch of our ABS
structures, which will provide us with greater flexibility in the
way we process enquiries. The long anticipated regulatory changes
in PI are now progressing through parliament. The Government
announced on 16 July 2018 that they anticipate these changes taking
effect from April 2020.
"Critical Care has performed well and although Residential
Property continues to face a challenging market backdrop, both
divisions are contributing meaningfully to the Group's
performance."
For further information please call:
NAHL Group PLC via FTI Consulting
Russell Atkinson (CEO) Tel: +44 (0) 20
James Saralis (CFO) 3727 1000
finnCap Ltd (NOMAD & Broker) Tel: +44 (0) 207
Julian Blunt 220 0500
James Thompson
Andrew Burdis
FTI Consulting (Financial PR) Tel: +44 (0) 20
Alex Beagley 3727 1000
James Styles
Laura Saraby
Notes to Editors
NAHL Group plc is a leading UK consumer marketing business
focused on the UK legal services market. The Group comprises three
companies: National Accident Helpline (NAH), Fitzalan Partners
(Fitzalan) and Bush & Company Rehabilitation (Bush). NAH
provides outsourced marketing services in the personal injury
market, Fitzalan, which includes Searches UK a leading conveyancing
search provider, provides marketing services in the property market
and Bush provides a range of specialist services in the
catastrophic injury market.
More information is available at www.nahlgroupplc.co.uk and
www.national-accident-helpline.co.uk.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTEAKXXFENPEFF
(END) Dow Jones Newswires
July 18, 2018 02:00 ET (06:00 GMT)
Nahl (LSE:NAH)
Historical Stock Chart
From Apr 2024 to May 2024
Nahl (LSE:NAH)
Historical Stock Chart
From May 2023 to May 2024