Transcript

Oct 12, 2026

Summary

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.

Good afternoon, and welcome to the NAHL Group PLC investor presentation. Throughout this recorded presentation, investors will be in a listen-only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I would like to submit the following poll. I would now like to hand you over to James Saralis, CEO. Good afternoon, sir. Thank you, Lily, and good afternoon, everyone. I am James Saralis. I am CEO of NAHL Group, and I would like to welcome you to NAHL's interim results presentation. This covers the six months to the 30th of June 2025. We released our interim results on the 24th of September, and we are going to give you a bit of an overview of those results today and try and answer your questions. With me here today is Chris Higham, the Group's CFO, and we are going to work through the presentation, which should be on your screen now, and it is also available in the investor section of our website. That is www.nahlgroupplc.co.uk. I am going to take us through the highlights for the first six months of the year, 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 to present more detail on our strong growth and profitability and cash generation. Then we will dig into the results of each of our two trading businesses in more detail, and we will finish with an outlook. There should be plenty of time for questions at the end, and in fact, I can see that we have already had some questions come through. So if you do want to submit a question, then please do so, and we will try to answer as many as we can. Without further ado, let us get started. First of all, I am pleased with NAHL's solid performance in the first half. The Group has delivered a performance in line with the board's expectations, with strong growth in profitability and cash generation, as well as a reduction in net debt to a 10-year low. Revenue for the group was in line with the previous year at GBP 19.2 million, and profit before tax increased by 289% to GBP 1.9 million, which included an 89% increase in the operating profits for our consumer legal services division. Basic earnings per share was 3 pence, and that was up over 300% on last year. Cash generation remained very strong, buoyed by the growth in cash from settlements in NAL, with free cash flow up 119% at GBP 1.5 million. This allowed us to reduce our net debt to a 10-year low of GBP 5.6 million. That was down from GBP 7.1 million at the start of the year. If I look at the operational highlights for our two divisions. Well, in our consumer legal services division, the turnaround of our personal injury business continues. I am pleased to report that lead generation has stabilized after a challenging year in 2024. I mentioned that underlying operating profit was up 89% to GBP 1.6 million, and GBP 1.4 million of that came from our personal injury business, which was double what it did in the first half of 2024, having rebounded well in the year. Our integrated law firm, National Accident Law, or NAL, is having a strong year. NAL settled 1,648 claims in H1, which generated GBP 5.3 million of cash. That was 33% more than last year. The business also delivered a 57% increase in average settlement values, which we will talk more about later on. As I said earlier, the lead generation has stabilized after a challenging year last year, and the team have effectively managed inquiry acquisition costs to under historical levels, saving GBP 1.3 million in marketing costs. In total, the business generated 6,552 new inquiries, and a total of 2,200 new inquiries were passed into NAL, which we estimate will be worth GBP 2.9 million in future revenues and cash by maturity. Turning to our critical care division then, revenues, operating profit, and cash from operations all increased in the first half, and the business maintained its strong operating profit margins at 31.5%. I am pleased to report that our expert witness services continued to experience high demand. In case management services, while the market has been more challenging, the management team have taken several steps to address these challenges, and we are monitoring progress with these closely. One of these initiatives that I am particularly excited about is the launch of a new proposition called Bush & Co Kids, which is designed to deliver outstanding child-focused support for our younger clients, and I will expand more on that later in the presentation. So those are the highlights so far in 2025. Before I hand over to Chris to talk through the results in more detail, I thought I would provide you with a brief recap of who we are and what we do, particularly for those of you who are new to our business. Well, 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-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 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, National Accident Helpline and Underdog, 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 in our own fully integrated law firm, 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 the panel provides us with access to quick profit and cash flow, with firms typically paid in 30 days. However, appetite for this service has declined over the past 10 years due to regulatory pressures on law firms, which ultimately led to us launching our own law firm in 2019. If we process these claims ourselves in National Accident Law, then we achieve higher levels of profit, but with a longer