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NAHL’s year-end trading update confirms a very significant increase in profitability over FY24 with adjusted PBT ahead by 135%. In addition, consistently strong organic cash generation resulted in net debt falling from a peak of £21.0m in 2019 to a 10-year low of just £3.2m in FY25 (FY24: £7.1m). We anticipate introducing forecasts for FY26 with the Group’s final results but do not expect these to be as strong as the FY25 outcome due to lower investment in NAL enquiries over the past c.18 months.
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