Transcript

Oct 12, 2026

Summary

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.

Good morning, and welcome to the NAHL Group plc investor presentation. Throughout today's recorded presentation, attendees will be in listen-only mode. Questions are encouraged and can be submitted via the Q&A tab situated on the right-hand side of your screen. Before we begin, I would just like to submit the following poll, which I kindly ask you to submit your responses to. I would now like to hand over to CEO, James Saralis. James, good morning. Good morning, Jack. Thank you, and good morning, everyone. Yes, I am James Saralis. I am the CEO of NAHL Group, and I would like to welcome you to our final results presentation. This covers the financial year ending 31st of December, 2025. We released our results on the 7th of May, and we are going to give you an overview of those results today and try to answer your questions. Sat next to me today is Chris Higham, the group CFO, and we are going to walk you through a presentation, which should be on your screen and is also available on our website. That is at www.nahlgroupplc.co.uk. We will take you through the highlights for 2025, and for those of you who are new to the business, I will give you a short introduction into who we are and what we do. I will then hand over to Chris, who is going to present a financial review, including more detail on our strong growth and profitability and cash generation in the year. Then we will go into the business review, and we will dig into the results of each of our two trading divisions in more detail. Finally, we will finish with an outlook. I am sure there will be plenty of time at the end for questions. In fact, I can see that we have already got one question come through already. If you do want to submit a question, then you can do so at any time, and we will try and answer as many as we can at the end. Without further ado, we will get started, and turn to the financial highlights. I am really pleased to report a strong set of results for 2025, with a very significant growth in profits and cash generation and a further reduction in net debt. The group grew revenues by 3% to GBP 40 million, and we delivered a very strong 260% increase in underlying profit before tax to GBP 5 million, which included an exceptionally strong performance in our Consumer Legal Services division. Our free cash flow was up over 50% to GBP 3.9 million, and that was largely driven by growth in settlements in our law firm. That meant that our net debt reduced by 55% to GBP 3.2 million at the end of the year, and that is a 10-year low in our debt. Now, we will return to some of these numbers shortly, but I wanted to share some of the operational highlights from across the divisions too. In Consumer Legal Services, and this includes our personal injury business, the division increased revenues by 4% to GBP 23.8 million. Underlying operating profits were up by 118% to GBP 4.4 million in what was a very strong performance. The Group's fully integrated law firm, National Accident Law, or NAL, as I will refer to it as, had another good year, and there are clear signs of its growing maturity. 4,276 new inquiries were placed into NAL. That is slightly lower than the previous year's. We sought to balance the working capital demands of the business, but we estimate these new inquiries will be worth GBP 5.8 million in future revenue and cash. NAL settled 3,197 claims in the year, and the average revenue per claim settled was actually higher than 2024. These claims generated GBP 10.7 million of cash from settlements. That is up 26% year-on-year. National Accident Helpline generated 13,389 inquiries in the year, and that really reflects the lower levels of demand from our panel of third-party law firms and also our prudent working capital management. Inquiry numbers were actually fairly consistent throughout the year, and the cost of acquisition, so the CAC, or as we call it, the cost per inquiry or CPI, that remains broadly in line with historical norms. Turning to Critical Care then. 2025 was a somewhat challenging year for Bush & Co due to the review that the board conducted into the future ownership of the business, which understandably proved to be quite a distraction to the management team. Revenues increased by 2% to GBP 16.3 million, and importantly, 43% of these revenues were from recurring revenue sources linked to case management and care services. Profits were flat, but the business generated GBP 4.5 million of cash from operations. Within Bush & Co, Expert Witness Services had another strong year, growing revenues by 9%, and Bush & Co Care Solutions continues its strong growth trajectory with revenues up by 21%. Pleasingly, the new year, 2026, has got off to a solid start, and the team are exploring several exciting initiatives to deliver meaningful growth over the medium term. Those are the highlights for 2025. Before I hand over to Chris to talk through some of those results in more detail, I thought I would provide a brief recap of who we are and what we do for those of you who are new to our business. NAHL is a leader in the U.K. Consumer Legal Services and catastrophic injury markets. We help people who have had an accident or suffered medical negligence that was not their fault to get their lives back on track. In our 30-plus year history, we have helped over 1 million customers access over GBP 1 billion in compensation by providing legal support and rehabilitation services. We provide services and products to individuals and businesses through our two divisions, which we call Consumer Legal Services and Critical Care. In Consumer