working capital cycle as the claims take an average 2-3 years to process. The joint venture helps us to balance those two extremes. Also in this division, we operate a small but profitable property searches business called Searches UK. In our other division, Critical Care, our Bush & Co business is a market leader in expert witness reports, immediate needs assessments, and case management rehabilitation services in the U.K. We support children, young people, and adults following a catastrophic injury or clinical negligence. Bush & Co deals with the most serious injuries, often leading to life-changing disabilities. These include acquired brain injuries and spinal cord injuries, with claim settlements exceeding GBP 500,000, and usually into millions. We also launched an award-winning care proposition in 2021, which is growing rapidly and offers peace of mind for customers who directly employ nurses and carers, and this happens 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've built an inclusive and supportive culture with a strong focus on employee engagement, and that helps us to recruit and retain top talent across the U.K. We're proud to have been recognized externally for this culture, having been awarded the gold standard by Investors in People and included in Best Small Companies list in recent years. Hopefully you should now have a good overview as to who we are and the progress that we've made so far this year. I'm now going to hand over to Chris Higham, who's going to take you through a review of our financial results. Thank you, James. Starting with the P&L. Revenue was broadly flat for the first half of last year at GBP 19.2 million. We saw a 2% growth in critical care, whilst consumer legal services were 3% lower. Within that consumer legal services number, personal injury revenues were 5% lower, and this was partially offset by a 7% increase in our searches business. In underlying profit terms, profit grew by over 70% to GBP 3.2 million, with underlying operating profit margin improving from 9.6% to 16.5%. A key contributor to this was the consumer legal services division, which grew operating profits by 89% to GBP 1.6 million in the period. This was largely driven by cost savings, alongside continued improvements within the law firm. Operating profit in Critical Care was up 1% at GBP 2.6 million, and we saw a GBP 0.5 million reduction in amortization relating to business combinations following full amortization being reached in 2024. We incurred GBP 0.2 million in exceptional costs relating to the aborted sale process for Bush & Co, and this took statutory operating profit to GBP 3 million. Profits attributed to non-controlling interests was slightly lower than last year at GBP 0.8 million, and net interest has fallen 50% to GBP 0.2 million in the period due to reduction in net debt. This all resulted in an underlying operating PBT of GBP 2.1 million, 287% higher than the GBP 0.6 million delivered in the first half of 2024. Statutory PBT was up 289% to GBP 1.9 million. Moving on to cash. We have got another strong period on cash generation. Free cash flow, as James has already outlined, was 119% higher than last year at GBP 1.5 million. Underlying cash generated from operations grew 33% to GBP 3.2 million, and cash conversion was again strong at 102%. We continued to manage cash in the personal injury business with investment in new cases, and the business was again cash generative, delivering GBP 0.6 million of cash after drawings made to the LP members. This is in part driven by continued increase in cash collection from settlements, which are up again 32% to GBP 5.3 million in the period. We generated GBP 2.3 million of cash in the Critical Care business. That was 7% higher year-on-year, and there were GBP 0.4 million in cash savings from the shared services division. Finally, the free cash flow, as James already outlined, meant our net debt reduced further to that ten-year low of GBP 5.6 million, and that compares to the GBP 9 million we saw at the end of the first half last year and the GBP 7.1 million we saw in December 2024. I will pass back to James to give an overview of the Consumer Legal Services division. Thanks, Chris. Turn to the next slide. Our strategy for growth in the personal injury market remains to build a sustainable integrated law firm, growing the value of claims that we process ourselves in NAL to generate higher returns. We are making good progress. Coming into the year, I felt like we could do even better. For that reason, I made a number of changes to the leadership team in this business and established a new senior management team comprising of heads of the departments to help drive change in the business. That team are focused on delivering seven strategic priorities. This includes maximizing the return on our marketing spend. It includes developing more value from our book of claims in NAL, realizing the full panel opportunity, and delivering exceptional service to our customers. I'll give a more detailed update on these priorities with the final results. I am pleased to report that we are making good progress, and you can start to see that in the results that we are achieving. Now, revenues in the first half decreased modestly to £11 million. That was due to a 5% reduction in revenues from the PI business, whilst residential property revenues grew by 7%. Our underlying operating profit, as Chris said earlier on, increased 89% to £1.6 million, with personal