Interim Results

NAHL Group PLC

30 September 2026

 

30 September 2026

NAHL Group plc

("NAHL", the “Company” or the "Group")

Interim Results

First half performance in line with management’s expectations; delivered increases in revenue, profit before tax and strong cash generation as well as progress against the Group’s overarching strategy

NAHL (AIM: NAH), a leading marketing and services business focused on the UK consumer legal market, announces its unaudited interim results for the six months ended 30 June 2026 (the “Period”).  Unless otherwise stated, the results quoted are for continuing operations.

Financial Highlights

• Group revenue was £18.3m, representing an increase of 5% on the prior year (H1 2025: £17.5m) primarily driven by growth in the Personal Injury business, which grew revenues by 7%. 
• Underlying operating profit grew 13% to £3.4m (H1 2025: £3.0m). 
• Profit before tax increased 31% to £2.3m (H1 2025: £1.8m)
• Basic earnings per share from continuing operations amounted to 3.5p, up 30% versus the equivalent period last year (H1 2025: 2.7p).
• Cash performance remained strong with cash generated from operations increasing 29% to £3.6m (H1 2025: £2.8m) and operating cash conversion2 at 113% (H1 2025: 102%), translating into free cash flow1 of £2.2m, up 43% (H1 2025: £1.5m).
• Net debt3 reduced to £1.1m, 66% lower than at 31 December 2025 and the lowest level since the 2014 IPO.

Divisional and Operational Highlights

Consumer Legal Services

• Revenues increased by 7% to £9.9m, including a 12% increase in revenues derived from processing claims in the Group’s wholly-owned law firm, National Accident Law (“NAL”).
• Underlying operating profit was 41% higher than last year at £1.9m (H1 2025: £1.4m).
• The business generated 7,256 new enquires in the Period, 11% more than the previous year. Whilst the average enquiry acquisition cost in the Period was higher than the prior year, the Group has witnessed an increase in the quality, and therefore value, of enquiries generated which is reflected in a more valuable mix of work.
• In total, 2,106 new enquiries were placed into NAL (H1 2025: 2,200); 1,840 into the joint venture law firm, Law Together (H1 2025: 1,610); and the balance into NAL’s panel of third-party firms.
• Management estimate the enquiries placed into NAL are worth £2.9m of future revenue and cash.
• The firm settled 1,621 claims in the Period, which was only 2% lower than the same period last year, and 5% more than H2 2025.  NAL continues to drive down the length of the claims settlement cycle through process improvements; and is benefitting from increases in the average claim value, in part through litigating more cases.  In total, these settlements generated £5.7m of cash in the Period (H1 2025: £5.4m).
• At 30 June 2026, NAL was processing 6,623 ongoing claims (31 December 2025: 7,243 ongoing claims). It is estimated that after expensing marketing and processing costs to date, the book of ongoing claims will generate future revenues of £7.2m, and future cash of £11.5m. 
• NAL’s Trustpilot score currently stands at 4.6, rating the business as “Excellent”.
• Post period-end, the Group announced it had entered into a conditional binding agreement to sell Searches UK for an agreed enterprise value of £1,234,000. This sale will allow the Group to focus its full attention on its core markets and aligns with the Board’s work to accelerate value for shareholders.
• Post period-end, the Group announced that it had settled a long-running contract dispute with a supplier. As a result, the division is due to receive £1.85m on or before 15 October 2026 in full and final settlement of the dispute.

Critical Care

• Bush & Co. generated £8.5m of revenues, 3% higher than the prior year.
• Underlying operating profit was in line with last year at £2.6m, and operating margins remained strong at 30.5% (H1 2025: 31.5%).
• Generated £2.4m of cash from operations (H1 2025: £2.3m), and cash conversion was 93%.
• Demand for Bush & Co.'s expert witness services remained strong, and revenues for this service line increased 11% in the Period.
• The number of new expert witness instructions in the Period increased 22% to 817, up from 667 last year, ensuring a strong pipeline of future reports.
• The case management market continues to be challenging, and revenues were down 8%. In response, management are adapting the model to deliver a higher proportion of services to customers through their employed case management team, whilst retaining a smaller network of specialist associate case managers for more complex cases. This should enable more control over demand fulfilment and drive higher margins in the medium-term.
• The Bush & Co. Kids proposition continues to perform strongly. Revenues increased 6% and the number of INAs increased 133%.
• Bush & Co. Care Solutions grew revenues by 20% to £0.5m and increased the number of standalone care packages provided.

Outlook

• As a result of the settlement of the contract dispute, the Board expects profit and cash generation for the current year to be materially higher than current market expectations.
• In Consumer Legal Services, as previously announced, the Board anticipates the number of settlements in NAL will be lower in H2 due to the fewer number of enquiries placed into NAL over the past two years. This is expected to result in lower revenues and cash being generated from settlements.
• Trading in Consumer Legal Services has been encouraging post-period end. National Accident Helpline generated 2,583 new enquiries, 5% higher than  last year. In NAL, as anticipated, the number of claims settled was marginally down, but cash collected from settled claims increased 22% to £1.8m. 
• In Critical Care, instruction numbers were noticeably better in July and August 2026 versus the prior year, in particular in case management. Expert witness instructions were 3% higher at 261, and 82 INA instructions were received, 28% more than last year. 
• The Board has been informed that the UK Competition and Markets Authority has unconditionally cleared the sale of Searches UK and, as a result, the transaction is expected to complete imminently. 
• Following the anticipated completion of the Searches UK sale, and the settlement of the Consumer Legal Services contract dispute, the Board anticipates that by the end of October 2026, the Group will be in a net cash position for the first time since the IPO in 2014. 
• As previously announced, the Board continues to actively explore strategic options to accelerate value for shareholders and is reviewing the Group’s capital allocation policy. The sale of Searches UK is an important step in this process, and the Board continues its dedicated work in this area and looks forward to providing further updates in due course.