Legal Services, we are one of the U.K.'s leading providers of personal injury advice, services, and support. We have a really strong heritage in this market. In fact, we have helped more people injured in accidents in the U.K. than anyone else. Through our trusted brands, which include National Accident Helpline, we guide accident victims through the steps of making a personal injury claim. We triage those claims, and for those that we think have legal merit, we either process those claims ourselves in our own fully integrated law firm called National Accident Law, or we pass them to one of our panel of specialist third-party law firms, or to our joint venture, which is called Law Together, for processing. Distributing claims to our panel, that provides us with access to quick profit and cash flow, with firms typically paying in 30 days. However, appetite for this service has declined over the past 10 years because of regulatory pressures on law firms and market consolidation as well, which ultimately led to us launching NAL in 2019. If we process those claims ourselves in NAL, then we achieve much higher levels of profit, but with a much longer working capital cycle, as these claims can take over two years, on average, to process. The joint venture really helps us to balance those two extremes. Also, in this division, we operate a small but very profitable property searches company called Searches UK. In our other division, Critical Care, Bush & Co. is a market leader in expert witness reports, immediate needs assessments, and case management rehabilitation services in the U.K. This year, Bush & Co. celebrates its 40th year in the industry. We support children, young people, and adults following a catastrophic injury or clinical negligence. Bush & Co. deal with the most serious injuries, so these often lead to life-changing disabilities, including things like acquired brain injuries and spinal cord injuries. Claims in this part of the business, claims settlements usually go into the millions. We also launched an award-winning care proposition in 2021 that is growing rapidly and offers services for customers who directly employ nurses and carers, generally after their claim has settled. So those are our two trading divisions. We also have a centralized shared services division, which provides strategic leadership and support with funding and governance. Over the years, we have built an inclusive and supportive culture with a strong focus on employee engagement, and that really helps us to recruit and retain top talent across the U.K. We are really proud to have been recognized externally for this culture, having been awarded the gold standard by Investors in People and included in the best small companies list in recent years. Hopefully, that should give you a good overview of who we are and the progress that we have made so far this year. I will now hand over to Chris, who is going to take you through a review of our financial results. Thanks, James. I will start with the P&L. So we generated revenues of GBP 40 million in the year, and that was an increase of 3% over the prior year. Both divisions delivered top-line growth. Consumer Legal Services grew by 4% and the Critical Care division grew by 2%. We saw strong growth in underlying operating profit, which increased by GBP 3.4 million or 85% to GBP 7.3 million. That growth was primarily delivered from the personal injury business, which generated an underlying operating profit of GBP 4 million, an increase of GBP 2.4 million on the prior year. The profit increase was driven by strong case processing performance in NAL or National Accident Law, our wholly owned law firm, alongside reduced marketing costs as we brought inquiry generation costs back in line with historical norms following what was a turbulent year in 2024. We also placed fewer inquiries into NAL during the year, which has a beneficial effect on the P&L in the short term, but does mean we have a smaller book of work that we are working going forwards. I will touch on that more in a future slide. Our residential property business, Searches UK, generated profits of GBP 0.4 million. That was in line with 2024. Profits from Critical Care were GBP 4.8 million. That was a 1% reduction on 2024. The potential sale process for Bush & Co undoubtedly had an impact on performance during the year, but the business finished the year strongly, and that is continuing into Q1. We incurred exceptional costs of GBP 0.6 million relating to the aborted sale process of Bush & Co, but also including some management restructuring. Shared services costs were in line with the prior year, and other items fell by GBP 1 million to GBP 0.2 million. The key driver here was that there was no repeat of the GBP 0.8 million in amortization costs relating to intangibles, which were fully amortized in 2024. Non-controlling interests relating to our joint ventures were in line with the prior year at GBP 1.9 million, and net interest were low as debt levels continue to fall. This all resulted in an underlying operating profit before tax increasing by 260% to GBP 5 million, and underlying EPS increasing from 2.5 pence to 8 pence. Moving on to cash, and we saw another strong year on cash generation. Cash generated from operations grew by 19% to GBP 8.1 million, and each business contributed to that performance. Personal injury business generated GBP 2.3 million of cash after payments made to LLP members. This was a GBP 1.6 million increase on the previous year. This was driven by the same reasons as the growth of P&L performance. Although within this amount, the cash generated from claims settled in the