injury contributing £1.4 million. After deducting the non-controlling interest, which relates to our joint venture, the division generated profit before tax of £1.8 million, and both of our personal injury and residential property businesses were cash generative. I talked earlier in the year about challenges that the business faced in lead generation in 2024, and these were caused by a contracted market and really compounded with a series of major changes to Google search algorithms, including the launch of AIO. These had a really significant impact on the organic search results for firms across our sector, but also, in fact, across all sectors. At NAH, while we fared relatively well through these changes and we held our search ranking positions, many of our competitors across the industry responded by aggressively investing in paid search, and that led to a spike in costs for everyone. We were impacted by this in NAH and also through some of our partnerships. That resulted in inquiry acquisition costs increasing to levels that we have never seen before in our 30-year history. That is a bit of a recap, I suppose, about some of the challenges that we have been facing in the last 18 months. We responded to this challenge, and we have been augmenting that response further in the first half of this year. Just to give you a bit of a flavor for what we have been doing. We have invested in our internal marketing team. We have recruited a marketing director who started with us in January to help us develop our marketing strategy, and we recruited a head of CRO and SEO who started this month and further strengthened our paid search team. Secondly, we have developed a much more targeted approach to Google Search, focused on the quality of leads rather than quantity, by tracking those through to claims and improving our understanding of the outcome of those claims so that we can create a feedback loop to prioritize our search criteria. Thirdly, we have been invested in organic search, and we have rewritten the content across our website, and we started investing incrementally in brands with the relaunch of our Underdog website, which will help us to drive more volume in 2026. Finally, we have developed a number of new partnerships that should help us to reduce the risk of disruption from Google changes in the future. So we have covered a lot of ground over the last 12 months, but there is certainly lots more work to be done in this area. Our focus in the first half was to stabilize and reduce acquisition costs. I am pleased to say that the team's efforts have had a positive effect. You can see on the chart on the bottom right of this page that acquisition costs peaked around September 2024 at a level that was around a third higher than the historical trend. Since then, through the steps that I just mentioned, we have managed to get that back down, and we ended the period at around 5% lower than that historical average. With regards to volume, while I have explained previously that the panel opportunity has reduced materially over the past 10 years, it was that which led us to launch our own law firm in 2019. However, whilst fewer in number than they were standing before, we continue to work with several high-quality third-party law firms, and we distributed over 2,700 inquiries to the panel in the first half of the year. Demand was fairly consistent throughout the first half, but it was significantly lower than last year. So whilst we satisfied all of that demand we received, that was the main reason that the total inquiry numbers reduced in the chart on the top right of the page. We continued to distribute work to Law Together LLP, our joint venture law firm, which is operated in partnership with HDC Solicitors. Law Together performed really strongly in the period, and we distributed over 1,600 inquiries into the firm. That compared to over 1,900 in the equivalent period last year. 2,200 new inquiries were passed into NAL for processing, which represented 34% of the total. That compares to 27% last year. Overall, this was lower than the number of new inquiries placed into NAL last year, but we have to try and manage the recovery in lead generation and balance that with short-term profitability as well. Finally, I am pleased to say that because we are being more targeted in our search criteria, we are seeing an improvement in the quality of work that we are generating. Which means that claims that we are generating are more valuable, and this is better for our panel firms, it is better for Law Together, and it is better for us in NAL as well. I am now going to hand back to Chris, who is going to take us through the performance of the claims book in NAL. Chris. Thank you, James. Yes. Once the inquiry passes across to, some of those inquiries, 2,200 of them passed across to NAL in the first half of this year. If we track the performance on those on a cohort basis, and I think just to try to get into the chart, I think it is worth saying that we have witnessed further improvement within the case performance over the past six months. We have seen that across all cohorts. We have already trialed that a little in the GBP 5.3 million cash that we collected in the first half. We are also seeing the individual value of the claims that are settling deliver higher returns than we initially expected. As for the chart on the screen, I will just spend a few minutes taking you through that, what it means, regarding the book