James Saralis, CEO of NAHL, commented:

“The Board and I are pleased by the Group’s solid H1 performance. We have delivered revenue growth, increased profit before tax and our cash generation has continued to be strong. Achieving the lowest level of net debt since our IPO in 2014 is also a significant milestone and I would like to take this opportunity to thank our teams for their continued hard work and dedication.

“I am further encouraged that we have made good progress against each of the four pillars that form the basis of the growth strategy for our personal injury business. NAL continues to perform well and in Critical Care, Bush & Co. has grown revenues, helped by the strong demand for its expert witness services and the growth of other aspects of the proposition, including Bush & Co. Kids and Care Solutions.

“The settlement of a long-running contract dispute in our Consumer Legal Services division means the Board now expects profit and cash generation to be materially higher than current market expectations. We also anticipate the Group being in net cash position by the end of October 2026.  Alongside this, we continue to actively explore options to accelerate value for shareholders, including the sale of Searches UK which is now set to complete in October, and we look forward to sharing further updates in due course.”

Investor Meet Company Presentation – 6 October 2026

James Saralis, CEO, and Chris Higham, CFO, will provide a live presentation about the Interim Results on Tuesday 6 October 2026 via the Investor Meet Company platform at 10:00 BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted in advance via your dashboard on the Investor Meet Company website or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and request to attend the presentation via: https://www.investormeetcompany.com/nahl-group-plc/register-investor. Investors who already follow NAHL Group plc on the Investor Meet Company platform will automatically be invited to the presentation.

For further information:

NAHL Group PLC James Saralis (CEO) Chris Higham (CFO)	via FTI Consulting Tel: [phone]
Allenby Capital (AIM Nominated Adviser & Broker) Jeremy Porter/Vivek Bhardwaj (Corporate Finance) Amrit Nahal/Kelly Gardiner (Sales & Corporate Broking)	Tel: [phone]
FTI Consulting (Financial PR) Amy Goldup Erika Gebhardt	Tel: [phone] [e-mail]

Notes to Editors

NAHL Group plc (AIM: NAH) is a leader in the Consumer Legal Services market. The Group provides services and products to individuals and businesses through its two divisions:

• Consumer Legal Services provides outsourced marketing services to law firms through National Accident Helpline and claims processing services to individuals through National Accident Law, Law Together and Your Law. 
• Critical Care provides a range of specialist services in the catastrophic and serious injury market to both claimants and defendants through Bush & Co.

More information is available at www.nahlgroupplc.co.uk, www.national-accidenthelpline.co.uk, www.national-accident-law.co.uk and www.bushco.co.uk.

Interim Management Statement

I am pleased to report NAHL’s Interim Results for the six months ended 30 June 2026.

Overview

NAHL has enjoyed a good start to the year, with growth in revenues, profits and cash generation. Net debt has reduced further to its lowest level since the Group’s IPO in 2014, and progress is being made on the Group’s future strategy.

On 27 August 2026, the Group announced that it had entered into a conditional binding agreement to sell its non-core business, Searches UK Limited (“Searches UK”).  Whilst this transaction continues to progress towards completion, in accordance with IFRS 5, the results, assets and liabilities of Searches UK have been classified as discontinued operations and held for sale respectively and presented separately in the Statement of Comprehensive Income and Statement of Financial Position.  Accordingly, the comparative figures for 30 June 2025 and 31 December 2025 have been restated.  Unless otherwise stated, the results quoted in this interim management statement are for continuing operations. 

Group Results

Group revenue for the Period was £18.3m, representing an increase of 5% on the prior year (6 months to 30 June 2025 (“H1 2025”): £17.5m), driven primarily by growth in the Personal Injury business, which grew revenues by 7%. 

Underlying operating profit increased by 13% to £3.4m (H1 2025: £3.0m). 

Operating profit increased by 19% to £3.3m.  The Group incurred £43k of exceptional costs in the Period, which related to the proposed sale of Searches UK.  In total, the Group anticipates incurring £75k of transaction costs relating to this disposal.  In the previous period, exceptional costs of £185k related to the aborted disposal of the Critical Care division.

Profit attributable to members’ non-controlling interests in LLPs amounted to £0.9m (H1 2025: £0.8m). 

Financial income was flat at £0.1m, and the Group incurred financial expenses of £0.2m (H1 2025: £0.3m) which primarily related to borrowing costs on its revolving credit facility. 

Profit before tax increased by 31% to £2.3m (H1 2025: £1.8m), and after taxation of £0.6m (H1 2025: £0.5m) and discontinued operations of £0.1m (H1 2025: £0.1m), profit for the Period was £1.8m.  This was 23% higher than H1 2025 (£1.4m). 

Basic earnings per share from continuing operations amounted to 3.5p, up 30% on the 2.7p generated in equivalent period last year.

The Group benefitted from a strong cash performance in the Period.  Cash generated from operations was up 29% to £3.6m (H1 2025: £2.8m) and operating cash conversion was 113% (H1 2025: 102%).  This translated into free cash flow of £2.2m, which was up 43% on the prior year (H1 2025: £1.5m).

As a result, net debt at 30 June 2026 was £1.1m, 66% lower than at 31 December 2025 (£3.2m) and the lowest level recorded since the Group’s IPO in 2014.   

