**Summary**
NAHL Group PLC, a UK-based marketing and services company focused on the consumer legal market, released a year-end trading update for the financial year ended 31 December 2025. Key highlights include
1. **Financial Performance**
Revenues increased by 3% to £40.0 million (2024: £38.8 million).
Underlying operating profit rose by 86% to £7.3 million (2024: £3.9 million), driven by higher revenues, lower marketing costs in the Personal Injury business, and reduced amortization of intangible assets.
Underlying profit before tax surged by over 250% to £5.0 million (2024: £1.4 million).
Free cash flow increased by 37% to £3.9 million, reducing net debt by 55% to a 10-year low of £3.2 million.
2. **Divisional Performance**
**Consumer Legal Services**Revenues grew by 4% to £23.8 million, with underlying operating profit up 120% to £4.4 million. National Accident Law (NAL) settled 3,197 claims, generating £10.7 million in cash (26% higher than 2024). A new Serious Injury team was established to handle higher-value claims.
**Critical Care**Revenues increased by 2% to £16.3 million, with underlying operating profit flat at £4.8 million. Bush & Co. saw 9% revenue growth in expert witness services, while case management revenues declined by 6%. Bush & Co. Kids, a new initiative, gained positive traction.
3. **Strategic Developments**
The Group explored a sale of Bush & Co., incurring £0.6 million in exceptional costs, but the process ceased in June 2025.
Management maintained enquiry acquisition costs despite challenges from Google algorithm changes and AI Overviews, leading to a planned reduction in enquiries in Q4 2024. New lead channels were developed to reduce reliance on paid search activity.
4. **Outlook**
Trading in 2026 has started well, but lower enquiry levels in NAL are expected to impact FY26 results compared to the exceptional performance in FY25.
The Board continues to explore options to accelerate value for shareholders and will update the market when appropriate.
NAHL plans to announce its final results for FY2025 in May 2026.