of cases that have been worked within NAL. Some of you will be familiar with these charts already, but for those who haven't seen them before, I will just explain what they are showing. When we look at the case progression performance of the law firm, we do this by grouping the cases that have been taken in on a cohort basis. The cohort is based on the year that the claim started. In this case, on the screen, it is all the inquiries that went into the law firm in 2019. In that year, we placed 2,415 new inquiries into the law firm, and we expected the successful claims from those cases when they settled to generate us GBP 2.3 million in future revenue and cash when they settled. You can see that from the pink bar to the left-hand side. The gray bars, they show the amount of cash that has actually been collected. James outlined earlier on that these cases have a long life cycle. Some of them can take many years to settle. This tracks the kind of maturity of that cohort, if you like, when the cash came through. For example, GBP 0.2 million in 2019, was the first year, and GBP 0.9 million in 2020, and so on. To date, we have collected GBP 3.2 million of cash from 1,225 settled claims in this cohort. You will already realize that that is far surpassing the GBP 2.3 million initial expectation. We had already seen this by the time we got to December's results. They previously uplifted our estimates by GBP 1 million on this cohort. But given there are still 136 claims ongoing, and we continue to see strong underlying case values, we have uplifted the valuation expectation by a further GBP 0.1 million. That takes the total revaluations on this cohort to GBP 1.1 million and the overall cohort value to GBP 3.4 overall. So those 136 ongoing claims need to generate us GBP 0.2 million in future cash, to reach that new expectation of GBP 3.4 million. I am also showing the 2020 cohort, just for context really. It is a similar story that we are seeing in 2020. Volumes are slightly higher. We placed 3,587 into the law firm in 2020 and expected those to generate us GBP 3.8 million in future revenue and cash. Since then, we have collected GBP 4.7 million, so again, that has surpassed the value of the initial estimate. That is from over 1,700 settled cases so far. That included GBP 400K of cash collected in the first half of 2025. There are 231 claims still to settle. The estimated outturn of that cohort has been uplifted by a further GBP 400K in the period, taking the total revaluation to GBP 1.2 million overall. That moves the total cohort value to GBP 5 million. Similar sort of value still to come, so there is GBP 200K that we are still expecting to generate from this cohort from those remaining 231 claims. But again, really strong, consistent performance that we have seen across both of those years. We've included the charts for the cohorts relating to 2021 to 2024 in the appendices that you can look at your leisure. You'll see it's a fairly similar picture that's building across each of those, which is really pleasing. In terms of the overall picture, this is a consolidated view of the cases. This chart tracks the expected value of the new claims when we take them on, and then against the cash that we actually generated from settlements in those calendar years. You'll recognize some of these figures already. In the 2019 section, the GBP 3.3 million in 2019, the GBP 3.8 million in 2020 from the previous two slides. They were the initial expectations of those cohorts when we put the cases in. In 2019, we generated GBP 0.2 million in cash. We generated GBP 1.3 million in 2020, and so on. What you'll see is from the early years of the law firm, as we're investing in new cases, it took some time for the cash to come through, and the value of the new claims added was higher than the cash generated in those particular years. We saw that change last year, where cash collected exceeded the value of new cases added for the first time, and we're seeing a similar trend in the first half of 2025. James already mentioned we added 2,200 new inquiries into the law firm, and we expect successful cases from those inquiries to generate us GBP 2.9 million in future revenue and cash. At the same time, we've generated GBP 5.3 million of cash from settlements of older cases. I spoke about the increases to cohort expectations relating to 2019 and 2020, but we've seen a similar dynamic in all the other cohorts, and that's taken a revaluation in the period to GBP 1.1 million. This is being driven by an improvement in case settlement values. We witnessed that improve 57% year on year. That's a huge increase that we're seeing come through, and that's partly flavored by increased litigation rates that we're seeing in the law firm. We're becoming a lot more tactical in terms of how we're deploying that litigation. This has two impacts really. It drives higher settlement values for our customers, but equally drives higher revenues for the law firm. The total revaluation that we've seen to date since the law firm started is now standing at GBP 6.2 million, so it's really pleasing. At the end of the period, NAL was processing 7,530 ongoing claims. That's around 11% lower than the figure in December 2024. These claims have an expected embedded value of GBP 13.1 million future cash to come, and around GBP 9.6 million in future revenue yet to be recognized. Overall, it's really pleasing to see the performance metrics in the law firm continue to improve