Consumer Legal Services

In our Consumer Legal Services division, revenues increased by 7% to £9.9m (H1 2025: £9.3m).  This included a 12% increase in revenues derived from processing claims in our wholly-owned law firm, National Accident Law (“NAL”).

Underlying operating profit was 41% higher than last year at £1.9m (H1 2025: £1.4m).  After the deduction of £0.9m of profit attributable to members’ non-controlling interests in LLP (H1 2025: £0.8m), and £0.1m of finance income (H1 2025: £0.1m), profit before tax for the division increased by 73% to £1.1m (H1 2025: £0.6m).

Before drawings are paid to LLP members, the division generated £2.3m of cash from operations (H1 2025: £1.7m), which included cash generated by Searches UK.  Cash conversion was 112% (H1 2025: 109%).  After deduction of drawings paid to LLP members, the division generated £1.5m of cash, which was 100% more than last year (H1 2025: £0.7m). 

Our growth strategy for our personal injury business is built on four pillars: 

1. Generate high-quality work through market leading brands to build strong brand trust and demand;
2. Grow value in NAL to drive business growth and increase profitability;
3. Deliver exceptional service and customer advocacy to enhance satisfaction and trust; and
4. Leverage advanced technology and streamlined processes to scale productivity and operational efficiency.

We have made progress in each of these areas in the first six months of the year.

The business generated 7,256 new enquiries in the Period, which was 11% more than the previous year.  The average enquiry acquisition cost in the Period was 8% higher than the prior year, reflecting inflation in cost per click on Google ads, and the incremental cost of testing several new marketing channels.  Pleasingly, during this period, we have witnessed an increase in the quality, and therefore value, of enquiries generated.

This is reflected in a more valuable mix of work, which included a 13% increase in employers liability cases compared to the same period last year.  The mix of enquiries in the Period comprised 27% RTA, 43% non-RTA, and 28% specialist (H1 2025: 30%; 39%; and 31% respectively).

In total, 2,106 new enquiries were placed into NAL (H1: 2,200); 1,840 into our joint venture law firm, Law Together (H1 2025: 1,610); and the balance into our panel of third-party firms.  Enquiries placed into NAL generate the highest return but have the longest working capital cycle.

We estimate that the enquiries placed into NAL are worth £2.9m of future revenue and cash by the time they mature.  This is the same value as the prior year but on fewer enquiries. 

NAL continued to perform well.  The firm settled 1,621 claims in the Period (H1 2025: 1,648), which was only 2% lower than the same period last year but on a lower number of ongoing claims, and 5% more than H2 2025.  We continue to drive down the length of the claims settlement cycle through process improvements across the business; and we are further benefitting from increases in average claim value due to claims inflation and litigating more cases.  In total, these settlements generated £5.7m of cash in the Period (H1 2025: £5.4m).

At 30 June 2026, NAL was processing 6,623 ongoing claims (31 December 2025: 7,243).  As anticipated, because of the higher value of settlements realised in the Period compared to new enquiries added, the value of the claims book reduced at Period end to £7.2m of future revenue and £11.5m of future cash, inclusive of a £1.3m revaluation of existing ongoing claims.  This compares to a book value of £8.6m of future revenue and £13.0m of future cash at 31 December 2025.

I am pleased to report that we continue to see meaningful improvements in our customer advocacy scores in NAL.  On 30 June 2025, our Trustpilot score stood at a disappointing 3.5, but as a result of the team’s hard work and dedication, this had grown to 4.6 by 30 June 2026.  This rates NAL as “Excellent” and the Trustpilot platform states that “customers consistently highlight the exceptional customer service” provided by our team.  This is in addition to the Excellent rating already held by National Accident Helpline, which is currently scored at 4.7, giving confidence to our clients and helping support our marketing and lead generation work.

Critical Care

In our Critical Care division, Bush & Co. generated revenues of £8.5m, 3% higher than prior year (H1 2025: £8.2m). 

Underlying operating profit was in line with last year at £2.6m (H1 2025: £2.6m), and operating margins remained strong at 30.5% (H1 2025: 31.5%).  

The division generated £2.4m of cash from operations (H1 2025: £2.3m), and cash conversion was 93% (H1 2025: 89%). 

Demand for Bush & Co.'s expert witness services remained strong, and revenues for this service line increased by 11% in the Period.  The number of reports issued in the Period increased by 2% to 736 (H1 2025: 719), with revenue growth derived largely from inflationary price increases implemented last year. 

The number of new instructions in the first six months of the year increased by 22% to 817 (H1 2025: 667), ensuring a strong pipeline of future reports.  This was driven by both an increase in the number of enquiries from customers, and also an improvement in the conversion rate of those enquiries into instructions. 

The number of expert witness reports produced every month is still constrained by associate capacity, and we continue to seek new ways to attract more associates to Bush & Co. We proudly work with 195 experienced expert witnesses from England and Wales. We are also developing new technology aimed at increasing capacity from our existing associates and speeding up throughput, whilst maintaining the highest quality reports that Bush is known for.

In case management services, revenues were down 8% in the Period. 

Over the past few years, we have witnessed a deterioration in the number of new instructions for initial needs assessments (“INAs”); a reduction in the average invoice value for ongoing case management; a reduction in the number of cases billed each month; and an increase in the rate of discharges from ongoing case management.  Anecdotally, it appears that this challenge is similarly impacting our peers across the industry.

