A personal injury specialist firm says it has continued to expand its practice despite the ongoing issues affecting the sector.
NAHL Group reported to the London Stock Exchange today that its own firm National Accident Law recorded more settlements, more incoming cases and a growing market share in the first six months of this year.
The company’s interim results for the period ending 30 June revealed that revenue increased marginally to £21m and profit before tax was breakeven.
But NAHL said this was in line with expectations and pointed out that net debt was reduced by 14% to £11.5m.
James Saralis, CEO of NAHL, said: ‘In consumer legal services, NAL settled 1,738 claims in the period, an increase of 178% against last year and generated £2.7m in cash, a 77% progression on H1 2022.
‘These numbers clearly illustrate the growing maturity of the firm and are materially contributing to the significant progress we have made on reducing our net debt. Further, we are pleased our market leading brand, National Accident Helpline, continues to grow market share in a stagnated personal injury market.
The company reported that it had a book of 10,611 ongoing claims at 30 June, 7% ahead of a year before. These claims, the company predicted, are expected to convert over coming years into £9.9m of future revenue and future gross profit of £8.6m.
The NAHL group is split into consumer legal services, delivered through National Accident Law, and critical care, offering catastrophic and serious injury market to both claimants and defendants through Bush & Co.
The group share price was unchanged this morning at 56.25p. The value has consistently risen during the last year, having been 32.5p at this point in 2022.
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