year continued to climb, reaching GBP 10.7 million compared to the GBP 8.5 million we saw in 2024. Residential property generated GBP 0.4 million in line with the operating cash, in line with the operating profit figure. Critical Care continues to generate good levels of cash, contributing GBP 4.5 million. This was a little lower than the operating profit, and this is driven by an increase in revenues from our Expert Witness Services product, which carries a longer working capital cycle. After exceptional costs, interest, tax, and CapEx, the resulting free cash flow was GBP 3.9 million, and that was an increase of 51%. This further reduced net debt to GBP 3.2 million, down from the GBP 21 million peak we saw in December 2019. That cash performance has continued post-year-end, with a further GBP 1 million reduction to net debt, down to GBP 2.2 million at the end of the first quarter. We do expect that to slow during the year as the low volumes placed into NAL over the past two years start to impact cash from settlements. It's been an encouraging start to the year. Finally, we extended our banking facility to the emerging money through to the end of 2027, in May this year, and reduced the facility size down by GBP 8.5 million to save costs. I'm going to pass it back to James, who's going to give some more color on the Consumer Legal Services division. Thank you, Chris. National Accident Law, and its associated brands form an integrated, high volume, high quality legal services ecosystem that converts inquiries through to cash on a proven scalable operating model. We do this by focusing on leveraging our market leading brands and by improving unit economics and by providing exceptional service to our customers through targeting market leading levels of productivity. I'm not going to dig into everything on this page, but I just wanted to talk about, on the left-hand side, we've developed a clear growth strategy built on four pillars. Firstly, we aim to generate high quality work by leveraging our market leading brands to build strong brand trust and demand. National Accident Helpline is one of the sector's most trusted brands, so it's generating high numbers of quality inbound leads that can then be triaged in our call center in Kettering. We'll explain a little bit more about that on a later page. We also relaunched our Underdog brand last year. That featured quite heavily on TV 10 years ago. We now see that as a vehicle to increase our presence on social media in the future, and we're starting to work on that in 2026 and beyond. The second pillar is about growing value in NAL to increase profitability and sustainability of the model. Scale is really important to us because it helps us to offset the fixed cost of running a law firm. Things like compliance, premises, insurance, finance, et cetera. At the end of 2025, Chris will talk more about this later, NAL was processing over 7,000 personal injury claims, and we anticipate that they will generate future cash receipts of GBP 30 million. The third pillar is to deliver exceptional customer service, which drives customer advocacy and trust, and then that creates a positive feedback loop back into our marketing. Both NAL and NAH are rated excellent on Trustpilot. Our customers say we've got a friendly, caring, and empathetic staff that are there to support them when they feel vulnerable and need help, and that's something that we're incredibly proud of. The final pillar is tech and productivity, and this is really important to drive profitability in a fixed cost environment. We work hard to try and industrialize the processes to shorten the cycle times and apply things like data discipline. In that way, we can treat claims almost like a managed portfolio rather than individual bespoke matters. That really helps us to reduce risk, and improves our ability to forecast and to convert cash. In practice, what that means is we look at claims in cohorts, and we track their behavior and their outcomes, and that helps us to predict future performance. Chris will talk a bit more about that on how we track cohort performance and the results that we're seeing from that in a future slide. Finally, when it comes to technology, it's probably worth adding that AI tools are now part of many of our team's daily workflows, whether that's in marketing for building creative assets or analyzing website performance, or in IT for deploying code or building APIs for our websites, or in legal, where we use AI for research and extracting files from customer emails. This is an important part of our business now. It's an ongoing program of change across the business in development, and I'd say we are well-placed for further AI developments in the future. If we go on now to dig a bit deeper into a couple of the strategic pillars to drive value, we'll start with the first one, which is about generating high quality work. Through our market leading brands, including National Accident Helpline, the business generated 13,389 new inquiries in 2025. An inquiry for us is a lead that we've generated. Could be through our own website, could be through paid search, or through one of our partners, and that's being triaged by our helpline call center, and we think that it meets our claim criteria and has legal merit. Then we have a choice to make whether to process it ourselves in NAL or place it in our panel or with our joint venture, as I mentioned earlier on. The number of new inquiries that we generated in 2025 was lower than in previous years. That's because we experienced a new reduction in demand from the panel towards the end of 2024. We reduced our lead generation to compensate