INAs are a one-off piece of work that often convert into ongoing case management, and represent recurring revenues for Bush & Co.  This year, the business delivered 188 INAs in the Period, down 10% on last year (H1 2025: 210), however, average invoice value was marginally higher than last year.  New instruction numbers were down 17% in the Period at 197.

At 30 June 2026, the business was delivering ongoing case management services to 1,069 clients (30 June 2025: 1,157), through our network of 103 case managers. 

In response to these challenges, management are adapting the business model to deliver a higher proportion of services to customers through their employed case management team, whilst retaining a smaller network of specialist associate case managers for more complex cases.  We plan to implement this change fully by early next year, which should enable more control over fulfilment of demand and drive higher margins in the medium-term.

We are also growing our Bush & Co. Kids proposition, which continues to perform strongly.  We have targeted growth in children and young people cases because they are generally more complex, and require more specialised case management support, for longer.  Over time, this should result in higher levels of monthly billing and longer case durations. 

Revenues for Bush & Co. Kids increased in the Period by 6% and the number of INAs increased by 133%.  The team have been investing in marketing campaigns to raise awareness of the proposition and we are optimistic for future growth.    

Finally in Critical Care, Bush & Co. grew revenues in its care solutions business by 20% to £0.5m.  It also increased  the number of standalone care packages, which generate monthly recurring revenue, from 39 at the start of the year to 44 at Period end. 

Proposed Sale of Searches UK

Post period-end, on 27 August 2026, the Group announced that it had entered into a conditional binding agreement to sell Searches UK.  Searches UK has been part of NAHL since 2016 and is a leading supplier of residential and commercial property conveyancing searches and services to conveyancers and solicitors in England and Wales.  This sale will allow the Group to focus its attention on its core markets and aligns with the Board’s ongoing work to accelerate value for our shareholders.

The Searches UK business has had a challenging year so far and revenues have reduced from £1.7m last year to £1.4m in the Period, following the loss of two significant customers.  Operating profit was £0.1m, down from £0.2m last year. 

After taxation, a profit of £0.1m was retained in the Period and has been presented as discontinued operations in the Statement of Comprehensive Income.  Further details on the results for the Period can be found in note 11 to the Interim Results.     

NAHL has signed a binding conditional agreement to sell the business for an agreed enterprise value ("EV") of £1,234,000. This represents an EV/Adjusted EBITDA multiple of 5.25x on the 12-month results to 30 June 2026.

The consideration will be payable on completion of the transaction and will be subject to customary completion adjustments, including to adjust for cash and debt within the Searches UK business and to reflect certain tax and operating payments due.  This is expected to result in the Group receiving cash proceeds of approximately £1,122,000 on completion, before transaction costs of approximately £75,000.

The Board is pleased to confirm that the UK Competition and Markets Authority has unconditionally cleared the sale and we now expect the transaction to complete imminently.

It is intended that the net proceeds generated from the transaction will be allocated against the Group's revolving credit facility. This will have a positive impact on the Group's borrowing costs.

Settlement of Contract Dispute

Post Period-end, on 28 September 2026, the Group announced that it had agreed settlement terms in a long-standing contract dispute with a supplier in the Consumer Legal Services division.

Following a protracted period of discussions, the parties agreed that NAHL would receive an amount of £1.85m in full and final settlement of the dispute.  Under the terms of the settlement, this amount is due to be paid to NAHL on or before 15 October 2026. 

Due to the uncertainty associated with this dispute, the Board had not accrued for this income in its financial results nor allowed for it in its forecasts for 2026.  As a result of this settlement, the Group will forfeit any future revenue under the contract, which was not expected to be significant.   

Summary and Outlook

In summary, the Group performed well in the first half of the year, with 5% growth in revenues leading to a 31% growth in profit before tax.  These results excluded Searches UK, which has been presented as discontinued operations.  Cash generation was also strong, with free cash flow up 43%.  These results were in line with the Board’s expectations.

In Consumer Legal Services, as previously announced, the Board anticipates the number of settlements in NAL will be lower in H2 due to the fewer number of enquiries placed into NAL over the past two years, as working capital has been managed. This is expected to result in lower revenues and cash being generated from settlements.

Since the Period end, trading in July and August 2026 has been encouraging.  National Accident Helpline generated 2,583 new enquiries, which was 5% more than the equivalent period last year.  Enquiry acquisition costs remained elevated but, as stated above, this reflected a more valuable mix of work.  In NAL, as anticipated, the number of claims settled was marginally down versus last year, at 3% lower but cash collected from settled claims increased by 22% to £1.8m.

Recent results in Your Law, our legacy joint venture with New Law Solicitors (“New Law”) have been disappointing. Your Law is in the process of being run off, with no new enquiries having been placed into the business since 2021. The business made an operating loss of £0.4m in July and August combined, owing to a large write-off of historical disbursements balances. After allocation of New Law’s non-controlling interests, this has resulted in a charge to the Group’s profit before tax of £0.1m. We are in discussion with New Law about how both parties can conclude the joint venture.

The performance of Critical Care in the seasonally impacted months of July and August was similar to last year.  Bush & Co. issued 226 expert witness reports, compared to 230 last year, and 80 INAs compared to 81 last year.  However, it was pleasing to see that instruction numbers were noticeably better, in particular in case management.  Expert witness instructions were 3% higher than last year at 261 in the Period, and we received 82 INA instructions, which was 28% higher than last year.

Net debt at 31 August 2026 was £1.5m. 

As a result of the settlement of the contract dispute, the Board expects profit and cash generation for the current year to be materially higher than current market expectations.  In addition, following the anticipated completion of the Searches UK sale, and the settlement of the contract dispute, the Board anticipates that by the end of October 2026, the Group will be in a net cash position for the first time since the IPO in 2014. 

