NAHL Group backs outlook but sales struggle in first half

(Alliance News) - NAHL Group PLC on Wednesday hailed a drop in debt to a 10-year low after mixed first half results which saw profits jump despite a modest drop in sales.

The Kettering, England-based consumer marketing services provider focused on the legal services sector said pretax profit multiplied to GBP1.9 million in the six months to June 30 from GBP501,000 the year prior.

The bottom line benefited from lower administrative expenses and reduced finance costs despite revenue easing 1.0% to GBP19.2 million from GBP19.4 million a year ago.

Consumer Legal Services revenue was down 3%, partially offset by a 2% increase in the group's Critical Care division.

Cash generation remained strong, with free cash flow more than doubled at GBP1.5 million from GBP700,000 last year, while net debt reduced to a 10-year low, decreasing by 38% to GBP5.6 million compared with a year ago.

Chief Executive James Saralis said it was a "solid" first half performance, while the debt reduction was a "considerable achievement".

He said the firm continues to work with advisers to explore alternative options to accelerate shareholder value following the the cessation of the Bush & Co sale process.

NAHL said it remains confident in delivering a full year outturn in line with expectations, noting , 2,452 new enquiries generated in Consumer Legal Services in July and August, 12% higher than the monthly average in the first half.

In Critical Care, in July and August, 230 expert witness reports were issued, compared to 239 last year, and 81 initial needs assessment reports, compared to 88 last year.

Shares in NAHL fell 4.3% to 55.04 pence each in London on Wednesday afternoon.

By Jeremy Cutler, Alliance News reporter

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