for that. You can see from the chart on the top right that the number of inquiries generated was actually fairly consistent throughout 2025. The mix of accident types remained really strong. In fact, if anything, I think we improved the mix during the year. We saw a higher proportion of road traffic accidents or RTAs, and more employers' liability claims in the period as well. That is good news for us because these claims are worth more and it demonstrates that we were more effective in targeting those accident types in our marketing campaigns. Another really important KPI that we obsess over is the cost per inquiry or CPI. I mentioned that earlier on. You can see from the chart on the bottom right of the page that we saw a spike in CPI in 2024. In fact, it was a spike to the level that we have never really experienced before. That was following the introduction of AI Overviews to Google Search and a much more competitive paid search environment. However, we have successfully managed CPI back down to historical trends, and we have held it there, or within at least 10% of that level ever since. That response I talked about, our response to that spike, that was really structured around four elements for us. Firstly, we invested in our internal marketing team. We recruited a new marketing director who started with us in January 2025. We recruited a head of CRO and SEO, and we strengthened our paid search team as well. Secondly, we developed a much more targeted approach to Google Search, focusing on quality of leads rather than quantity, focusing on value rather than volume. We have been working on developing our tracking of leads through to claims, and successful claims, so that we can understand the outcomes of those claims and then create a feedback loop to prioritize certain search criteria. That seems to be working quite well for us. Third, we have been investing in organic search, and we have been rewriting the content across our websites and made it more relevant to the LLMs, and AI that people are increasingly transitioning to search for answers for complex issues like personal injury. Finally, we have developed a number of new partnerships that should help us to reduce the risk of disruption, and the concentration risk around Google Search, and the changes associated with that in the future. If we look further ahead, we have got some exciting plans for 2026 and beyond around how we become even more efficient in marketing. They include developing an even deeper understanding of the return on advertising spend of different lead types and lead sources, improving our cost attribution so that we can optimize our marketing even further. We are re-platforming our NAH websites later in the year, and that is going to make us more agile in how we deploy changes to the site, and also make the website more resilient. Lastly, we are scaling our own brand channels. That includes developing new skills internally to leverage AI tools so that we can develop more creative assets in-house, and that should help us to further de-risk paid search. Lots and lots of development and lots of innovation going on in this area, and we have learned quite a lot actually from the challenges of the past couple of years. That is how we are generating inquiries. Turning then to how we distribute those inquiries. I mentioned lower demand from our panel. We also placed over 3,300 new inquiries into our joint venture law firm, Law Together. Law Together had another really good year. It grew revenues by 18%, and we continue to place work here as it generates a higher return per inquiry than the panel, albeit it has a longer working capital cycle. Finally, we placed over 4,000 new inquiries into our own law firm, NAL, in the year. On that note, I will now hand over to Chris, who is going to provide an update on the second pillar of value creation in NAL, and that is the performance of the claims book in NAL. Thanks, James. Some of you may be familiar with this slide already. This essentially shows the evolution of the law firm since its inception in 2019. It is also one that demonstrates the investment thesis has improved over the past six years that NAL has been in existence. For those who are less familiar, I will just take a moment to explain what the chart is showing. The orange bars on the chart, they represent the revenue and cash that we expect to generate from new cases added into NAL in a particular year when they settle, when they ultimately settle. The pink color bars, that shows the amount of cash we have collected from settled cases in the year that the cash came through. The green bars show any adjustments we have made to our initial estimates on the value of the cases that we are processing. Finally, the purple bars, they show the expected future cash to come from open cases at the different balance sheet dates. To take a particular example, if I move over to the far left-hand side of the chart, that is the 2019 cohort. These are all the cases, the inquiries that we placed into NAL in 2019. We initially expected those to generate GBP 2.3 million in future revenue and cash as those cases ultimately settled. These cases can take a number of years to settle, but we did see GBP 0.2 million of cash collected from settled cases in that year. That meant we closed out the year with an open book worth GBP 2.2 million in future cash. That process repeats itself through the chart. What you can see as the chart progresses and matures is that the cash cycle starts to catch up, and by 2023 we more or less reached maturity in the law firm in that the value of the new cases going in was almost matched by the level of cash that would be generated. You can see GBP 6.6 million of new cases added in 2023 against GBP 6 million of cash being collected. Since 2023, the number of inquiries we placed into NAL was reduced as we prudently managed working capital to drive down our net debt. This has meant the amount of cash that has been generated from cases started in previous years has started to exceed the value of new claims being taken on. We have continued to see strong performance from the cases exceeding our expectations, and that is partly driven by damages inflation, but also due to our processing tactics around litigation. This has resulted in some material revaluations over the years. 