Finally, as previously announced, the Board continues to actively explore strategic options to accelerate value for shareholders and is reviewing the Group’s capital allocation policy.  The sale of Searches UK is an important step in this process and the Board continues its dedicated work in this area and looks forward to providing further updates in due course.

James Saralis

Chief Executive Officer

1. Free cash flow is defined as net cash generated from operating activities less net cash used in investing activities less payments made to partner LLP members and less principal element of lease payments. This measure provides management with an indication of the amount of cash available for discretionary investing or financing after removing material non-recurring expenditure that does not reflect the underlying trading operations.

	Unaudited 6 months ended 30 June	Unaudited 6 months ended 30 June	Audited 12 months ended 31 December
	2026	2025	2025
	£000	£000	£000
Statutory measure - net cash from operating activities	3,169	2,624	6,598
Net cash used in investing activities (excluding disposal of subsidiary)	(120)	(54)	(99)
Principal element of lease payments	(96)	(97)	(257)
Drawings paid to LLP members	(795)	(966)	(2,334)
Net cash used in financing activities (before borrowings)	(891)	(1,063)	(2,591)
Free Cash Flow	2,158	1,507	3,908

2. Operating cash conversion is calculated as cash generated from operations divided by operating profit. This measure allows management to monitor the conversion of underlying operating profit into operating cash.

	Unaudited 6 months ended 30 June	Unaudited 6 months ended 30 June	Audited 12 months ended 31 December
	2026	2025	2025
	£000	£000	£000
Statutory measure - cash generated from operations	3,639	2,814	7,368
Cash flows relating to exceptional items	254	411	718
Underlying operating cashflow	3,893	3,225	8,086
Statutory measure - continuing and discontinued operating profit	3,455	3,169	7,294
Operating cash conversion	112.7%	101.8%	110.9%

3. Net debt is defined as cash and cash equivalents less interest-bearing borrowings:

	Unaudited 6 months ended 30 June	Unaudited 6 months ended 30 June	Audited 12 months ended 31 December
	2026	2025	2025
	£000	£000	£000
Cash and cash equivalents	3,160	1,611	1,514
Interest bearing borrowings	(4,250)	(7,178)	(4,713)
Net debt	(1,090)	(5,567)	(3,199)

Consolidated statement of comprehensive income

for the 6 months ended 30 June 2026

		Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended  30 June 2025	Audited 12 months ended 31 December 2025
		£000	£000	£000
	Note		re-presented1	re-presented1
Revenue	1,2	18,346	17,461	36,700
Cost of sales		(8,290)	(8,231)	(16,797)
Gross profit		10,056	9,230	19,903
Administrative expenses before exceptionals		(6,697)	(6,255)	(12,972)
Underlying operating profit		3,359	2,975	6,931
Exceptional items
Transaction costs	3	(43)	(185)	(320)
Management restructuring costs	3	-	-	(263)
Operating profit	2	3,316	2,790	6,348
Profit attributable to members’ non-controlling interests in LLPs		(903)	(834)	(1,949)
Financial income		92	134	267
Financial expense	4	(210)	(334)	(643)
Profit before tax		2,295	1,756	4,023
Taxation	5	(606)	(476)	(1,036)
Profit from continuing operations		1,689	1,280	2,987
Profit from discontinued operations	11	73	148	270
Profit for the period		1,762	1,428	3,257
		Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended  30 June 2025	Audited 12 months ended 31 December 2025
		£000	£000	£000
Basic earnings per share (p)			re-presented	re-presented
Continuing operations	8	3.5	2.7	6.2
Discontinued operations	8	0.2	0.3	0.6
Total operations	8	3.7	3.0	6.8
Diluted earnings per share (p)
Continuing operations	8	3.4	2.6	6.2
Discontinued operations	8	0.2	0.3	0.5
Total operations	8	3.6	2.9	6.7

1In accordance with IFRS 5 the comparative June 2025 and December 2025 results have been re-presented to reflect the discontinued operation relating to the sale of the Searches UK business. See Note 11 for further details.

Consolidated statement of financial position

At 30 June 2026

		Unaudited as at 30 June  2026	Unaudited as at 30 June  2025	Audited as at 31 December 2025
	Note	£000	£000	£000
Non-current assets
Goodwill		15,592	15,592	15,592
Other intangible assets		504	646	517
Property, plant and equipment		233	264	247
Right of use assets		1,104	1,356	1,231
Deferred tax asset		128	20	128
		17,561	17,878	17,715
Current assets
Asset classified as held for sale	11	267	-	-
Trade and other receivables (including £5,271,000 (June 2025: £4,843,000; December 2025: £4,970,000) due in more than one year)	6	26,900	27,675	26,871
Cash and cash equivalents		3,160	1,611	1,513
		30,327	29,286	28,384
Total assets		47,888	47,164	46,099
Current liabilities
Liabilities directly associated with assets held for sale	11	(655)	-	-
Trade and other payables	7	(13,344)	(14,170)	(13,767)
Lease liabilities		(297)	(257)	(247)
Member capital and current accounts		(3,214)	(3,360)	(3,107)
Interest-bearing loans and borrowings	10	(4,250)	(7,178)	(4,713)
Current tax liability		(780)	(309)	(685)
		(22,540)	(25,274)	(22,519)
Non-current liabilities
Lease liabilities		(796)	(1,141)	(916)
Deferred tax liability		(44)	(56)	(44)
		(840)	(1,197)	(960)
Total liabilities		(23,380)	(26,471)	(23,479)
Net assets		24,508	20,693	22,620
Equity
Share capital		121	120	121
Share option reserve		5,698	5,475	5,572
Share premium		14,595	14,595	14,595
Merger reserve		(66,928)	(66,928)	(66,928)
Retained earnings		71,022	67,431	69,260
Capital and reserves attributable to the owners of NAHL Group PLC		24,508	20,693	22,620

