NAHL residential property division to record 'modest loss'

23rd Dec 2019 07:32

(Sharecast News) - Consumer marketing and services business NAHL Group now expects its residential property division to incur in "a modest loss" in 2019 as a result of a deteriorating residential property market.
While the personal injury unit was expected to perform "marginally ahead" of board expectations, full-year underlying earnings for the group as a whole were now anticipated to be between 5% and 10% below forecasts.

Despite this, NAHL highlighted that it anticipates full-year net debt to be broadly in line with plans.

The AIM-listed firm also noted that its critical care wing remained on target.

Elsewhere, NAHL revealed that it had reached an agreement to terminate its relationship with National Law Partners.

NAHL will receive £5m over the next three years in payment for historic panel enquiries while registering a one-off provision amounting to £1.16m in the current financial year.

"This settlement avoids a protracted dispute and the prospect of complex and time-consuming litigation between the parties," said NAHL.

As of 0845 GMT, NAHL shares slumped 14.32% to 101.54p.