Shares in NAHL surged by 9% this morning after the listed claims business reported a return to profit and a dip in net debt.
In calendar 2025 NAHL posted a pre-tax profit of £4.4m, compared with a loss of £39.1m in the previous 12 months. In 2024 it wrote off almost £40m amid a big decline in the number of enquiries from panel firms.
Group revenue rose 3.2% in 2025 to £40m and underlying operating profit by 85% to £7.3m.
Chief executive James Saralis said: ‘2025 was a good year for NAHL, with the group delivering a 260% increase in underlying profit before tax to £5m, while continuing to generate strong levels of cash and reduce net debt [by 55%] to £3.2m at year end. Following a challenging 2024 for the personal injury business, the team successfully managed enquiry generation costs down to historical norms through 2025. Concurrently, the group’s fully integrated law firm, National Accident Law, had another strong year on case settlement while the number of open cases continues to contract as working capital is prudently managed.’
NAHL’s consumer legal services division increased revenue by 4% in 2025 to £23.8m, driven by growth in the PI business of 5%, with revenues of £20.4m (2024: £19.5m). Some 4,276 new enquiries were placed into National Accident Law, less than the previous year (5,892), as the group ‘sought to balance the working capital demands of the business’.
NAHL’s critical care division, operated through Bush & Co, provides rehabilitation and expert witness services for people with life-changing injuries. This turned in a ‘flat performance following the board’s review into the future ownership of the business, which caused inevitable distraction for the management team’. Revenue increased 2% to £16.3m, with 43% arising from recurring revenue linked to case management and care services.
Saralis said 2026 has started well for NAHL, with revenues up 3% in the first quarter. Personal injury enquiries rose 13%. He added: 'As previously announced, the board continues to explore options to accelerate value for shareholders and is engaging with them to hear their views. This work is ongoing, and the board will update the market as soon as it is appropriate to do so.’
In June last year NAHL terminated efforts to sell Bush & Co after failing to secure a deal that would provide 'appropriate value to shareholders'.
Given the group’s current position, NAHL said it 'does not believe it appropriate to reinstate dividends'.
Shares in NAHL Group plc rose 15% to 39p on the news.
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