Consolidated statement of changes in equity

for the 6 months ended 30 June 2026

	Share Capital	Share Option Reserve	Share premium	Merger Reserve	Retained earnings	Capital and reserves attributable to the owners of NAHL Group PLC
	£000	£000	£000	£000	£000	£000
Balance at 1 January 2026	121	5,572	14,595	(66,928)	69,260	22,620
Total comprehensive income for the period
Profit for the period	-	-	-	-	1,762	1,762
Total comprehensive income	-	-	-	-	1,762	1,762
Transactions with owners, recorded directly in equity
Share-based payments	-	126	-	-	-	126
Issue of share capital	-	-	-	-	-	0
Total transactions with owners, recorded directly in equity	-	126	-	-	-	126
Balance at 30 June 2026	121	5,698	14,595	(66,928)	71,022	24,508
Balance at 1 January 2025	119	5,339	14,595	(66,928)	66,003	19,128
Total comprehensive income for the period
Profit for the period	-	-	-	-	1,428	1,428
Total comprehensive income					1,428	1,428
Transactions with owners, recorded directly in equity
Share-based payments	-	136	-	-	-	136
Issue of share capital	1	-	-	-	-	1
Total transactions with owners, recorded directly in equity	1	136	-	-	-	137
Balance at 30 June 2025	120	5,475	14,595	(66,928)	67,431	20,693
Balance at 1 January 2025	119	5,339	14,595	(66,928)	66,003	19,128
Total comprehensive income for the year
Profit for the year	-	-	-	-	3,257	3,257
Total comprehensive income	-	-	-	-	3,257	3,257
Transactions with owners, recorded directly in equity
Share-based payments	-	233	-	-	-	233
Issue of share capital	2	-	-	-	-	2
Total transactions with owners, recorded directly in equity	2	233	-	-	-	235
Balance at 31 December 2025	121	5,572	14,595	(66,928)	69,260	22,620

Consolidated cash flow statement

for the 6 months ended 30 June 2026

	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended  30 June 2025	Audited 12 months ended 31 December 2025
	£000	£000	£000
Cash flows from operating activities
Profit for the year	1,762	1,428	3,257
Adjustments for:
Profit attributable to members’ non-controlling interests in LLPs	903	834	1,949
Property, plant and equipment depreciation	48	51	101
Right of use asset depreciation	127	132	268
Amortisation of intangible assets	98	168	309
Acquisition of rights of use assets	-	-	(411)
Disposal of rights of use assets	-	-	400
Financial income	(92)	(134)	(267)
Financial expense	210	334	643
Share-based payments	125	136	233
Taxation	629	520	1,129
	3,810	3,469	7,611
(Increase)/decrease in trade and other receivables	(314)	(40)	832
Increase/(decrease) in trade and other payables	143	(615)	(1,075)
Cash generated from operations	3,639	2,814	7,368
Interest paid	(137)	(294)	(585)
Interest received	67	104	210
Tax paid	(400)	-	(395)
Net cash generated from operating activities	3,169	2,624	6,598
Cash flows from investing activities
Acquisition of property, plant and equipment	(35)	(25)	(58)
Acquisition of intangible assets	(85)	(29)	(41)
Disposal of subsidiary	-	59	59
Net cash used in investing activities	(120)	5	(40)
Cash flows from financing activities
Repayment of borrowings	(500)	(1,750)	(4,250)
Loan arrangement fees	(11)	(61)	(61)
Issue of share capital	-	1	2
Lease payments	(96)	(97)	(257)
Drawings paid to LLP members	(795)	(966)	(2,334)
Net cash used in financing activities	(1,402)	(2,873)	(6,900)
Net increase/(decrease) in cash and cash equivalents	1,647	(244)	(342)
Cash and cash equivalents at 1 January	1,513	1,855	1,855
Cash and cash equivalents at the end of the period	3,160	1,611	1,513

Notes to the financial statements

1. Accounting policies

General Information

The interim results for the current and comparative period to 30 June have not been audited or reviewed by auditors pursuant to the Auditing Practices Board guidance of Review of Interim Financial Information.

These interim results do not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2025 were approved by the Board of Directors on 6 May 2026 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under Section 498 of the Companies Act 2006.

In preparing the interim results, the Board has considered the Group’s ability to continue as a going concern.  This assessment included a review of management’s financial forecasts, covering a range of potential scenarios. The going concern assessment focuses on two key areas being the ability of the Group to meet its debts as they fall due and being able to operate within its banking facility. The Group has access to a £8.5m revolving credit facility (‘RCF’) with its bankers. In all of the scenarios the Group has modelled it would have sufficient liquidity within its current RCF to meet its liabilities as they fall due and would not need to access additional funding.

The condensed set of financial statements was approved by the Board of Directors on 29 September 2026.

Basis of preparation

Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable.

Statement of compliance

The interim results for the current and comparative period to 30 June have been prepared in accordance with IAS 34 Interim Financial Reporting applied in conformity with the requirements of the Companies Act 2006 and the AIM Rules for Companies.  They do not include all of the information required for full annual financial statements and should be read in conjunction with the financial statements of the Group for the year ended 31 December 2025, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) in conformity with the requirements of the Companies Act 2006.