2025 was no exception where we positively revalued the book by GBP 3.5 million. Despite this, what you can see in 2025 is that the value of the open claims book has still reduced from GBP 14.4 million at the end of 2024 to GBP 13 million in 2025. With the number of ongoing claims reducing from 8,473 down to 7,243. We have seen that trend continue into Q1, where we generated GBP 2.7 million in cash from settlements against GBP 1.7 million of expected value from the new cases that we have taken on in Q1. Since the law firm was incepted in 2019, we started new claims that will ultimately generate us around GBP 4 million-GBP 6 million in revenue and cash as they conclude. GBP 36 million of that has already been collected. On this slide, this shows a different view for the life cycle of the cases on the individual cohorts themselves. The top chart shows the new claims taken on in 2019. This is the same example that I outlined on the previous slide. In 2019, we put the inquiries into NAL that we expected to ultimately generate GBP 2.3 million in revenue and cash. The cases performed well and so far generated GBP 3.2 million in cash from those cases that have closed and ultimately settled successfully. We still have a handful of claims ongoing, and we expect those to deliver a further GBP 0.1 million in value. That means that this cohort has actually delivered us GBP 3.3 million across its life, against the GBP 2.3 million we initially expected, resulting in a GBP 1 million positive revaluation. It is a similar story for 2020. New cases added were expected to generate us GBP 3.8 million in future revenue in cash. To date, this cohort has delivered us GBP 4.9 million in cash collected from settled claims. Again, we still have a number of claims ongoing there. We expect GBP 0.2 million of value to come through from them. That ultimately has resulted in a GBP 1.3 million positive revaluation on this cohort as well. Just before I hand back to James, I think we are really pleased with the performance we have seen in NAL, particularly around the additional value we have been able to extract from cases as the law firm has matured and grown up over the past six years. A lot of that is driven by the litigation tactics that we have been able to employ in our operational processes. Despite that, I think we will see a slowdown in terms of the cash from settlements that we have been seeing over the coming periods, just as that lower case volumes that have been going into NAL, they start to catch up in terms of that working capital cycle. Back to you, James. Great. Thank you, Chris. Let's turn our attention next to our other operating division, which we call Critical Care. Our award-winning Critical Care business, Bush & Co, is the brand leader in this market. I think it is fair to say that 2025 was not a vintage year for Bush. The board conducted a review into the ownership of the business, which completed last summer. The work that was involved in this, and the uncertainty, I suppose, that it created, resulted in a degree of inevitable distraction for the management team. That said, the business increased revenues in 2025 by 2% and operating profits were flat. The business also generated a very welcome GBP 4.5 million of cash from operations, as Chris said earlier on. Since the potential sale process ended, the business has seen a change in leadership, and it feels like the management team really has fresh impetus. We have seen performance improve, and the team has been developing some exciting new initiatives that should help us to accelerate growth over the next few years, and I hope to share more details about those with you in future updates. Within Bush & Co, our Expert Witness Services is the largest provider of expert witness reports for the U.K. catastrophic and complex care sector. We are really proud to work with over 200 highly experienced expert witnesses. This part of the business has been growing at an average of 15% per annum over the past few years. In 2025, revenues and the numbers of reports issued, which drives revenues, both grew by a further 9%. We are now producing almost 1,500 reports a year, and they range from care and occupational therapy reports to speech and language therapy reports, and even reports into the suitability of an accident victim's accommodation and home. So, a broad range of specialisms that we cover. These reports generate revenues of GBP 8.5 million for Bush in 2025. Our pipeline of new work is also continuing to grow, and there is strong demand in this sector with the number of new instructions that we generated increasing by 5% in 2025. The level of expertise that our experts provide and the breadth of specialisms and the reports that they produce, and the quality of the work that we generate, that all contributes to our extremely high levels of trust and customer advocacy, with 97% of customers saying that they would instruct us again. That is something that we are all very proud of. If