and the material impact that this is having on case revenues. As volumes have been lower in the past 12-18 months, the number of open cases has fallen. To stop this falling further and for NAL to reach its medium-term potential, the business would require investment in a greater number of inquiries going forward. I'm going to pass back to James who will cover off Critical Care. Thanks, Chris. Let's now turn our attention to our other operating division, which is Critical Care. Bush & Co had another 6 months of growth, with revenues up 2%, operating profit up 1%, and cash from operations up 7%. Just to remind you that much of this revenue, the revenue that's in the business, is recurring revenue, as we provide clients with case management and care services over a number of years. We deliver some of our services through self-employed associates, and we've had a continuous focus over the past few years in recruiting the best and more experienced associates in key specialisms across the country. I'm pleased to report we've had another successful 6 months of delivering against this. At the end of June, we were working with 226 expert witness associates, 15% more than the start of the year, and 142 associate case managers, which is 8% higher in the period. The business continued to experience high demand for its expert witness services, with revenues for this service line growing 11% in the period. The number of expert witness reports completed and issued to customers increased by 13% to 719 reports. We have a strong pipeline of future work, with new instruction numbers for expert witness reports broadly level with last year at 667 instructions. The most important numbers on this page are the unbelievably strong customer advocacy scores, with 98% of customers saying that they were satisfied with our work and 100% of our customers saying that they wouldn't hesitate in instructing us again, which is really pleasing. Clearly the demand is there. It's fueling our growth, and our services are highly valued by our customers. That's why it's so important that we continue to grow our capacity by increasing the network of associate expert witnesses in key specialisms, and we're going to continue to focus on that. In case management services, the market has been more challenging, but the management team have taken several steps to address these challenges, and we're monitoring progress closely. Revenues were down 9%, and the business delivered 210 Initial Needs Assessment reports, or INAs, in the period. Instruction numbers at 237 were broadly unchanged from last year, and at 30th June, the business was servicing 1,157 ongoing case management clients. That was down from 1,388 the year prior. That number is important as it's the ongoing clients that generate recurring revenue. Pleasingly, the team again delivered remarkably high satisfaction levels from our customers and 98% advocacy scores. Just to dig a little bit deeper into case management for a minute. The reduction in case management revenues that we're experiencing was down to two factors. Firstly, we've experienced a gradual decline in new instructions over the past few years. Instructions drive INAs, and the majority of these INAs go on to result in ongoing case management. It's a key metric. Secondly, I referenced the recurring revenue stream earlier, but we've witnessed an increase in the rate of discharges from ongoing case management over the past couple of years, which reduces the number of cases that our case managers can work on and subsequently bill on. Our analysis suggests that new instructions from insurers in particular fell. They fell by 28%, which appears to be driving a lot of this trend. The work that we've been getting from insurers tends to be less complex, which results in early discharges or a shorter recurring profile. The management team have taken several steps to address these challenges, including the recruitment of a new account management role to better support our insurer customers. We've been providing them with the MI that they require, ensuring that we get on their panels, et cetera. This should all help to increase instruction numbers. Also, I mentioned earlier that we're focused on growing the number of associate case managers, which has increased from 132 to 140 during the period, and ensuring that we recruit the right individuals with the right experience and in the right regions to support our customers. We've also implemented an improved triage process for matching associates to new inquiries, and that's helped us to improve conversion rates from inquiry to instruction. I think the most promising new initiative for me is the introduction of Bush & Co Kids proposition. That was launched at the end of last year. This service aims to deliver really outstanding child-centered support for our clients that's safe and effective and gives the child or the young person a greater voice through their rehab. It's been designed to complement our partnership with the Child Brain Injury Trust, where together we offer the U.K.'s leading case management service focused solely on childhood acquired brain injury. The reason that this focus on children and young people is strategically important is because these cases are generally more complex and require more specialized case management support for longer. This results in higher levels of monthly billing and longer case durations as well. Bush & Co have worked on children's cases for