New and amended standards adopted by the Group

The following new or amended standards are applicable to the Group for the current reporting period:
 

-           Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments, Contracts Referencing Nature-Dependent Electricity.

-           Annual Improvements to IFRS Accounting Standards: Volume 11 (minor amendments and clarifications to IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7).

None of the amendments above have had a material effect on the amounts reported or disclosures included in the 2026 interim financial statements.

Standards issued but not yet effective
The Group has not early adopted any standard, interpretation, or amendment that has been issued but is not yet effective.

Progress continues on the assessment of IFRS 18 Presentation and Disclosure in Financial Statements (effective for financial years beginning on or after 1 January 2027), which was highlighted in the Group's 2025 Annual Report.  IFRS 18 will change the presentation of the income statement, including the classification of income and expenses into specified categories, and will introduce new disclosure requirements for management-defined performance measures. The Group is currently evaluating the detailed impact of these presentation updates on its consolidated financial statements; however, the standard is not expected to affect the measurement or recognition of the Group's assets, liabilities, income, or expenses.

Use of judgements and estimates

The preparation of financial statements in conformity with IFRS requires management to make judgements and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised and in any future years affected.

In preparing the condensed set of financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were of the same type as those that applied to the financial statements for the year ended 31 December 2025.

Significant accounting policies

The accounting policies used in the preparation of these interim financial statements for the 6 months ended 30 June 2026  are the accounting policies as applied to the Group’s financial statements for the year ended 31 December 2025.

Financial assets and liabilities

The Group’s principal financial instruments comprise cash and cash equivalents, trade and other receivables, trade and other payables

and interest-bearing borrowings.

Trade and other receivables

Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition, trade and other receivables are stated at amortised cost using the effective interest method, less any impairment losses calculated in line with IFRS 9.

Trade and other payables

Trade and other payables are recognised initially at fair value. Subsequent to initial recognition, trade and other payables are stated at

amortised cost using the effective interest method.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances. Cash and cash equivalents are repayable on demand and are recognised at their

carrying amount.

Interest-bearing borrowings

Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition,

interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

Recoverable disbursements and disbursements payable

Disbursement payables represent the balance of disbursements incurred in the processing of personal injury claims. These disbursements will ultimately be billed on settlement of a case or recovered from insurance if a case should fail and so the recoverable disbursements represents the value of disbursements still to be billed. Disbursement payables and receivables are recognised initially at fair value and subsequent to initial recognition, are stated at amortised cost using the effective interest method.

Member capital and current accounts

Member capital and current accounts represent the balances owed to non-controlling members’ in the LLPs. These consist of any capital advances and unpaid allocated profits as at the period end. Members capital and current accounts are classified as financial liabilities and are recognised initially at fair value. Subsequent to initial recognition, members capital and current accounts are stated at amortised cost using the effective interest method.

2. Operating segments

Geographic information

All revenue and assets of the Group are based in the UK.

Operating segments

The activities of the Group are managed by the Board, which is deemed to be the Chief Operating Decision Maker (CODM). The CODM has identified the following segments for the purpose of performance assessment and resource allocation decisions. These segments are split along product lines and are consistent with the prior year.

Consumer Legal Services – Revenue derived from two divisions being Personal Injury and Residential Property. Within Personal Injury, revenue is generated from   a) Marketing services – revenue from the provision of marketing activities to generate enquiries which are panelled to our panel law firms, based on a cost plus margin model;  b) Product Provision – consisting of commissions received from product providers for the sale of additional products by them to the panel law firms; c) Service provision (legal services) – in the case of our ABS law firms and self- processing operation, National Accident Law, revenue receivable from clients for the provision of legal services. Within Residential Property, revenue is generated from: a) Expert Reports (discontinued operations) – Searches UK provides residential property search reports.

Critical Care - Revenue from the provision of expert witness reports and case management support within the medico-legal framework for multi-track cases.

Shared Services - Costs that are incurred in managing Group activities or not specifically related to a product.

Other items – Other items represent share-based payment charges and amortisation charges on intangible assets recognised as part of business combinations.

6 months ended 30 June 2026	Consumer Legal Services	Critical Care	Shared Services1	Other Items1	Total reportable segments	Discontinued operations2	Per Consolidated statement of Comprehensive income from Continuing operations
	£000	£000	£000	£000	£000	£000	£000
Revenue	11,279	8,467	-	-	19,746	(1,400)	18,346
Depreciation and amortisation	(27)	(142)	(104)	-	(273)	-	(273)
Underlying Operating profit/(loss)	2,044	2,581	(1,010)	(160)	3,455	(96)	3,359
Exceptional items	-	-	-	(43)	(43)	-	(43)
Operating profit/(loss)	2,044	2,581	(1,010)	(203)	3,412	(96)	3,316
Profit attributable to non-controlling interest members in LLPs	(903)	-	-	-	(903)	-	(903)
Financial income	51	28	13	-	92	-	92
Financial expenses	0	(16)	(194)	-	(210)	-	(210)
Profit/(Loss) before tax	1,192	2,593	(1,191)	(203)	2,391	(96)	2,295
Trade receivables	1,248	6,476	-	-	7,724	248	7,972
Total assets3	20,952	7,888	18,175	-	47,015	873	47,888
Segment liabilities3	(12,942)	(2,143)	(2,566)		(17,651)	(563)	(18,214)
Capital expenditure (Including intangibles)	51	69	-	-	120	-	120

