London · Delayed Price · Currency is GBP · Price in GBX NAHL Group Earnings Call Transcripts
Fiscal Year 2026
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Q1 momentum continued into Q2, supporting confidence in a full-year outturn in line with market expectations. Bush & Co sale talks ended after the board found no offer providing sufficient shareholder value; alternative strategic and capital-allocation options remain under review.
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FY2025 delivered 3% revenue growth, a 260% rise in underlying profit before tax and a 51% increase in free cash flow, reducing net debt to £3.2m. Q1 2026 momentum continued, while NAL settlement cash is expected to slow as lower claim volumes mature.
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H1 revenue held at £19.2m while statutory PBT rose 289% to £1.9m and free cash flow increased 119% to £1.5m. Lead generation stabilized, net debt reached a 10-year low, and management remained confident in full-year expectations.
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H1 revenue declined 7% amid personal injury market pressure, but PBT improved to £0.5m and net debt fell to £9.0m. Critical Care grew strongly, NAL increased settlement cash, and the Bush & Co sale process advanced.
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FY2024 revenue fell 8%, but underlying PBT more than doubled and free cash flow cut net debt 27%. Critical Care grew, while 2025 priorities include lower acquisition costs, NAL growth and progress on a potential Bush & Co sale.
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H1 continuing-operations revenue rose 5% and PBT rose 31%, alongside a 43% increase in free cash flow. Following the Searches U.K. sale process and supplier-dispute settlement, FY expectations were upgraded, with net cash anticipated by end-October.