years. You've heard me talking about this previously. We hope that pulling it all together as a more coherent proposition with increased focus and recruiting more people who specialize in this area should result in accelerated growth, in this really important segment of the market. So far, the response from our customers has been quite encouraging. Finally, in critical care, Bush & Co Care Solutions has also had a good first half and grew revenues by 26% to GBP 4 million. The number of ongoing care packages which result in monthly recurring revenues, they increased from 31 at the start of the period to 34. The team continue to provide a great service and to build a great reputation in the marketplace. Just to remind you, they won the Support in the Industry Award at the 2024 PI Awards. That's a quick overview of the results for the first half. If I turn to the outlook, we've been encouraged so far by the performance in the second half, and we remain confident in delivering on market expectations for the full year. In July and August, our consumer legal services, we generated 2,452 new inquiries. That was 12% higher than the monthly average in the first half, and we did that at a lower inquiry acquisition cost. NAL collected cash from settlements of GBP 1.5 million, compared to GBP 1.4 million in the same period last year. In critical care, we issued 230 expert witness reports in July and August. That compared to 239 in the same period last year, and 81 INA reports compared to 88 last year. We have also further strengthened the Bush & Co management team with a new divisional finance director who will support our growth plan for case management. At a group level, net debt has fallen further to GBP 5.5 million at the 31st of August. That was down from GBP 7.1 million, just to remind you, at the start of the year. That brings the formal presentation to an end. I would like to thank you all for joining Chris and me for NAHL's interim results today. We have got some time to take questions, but for the moment, I am going to hand you back to Lily. James, Chris, thank you very much for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab situated on the right-hand corner of your screen. Just while the company takes a few moments to review those questions submitted today, I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. As you can see, we have received a number of questions throughout today's presentation. Could I please ask you to read out the questions and give the responses where appropriate to do so, and I will pick up from you at the end. Okay. Thanks, Lily. We have received a number of questions, so thank you very much for those who have sent in questions. The first one says, "Could you please provide an update on the timeline for the ongoing strategic review and outline the options currently under consideration?" Well, since the conclusion of the Bush & Co sale process, the board has been working with its advisors to explore alternative options to accelerate value for shareholders. In terms of those options, I would say that nothing is off the table. I think we have got a number of strategic opportunities to add scale to our businesses, and we need to carefully consider the best place to deploy our capital. I would say good progress has been made in our personal injury business, which has returned to profitability. But as you saw from the charts that Chris talked you through earlier on about NAHL's book of claims, over the past couple of years, we've been realizing more cash from the book than new claims going in. NAL would require higher levels of investment in new inquiries and case processing if it were to reach its medium-term potential. At the moment we're balancing that ambition with selling work to the panel in order to maintain profitability and cash generation. Accelerating our investment in more claims is something that we need to consider very carefully. In critical care, while there's several exciting acquisition opportunities that have come across our desk, it's been quite hard to deliver in the past in this area as we've been capital constrained. But with net debt falling to the levels that we've talked about, I think this now opens up new possibilities. We've also looked at divestments in the past as well. Some exciting opportunities. I'd like to thank all of our shareholders for their feedback. That's always welcome. Their input's always welcome. We're moving at pace on this, but we're not going to be rushed. It's an important piece of work, and I'm not going to put a date on it, but we'll update shareholders as soon as it's appropriate to do so. The next question is about Bush & Co. "The results of Bush & Co are not as strong as they were last year, and it looks like the market has turned more challenging. Do you think the sale process was a distraction for the team?" Last year was a very strong year for Bush & Co. I'm pleased that we're delivering growth again in 2025. I think you're right to say the market's more challenging, particularly in case management, and I've heard that from a number of our competitors, too. We've got some plans in place to try and turn those trends around. We talked about those a moment ago, but we need a bit of time before we see some results. With regards to the sale process, while it was unfortunate that we were forced to announce that process so early, we put a lot of effort into communicating with our people and reassuring them about the future. But