NAHL Group PLC AGM Statement (9992Q)
June 25 2020 - 1:00AM
UK Regulatory
TIDMNAH
RNS Number : 9992Q
NAHL Group PLC
25 June 2020
25 June 2020
NAHL Group PLC
("NAHL" or the "Group")
AGM Statement
Russell Atkinson, CEO of NAHL (AIM: NAH), the leading UK
consumer marketing business focused on the UK legal services
market, will make the following statement at the Group's Annual
General Meeting ("AGM" or "Meeting") today at 10am:
"Following the Covid-19 update announced on 20 April 2020, the
Group's response to the pandemic continues to evolve and trading
has been broadly in line with management's early scenario
planning.
"The Group's Critical Care division has demonstrated a
reasonable level of resilience in challenging conditions.
Consultants have been successfully utilising technology to deliver
case management services remotely, albeit volumes have been
slightly reduced, and are now restarting face to face meetings as
lockdown measures ease.
"The Group previously indicated that it would look to optimise
the structure of the business to maximise efficiencies and has
combined its Personal Injury and Residential Property businesses
into a new Consumer Legal Services division, which has been
significantly impacted by Covid-19. During the early weeks of the
UK's lockdown, volumes dropped by between 75-90% compared to
pre-Covid levels. This is a result of fewer vehicles being on the
roads, the number of workers furloughed or working from home and
the housing market coming to a standstill. More recently, as the UK
has emerged from lockdown, conditions have improved somewhat, and
we are currently experiencing volumes that are approximately 50%
below pre-Covid levels. Throughout the pandemic period, we have
actively recalibrated our marketing activity and are encouraged by
recent improvements in our SEO performance.
"The Group has proactively taken steps to manage its balance
sheet and as at 31 May 2020, net debt was GBP21.7m with a GBP25m
revolving credit facility committed until December 2021. As
clarified at the time of the 2019 Final Results, the Group
continues to have positive discussions with its bank regarding its
debt facility and does not anticipate the need for further
funding.
"Whilst the Board acknowledges the progress being made, with the
UK only recently starting to re-open, it remains too early to
quantify the full impact on 2020 with any degree of certainty. That
said, given the Board's experience in navigating change in
difficult markets, I remain confident in the Group's ability to
emerge from this period as a sustainable business."
As previously announced, in accordance with Government
guidelines and in order to safeguard the wellbeing and health of
shareholders and employees, only two shareholders, who are also
Directors, will be physically present at the AGM.
Details of the voting on the resolutions to be proposed at the
AGM will be published via RNS later today, as well as being made
available on the Company's website.
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/James Thompson (Corporate 220 0500
Finance)
Andrew Burdis (Corporate Broking)
FTI Consulting (Financial PR) Tel: +44 (0) 20
Alex Beagley 3727 1000
James Styles
Sam Macpherson
Notes to Editors
NAHL Group plc (AIM: NAH) is a leader in the Consumer Legal
Services ("CLS") market. The Group provides services and products
to individuals and businesses in the CLS market through its two
divisions:
-- Consumer Legal Services provides outsourced marketing
services to law firms through National Accident Helpline and
Homeward Legal; and claims processing and conveyancing services to
individuals through Your Law, Law Together, National Accident Law
and National Conveyancing Partners. 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 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
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