NAHL Group upbeat on recent trading momentum

15th Jun 2022 15:39

(Sharecast News) - Legal marketing and service provider NAHL Group said in an update on Wednesday that, since its results announcement on 29 March, it had continued to trade in line with expectations.

The AIM-traded firm, which was holding its annual general meeting, said that in the first five months of the year its consumer legal services division generated 34% more personal injury enquiries than the same time last year.

That, it said, was in a claims market that remained subdued following the impact of the Covid-19 pandemic and the introduction of the Civil Liability Act reforms last year.

Chief executive officer James Saralis said that, in line with its strategy, the group continued to grow and invest in its fully-integrated law firm National Accident Law (NAL).

He said 26% of total enquiries were distributed to NAL in the period, representing an increase in the number of enquiries allocated to NAL of 95% year-on-year.

"In addition to growing the value of its book of ongoing claims, NAL also collected 21% more cash from settlements in the period, compared to the prior year.

"Earlier this month, National Accident Helpline launched a new television advertising campaign intended to further strengthen its brand position and contribute to volume growth."

In the critical care division, James Saralis said Bush & Co had made "encouraging progress" following the effects of the pandemic.

"The number of initial needs assessments (INA) completed and expert witness reports issued to customers in the period increased by 10% and 9% respectively, compared to last year, and the number of instructions for INAs and expert witness reports was up 20% and 13% respectively.

"The board is pleased to report that investment in marketing and business development continues to deliver a strong pipeline of work.

"Overall, the Board's expectation for the full year remains unchanged."

NAHL said it would provide a trading update for the six months ending 30 June on 1 August.

Reporting by Josh White at Sharecast.com