whenever you're planning change, there's uncertainty, and I think that it's inevitable that uncertainty about the future of the business is going to serve as a distraction to the team. But that's in the past now. We've been having some great conversations with the management team about the future of the business, and I'm very excited about the future of Bush & Co. and prospects over the coming years. Hopefully we can move past that now. The next question is what's the growth potential of Bush & Co Kids and Care Solutions in the medium term, and how material could these become to group revenue? If I have a go at that question, you can add in as you like. I'd say Bush & Co Care Solutions, that's been growing at 25%-30% growth rate since we launched it back in 2021. It did GBP 0.4 million in the first half. I think our immediate target is to get that up to GBP 1 million, and I certainly hope to do that over the next 12 months. Bush & Co Kids, I think the opportunity there really remains to be seen. But we hope that is going to lead to more INAs. Those INAs go on to hopefully convert into ongoing case management. And the benefit there is those cases are more complex, so we get more complex cases that we can bill more for, and they last for a longer duration as well. I think it is an exciting opportunity. That is what I would say to that. No, I think that is the key point, really. I think for me it is the longevity of those cases and the fact it gives us the predictability of revenue going out into the future. So definitely the right area for us to be focusing on. Okay. The next question is from Martin. Given the mixed performance across the divisions, what are management's top priorities to ensure the delivery of full year expectations? Do you want to share your priorities and Martin maybe add in some as well? Yeah. More of the same really, I guess. We have seen a strong first half on cash. There is more to do. I think the brokers estimate, or an expectation out there of around net coming down to about GBP 3 million at the end of the year. We think that is doable. So we continue to drive for the same metrics we have in the first half really. It is push for cash. It is to get as many of those settlements through the law firm as quickly as we can. So we are trying to stop operational leakage wherever we possibly can, and that gives us a profit and a cash benefit. And then in the critical care business, the expert witness side of things has been going really well in terms of the growth that we have seen each of the last couple of years. Case management, hopefully with the help of Bush & Co Kids, we will start to unlock some of that. That is probably less of an impact on this year, more into the future. But I guess a lot of the initiatives are the ones we have already kind of trialed in this session. Yeah, absolutely. I think for me in critical care, I think the focus has to be on expert witness, which is driving growth. I think that is something that we need to continue that growth profile, particularly in the shorter term. Case management, I think it is going to take a little while longer to see the benefit of those changes that we have made, but I am confident they will come through. And in personal injury, it is what we have been doing really, as Chris said. Keeping a strong grip on acquisition costs, incremental volume growth, and making sure NAL continues issuing and the sort of the more tactical approach to issuing claims, and settling claims as well. Thanks for the question. The next question is around, so it is what confidence do you have in sustaining earnings growth into FY 2026? Any comments on that, Chris, to start? Yeah. Again, I guess a bit of a rinse and repeat of some of the early answers really. So in the Bush & Co business, I think it continues to leverage that expert witness growth that we are seeing. There is a lot of demand for the work. It is making sure we have got the right experts in place to be able to fulfill that demand. Case management, the Bush & Co Kids area, the extra investment we have put in the team to help unlock some of the case management growth becomes important. So that is what I guess they are the two key areas I would say on the critical care side. On the personal injury side, it is a slightly different dynamic on PI, I think. We are not putting as many inquiries into the law firm at the moment as we have done in recent years. We are balancing that demand for profit alongside the cash investment that we need to make to grow that book for the longer term. That said, there are still 7,500 ongoing claims that we are working. There is a cash value of GBP 13 million there. The profit value, the revenue value, sorry, just under GBP 10 million. And the law firm is performing really well in terms of the operational measures we are seeing. We are seeing higher values come out. We are seeing cases settle a bit quicker than we have done in the past as well. But the tipping point in that business is scale is our friend. There is quite a big cost to being a law firm. You have a big regulatory cost and a back office cost that you need for being a regulated business. The more we can put in, the more we dilute that fixed cost overhead that we have, and the more we can grow the margin. It comes back to a question of where do we deploy our capital really, and should they go to the Bush & Co business or should they go to the personal injury business? That again talks back to the strategy