I turn to case management services, Bush generated GBP 6.9 million of revenue from these services in the year. That was 6% lower than last year, as we experienced an increase in discharges from our book of ongoing cases, and also a gradual decline over the last few years in the number of new instructions for INA reports. Our case managers conducted 424 INA assessments and produced reports in the year, and that is still a very high number. These are one-off pieces of work that we bill for, but a significant number of those go on then to convert to ongoing cases, which we can bill monthly recurring revenues for. That is why that is important. The management team have taken several steps to address some of these challenges, which I talked a bit more detail about last time we presented. The most notable of these is the introduction of the Bush & Co Kids proposition. This is essentially a tailored service for children from birth up to the age of 18. This increased focus on children and young people is strategically important for us as a business, because these clients typically have more complex injuries, and they require more specialist support for longer. That means that it results in higher levels of billing and longer case durations as well. Making sure that we can demonstrate that we have the very best expertise and we are able to support children and young people with these needs is really a priority for us. Pleasingly, it has been going very well, and we continue to focus in this area, and we will continue to recruit more specialist case managers with the skills that we need to help grow this segment of the market. Again, whilst we are focused on developing these new initiatives and growing the proposition, the quality of our work and the relationships with our customers and clients are paramount to us, and we are really proud that 94% of our case management customers said that they would instruct us again. If, finally, in Critical Care, Bush & Co Care Solutions really continued its strong growth trajectory, with revenues up 21% in the year to just under GBP 900,000. In the four years since we launched this service, it has been growing at an average of 30% year on year, and I expect us to break through the million-pound barrier for revenues in this business very soon. The number of ongoing care packages which result in monthly recurring income, that increased by 13% in the year, and we are looking at options for how we can accelerate growth in this business over the next few years, including how we can provide more services to these customers, who really value the work that the team do for them. We service these customers over long periods of time. I think that is something that the team are quite excited about and I would say update you on that more as it develops over the next couple of years. That is a quick overview of the results for 2025. If we turn to the outlook now. We have been encouraged by the performance so far through the second half of the year, and I am really pleased to say that the positive trading momentum has continued into 2026. The group has had a good first quarter, delivering in line with our expectations. What that means at group level, our revenues in Q1 were 3% ahead of the equivalent period last year. The cash conversion that we delivered in 2025 continued into 2026. Chris mentioned earlier on, we delivered GBP 1 million of free cash flow in Q1. That helped us to reduce net debt at 31st of March 2026 to GBP 2.2 million. Remember, that is down from GBP 21 million just a few years ago. It is worth emphasizing what Chris said. We obviously can't expect that to continue at those levels of cash generation for the rest of this year as NAL is working with a lower number of expected case settlements now, because we started the year with fewer claims in the hopper. That's kind of naturally what you'd expect, but we've had a good Q1 across the group. Looking at a divisional level, in Q1, National Accident Helpline generated just under 4,000 new inquiries in the quarter. That was 13% more than prior year. The CPI was within that 10% tolerance of the historical norms, which we're happy about. That's going very well as well. We placed 1,220 new inquiries into NAL, which is expected to generate £1.7 million of future revenue and cash. NAL continues to perform well on settlements, with 851 claims settled in the period. That generated £2.7 million of cash. Like I said, we kind of expect that to be managed down slightly as we prudently manage working capital. Turning to Critical Care, we've experienced an 8% increase in the number of Expert Witness Services reports issued in the first quarter, and we issued just over 100 INAs, which is about 6% lower than last year. The real positive is the instruction numbers. They continue to be really strong. In fact, they've grown in the first quarter by 18% across all services compared to the previous quarter. That really bodes well for 2026. Finally, the board continues to explore the strategic options to accelerate value for shareholders. This is an extensive piece of work that is of the highest priority for us. Whilst I can't give a more substantive update today, we'll update the market as soon as it's appropriate to do so. That brings the formal presentation to an end. I'd like to thank you all for joining Chris and I today for NAHL's final results for 2025. We've got time to take some questions, but for the moment, I'm going to hand back to Jack. Brilliant. Thank you both for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions via the Q&A tab on the right-hand side of your screen. For your reference, a recording of today's