piece that James outlined earlier. Yeah. I would agree with all that. I think in PI in particular, at the moment, we do have a good grip on the cost of acquisition, and we've got some further plans to deploy incremental investment to de-risk the Google risk around that, around paid search. In NAL, the business is fairly consistent now in terms of the revenue it generates every month and the claims it settles every month and the cash that that results in. The question for me is how much investment, how much do we invest in that business because we are gradually running down that book. If we're to realize the potential in that business, we need to invest a bit more. So that comes down to the decisions that we're taking at the moment. Where do we deploy capital? How much do we invest in that business and in critical care as well? Okay. Next question is about something different. It's about AI and automation. How much incremental margin uplift could AI and automation deliver across NAHL's claims processing? Well, it's a great question. It's a very topical question. In fact, we are already utilizing AI tools across the business, certainly in pockets across the business. Largely to automate repetitive tasks. In marketing, we're using it to enhance some of the copy that's in our website and social media posts. We are using it to compare our website with those of our competitors and identify opportunities to improve. We're using it to try and analyze and block fraudulent clicks on our website to try and drive down the cost of acquisition. In IT, we are using it to deploy code to the website. A number of different areas, actually. We've developed a FAQ chatbot in our customer service part of the business. We have developed an email data extraction tool to extract attachments from emails and file them with claims in our case management system. There's lots of different pockets that we've been using it. But what we want to do in the second half of the year is take a more strategic view to AI, and we are doing a piece of work around that and just trying to understand where the bigger opportunities are. We need to do that work and develop those use cases and the business cases that sit alongside that. But I think it is a really exciting area to develop. I think the legal processes are sort of right for this kind of thing, this kind of efficiency tool. I think we are all quite excited about the opportunity to do that. That is something we are going to start looking at in the second half of the year in a more strategic sense. The last question we have at the moment is from Joshua. Would potential acquisitions and investments in NAL be paid for through cash flow or taking on further debt? I think up to now we have been making small investments across the business and we have been doing that through cash flow and through utilizing our revolving credit facility, which we have. You would have seen through the slides that Chris put up with our net debt. I will just bring that up, actually. You can see how we have successfully driven down our net debt over the past few years. You can see there the net debt at period end has been driven down. I mean, we have quite a bit of debt capacity at the moment, I would say, given the profitability of the business. I think that could be utilized to either do potential acquisitions or organic investments. That is part of the conversation we are having at the moment about the future strategy. I think there is a number of opportunities that we have got, but I think, whether we spread that capital across multiple parts of the business or we try and focus on one part of the business and have more impact, that is something else we need to consider. That is very much the focus of what we are talking about at the moment. But we do have debt capacity, and there is lots of exciting opportunities I think we have got to deploy that capital. That brings our questions to an end. We do not have any more questions, but thank you very much for those of you who did submit questions, and I am going to hand back to Lily. James, Chris, thank you for answering all those questions you have had from investors. Of course, the company can review all questions submitted today and will publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to yourself and the company, James, can I please just ask you for a few closing comments? Yes. I am pleased with NAHL's solid first half performance. We delivered strong growth and profitability and cash generation, and we reduced net debt to a 10-year low. The continued turnaround of our personal injury business and the stabilization of lead generation has been particularly pleasing. In critical care, the division increased revenues, operating profit, and cash from operations in the first half. I am further encouraged by the group's performance so far in the second half, and I am pleased to confirm that the board remains confident in delivering on market expectations for the full year. James, Chris, thank you for updating investors today. Can I please ask investors not to close the session, as you will now be automatically redirected to provide your feedback in order that the management teams can better understand your views and expectations. This only takes a few moments to complete and will surely be greatly valued by the company. On behalf of the management team of NAHL Group PLC, we would like to thank you for attending today's presentation and good afternoon to you all.