presentation will be available on the Investor Meet Company platform shortly after the meeting's ended. For now, James, if I could just ask you to chair the Q&A and answer the questions where appropriate, and I'll pick up from you at the end. Yeah. Okay. Thank you, Jack. We've had quite a few questions come in, which is fantastic. Thank you for those. The first question is regarding the board's review of the future strategy of the group. This question is quite direct in its tone, but I'll read it out as it's written and then share my thoughts. At the date of this meeting, it will be almost 11 months since the cessation of the sale of Bush & Co. and the comment from the company that the board is considering its options. You will appreciate that for shareholders who've had to endure a wholly unrealistic share price and market valuation since then, that the board's failure to provide any information to shareholders on these options or the progress they're on is simply unacceptable. Please can you provide some updates during this conference call? Shareholders are part owners of this business. Well, in the interest of openness and transparency, I wanted to read that question out verbatim, and I'd like to respond directly to the shareholder who posed it. What I would say is that, first of all, I want to acknowledge your frustration with the current situation. I understand that. It has been a while since we announced that we haven't been presented with a suitable offer for Bush & Co. and that we were going to go and explore alternative options to deliver value for shareholders. It has been a frustrating time, and I'm not in a position to provide a more detailed update today. But I want to reassure you that since the announcement, this matter has been the number one priority for the board. We have, and we continue to put a lot of effort and resources into solving it. This is not a straightforward challenge, and there's no quick fix, which is why it's taken some time, but we are working really hard on a solution, and we are making progress. We're restricted in what we can say about that work, but you have my commitment that as soon as we can say something more substantive, we will update all shareholders. It's not going to be today, but I look forward to updating you all later this year. I would disagree with your opinion that the board should have provided a more detailed update on progress. I understand you want to know more, and you want to see a resolution to this uncertainty. Believe me when I say that's exactly what I and the rest of the management team want too. As directors, we have fiduciary duties. We have legal and regulatory responsibilities. We have to balance commercial sensitivities, and we need to be fair to all of our stakeholders, whether that's shareholders, employees, and others. But I can assure you that we take these responsibilities extremely seriously, and we take advice from our lawyers and our nominated advisor on what we're permitted to say and what we're not. We follow that advice and make sure that we discharge those responsibilities as you'd expect. Finally, I'd like to say to all of our shareholders, whether you're retail or institutional, that you're all important to us. As a board, we listen to and we carefully consider all of the feedback that we get from all of the shareholders. We consider the implications of decisions on all of our stakeholders. I would like to just reassure everyone on the call that as soon as we have something meaningful to update you, we will be issuing a formal announcement so that all shareholders have access to the update. I look forward to engaging with you more openly regarding this topic at that point. Hopefully that answers that question. Secondly, we have a question from Richard, which is regarding our marketing, about the mix of organic lead generation and how AI is affecting your SEO strategy. I think that is a very good, very relevant question at the moment. Organic lead generation is an important part of the basket of claims that we generate. Historically, that has been at the levels of around 20%, something like that, Chris Higham, of work that we generate. But that has come under pressure over the past 18 months or so. Google is always changing its search algorithms all the time, and companies like ourselves are having to respond to those to try and optimize their marketing. That happens on a quarterly basis. That is part of the day job, really. But what happened in 2024 was something completely different. It was something quite fundamental, and that was the introduction of AI Overviews into Google Search. This is something that affected not just us, but affected all companies across all industries. One of the consequences of that, for people who are not as familiar with this, is that a lot of the search that was done by customers did not result in those customers going onto our websites and other company's websites. Up to 60% of the searches that were done on Google did not result in a click on our website. That is really quite fundamental. The reason for that is the AI Overviews which were trawling all the websites and scraping information from those websites. We are presenting some of the answers to those searches to the customers. If a customer was just researching generally what happens in a personal injury case, what is the kind of compensation that I might be able to expect? How do I go about processing a claim? Previously, they might have come to our website as one of the authorities in this subject, and that gave us an opportunity to explain to the customer who we are and start that claim process. What was happening now is Google were presenting that information themselves, and often that could be an end to the search or the customer would go away and reflect more on it. That is a real problem for all businesses. As a result, just to give you a stat, which is not from our website, but from all websites. Typically, I think SEO traffic is down between 25%-60% as a result of AI Overviews. All companies are grappling with this issue and trying to respond to it, and we are no different to that. Some of the ways that we have been responding, I mentioned earlier on, we have been rewriting all of the landing pages across our website, to make them more relevant for AI Overviews so that we could appear in those AI Overviews ourselves, and then customers could click through those onto our website. That has been a lot of work, but I think we have been quite successful in that. Also just make our websites more accessible and relevant to the large language models that people are increasingly turning to for search now. Going back a few years, people used Google or Bing or other search engines to search. Now, particularly for complex issues like personal injury, people are turning to Copilot and Claude and ChatGPT instead, these LLMs, and that requires a different approach in order to appeal to those websites and appear more prominently in the responses to those questions. A huge amount of work is going into that. That's an ongoing piece of work. We've made good progress in that, and I'm relatively pleased with where we are, but I think that's an ongoing project. Thanks for your question on that. Next we've got a question. How confident are you that inquiry acquisition costs can remain stable given the ongoing AI-driven disruption in online search? Well, actually, that's a very similar. I suppose I sort of dipped into the answer to that question in my last one. How confident am I? I'm quite confident that we are responding in the right way. We're taking the right actions. We are focused on this. And I think we are developing the skills internally and making sure that we have the right external agency support to help us with this. And the results, we'll see what those results come out at over the coming months ahead of us. But this has had a lot of focus internally. I was in a meeting yesterday afternoon, and Chris was as well, regarding this with an agency that we're investing time and money in developing our response to some of this. And so far it seems to be going well. So yeah, I would say I'm relatively confident on that. Next question. Chris, do you want to take this question? Yeah, sure. It's a question from Michael. Says you're now within touching distance of eliminating debt, which is a very impressive achievement. How will your capital allocation policy change, if at all, at the point that business becomes debt-free? Yeah, thanks for the question. So yeah, we're really pleased with the progress we've made in bringing down the net debt. As James said earlier on, we brought that down from GBP 21 million in 2019 down to GBP 2.2 million at the end of this quarter. I do think it will slow a bit this year, so I'm not sure we'll be in a position to necessarily eliminate debt this year. But nevertheless, I think the leverage levels, et cetera, and the position we find ourselves in, I think it changes the dynamics slightly around capital allocation and what we might do going forwards. As mentioned, we've got the ongoing strategy review going on to accelerate value for shareholders, and that's front of mind. And capital allocation forms a big part of those discussions as well in terms of how we accelerate value or return value to shareholders. James also mentioned some ongoing projects within the Critical Care business that we're looking at developing to drive future value as well. So I think for us, I think the question has changed slightly now in terms of where we do. We now have more options in terms of where we can deploy that capital. And I guess nothing to say at the moment in terms of whether that policy has changed or how we're going to change that deployment strategy. But it is a key cog in the work that's ongoing around the strategic review. Yeah. Thanks, Chris. I'll agree. I think we need to think strategically about this. I think the review that we're conducting at the moment will really help to guide this for the future. Okay. Thank you. Jack, I think that's all the questions that we have at the moment. Yeah. Back to you. Perfect. Thank you both for answering those questions. Before we ask investors to share their feedback, which I know is important to you, James Saralis, if I could just ask you for a few closing comments to wrap up with, that'd be great. Yes. 2025 was a good year for NAHL Group. We had a 260% increase in underlying profit before tax and strong levels of cash generation, allowing us to reduce our net debt to a ten-year low of GBP 3.2 million at year-end. The positive trading momentum has continued into 2026, and I've been encouraged by the performance in Q1, with revenues up 3% and net debt reduced further to GBP 2.2 million at 31st of March, 2026. I'd like to thank everyone who's dialed in today, and thank you to those who posed questions as well. I look forward to joining you at a future presentation. Perfect. Thank you both once again. Ladies and gentlemen, could I ask that you don't close the session just yet as you'll now be automatically redirected to a page to give your feedback, which helps the company better understand your views and expectations. On behalf of the management team, we'd like to thank you for attending today's presentation and wish you all a good morning.