6 months ended 30 June 2025	Consumer Legal Services	Critical Care	Shared Services1	Other Items1	Total reportable segments	Discontinued operations2	Per Consolidated statement of Comprehensive income from Continuing operations
	£000	£000	£000	£000	£000	£000	£000
Revenue	11,020	8,189	-	-	19,209	(1,748)	17,461
Depreciation and amortisation	(86)	(112)	(152)	-	(350)		(350)
Underlying Operating profit/(loss)	1,569	2,579	(845)	(136)	3,167	(192)	2,975
Exceptional items	-	-	(185)	-	(185)		(185)
Operating profit/(loss)	1,569	2,579	(1,030)	(136)	2,982	(192)	2,790
Profit attributable to non-controlling interest members in LLPs	(834)	-	-	-	(834)	-	(834)
Financial income	92	30	12	-	134	-	134
Financial expenses	0	0	(334)	-	(334)	-	(334)
Profit/(Loss) before tax	827	2,609	(1,352)	(136)	1,948	(192)	1,756
Trade receivables	1,672	6,017	0	-	7,689	-	7,689
Total assets3	22,254	7,444	17,466	-	47,164	-	47,164
Segment liabilities3	(14,848)	(1,852)	(2,228)	-	(18,928)	-	(18,928)
Capital expenditure (Including intangibles)	(27)	(25)	(2)	-	(54)	-	(54)

12 months ended 31 December 2025	Consumer Legal Services	Critical Care	Shared Services1	Other Items1	Total reportable segments	Discontinued operations2	Per Consolidated statement of Comprehensive income from Continuing operations
	£000	£000	£000	£000	£000	£000	£000
Revenue	23,767	16,276	-	-	40,043	(3,343)	36,700
Depreciation and amortisation	(145)	(261)	(272)	-	(678)	-	(678)
Underlying Operating profit/(loss)	4,377	4,809	(1,659)	(233)	7,294	(363)	6,931
Exceptional items	(147)	(62)	(374)	-	(583)	-	(583)
Operating profit/(loss)	4,230	4,747	(2,033)	(233)	6,711	(363)	6,348
Profit attributable to non-controlling interest members in LLPs	(1,949)	-	-	-	(1,949)	-	(1,949)
Financial income	180	61	26	-	267	-	267
Financial expenses	(9)	(8)	(626)	-	(643)	-	(643)
Profit/(Loss) before tax	2,452	4,800	(2,633)	(233)	4,386	(363)	4,023
Trade receivables	1,603	6,244	-	-	7,847	-	7,847
Total assets3	21,015	7,960	17,124	-	46,099	-	46,099
Segment liabilities3	(13,914)	(2,389)	(1,734)	-	(18,037)	-	(18,037)
Capital expenditure (Including intangibles)	56	41	2	-	99	-	99

1 Shared services and Other Items do not form part of the operating segments of the Group. They include expenses incurred that cannot be attributable to an operating segment.

2 The discontinued operations column represents the financial performance of the Residential Property business, Searches UK Limited, which was classified as a discontinued operation during the period (see Note 11 for further details). In accordance with IFRS 8, the results of this segment are presented separately to reconcile the segment results of the Group's continuing activities directly to the Consolidated Statement of Comprehensive Income

3 Total assets and segment liabilities exclude intercompany loan balances as these are not included in the segment results reviewed by the chief operating decision maker. Segment liabilities comprise trade and other payables (June 2026: £13,344,000, June 2025: £14,170,000, Dec 2025: £13,767,000), current lease liabilities (June 2026: £297,000, June 2025: £257,000, Dec 2025: £247,000), non–current lease liabilities (June 2026: £796,000, June 2025: £1,141,000, Dec 2025: £916,000) and member capital accounts (June 2026: £3,214,000, June 2025: £3,360,000, Dec 2025: £3,107,000).

3. Exceptional items
 

Exceptional items included in the statement of comprehensive income are summarised below:

	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited 12 months ended 31 December 2025
	£000	£000	£000
Transaction costs for potential disposal of Searches UK Limited1	43	-	-
Transaction costs for the aborted disposal of Critical Care2	-	185	320
Management restructuring costs3	-	-	263
	43	185	583

1 Costs in relation to the potential disposal of Searches UK Limited (see note 11)

2 Costs incurred to date in relation to the disposal of Critical Care. This process ended in June 2025 without a sale.

3 Costs incurred in respect of payments for loss of office as part of a management restructure.

4. Financial expense

	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited 12 months ended 31 December 2025
	£000	£000	£000
Interest on bank loans	137	294	537
Amortisation of facility arrangement fees	47	23	58
Interest on lease liabilities	26	17	39
Other finance expense	-	-	9
Total	210	334	643

Interest on bank loans consists of interest incurred in respect of a revolving credit facility of £8.5m which is due to terminate on 31 December 2027. Interest is payable at 2.45% above SONIA per annum. There have been no changes to the terms of the revolving credit facility agreement since the year ended 31 December 2025 and details of the amounts outstanding in respect of this facility are given in Note 10.

5. Taxation

Continuing operations	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited 12 months ended 31 December 2025
	£000	£000	£000
Current tax expense
Current tax on income for the year	606	476	1,159
Adjustments in respect of prior years	-	-	(3)
Total current tax	606	476	1,156
Deferred tax credit
Origination and reversal of timing differences	-	-	(120)
Total deferred tax	-	-	(120)
Tax expense in statement of comprehensive income	606	476	1,036
Total tax charge from continuing operations	606	476	1,036
Reconciliation of effective tax rate	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited 12 months ended 31 December 2025
	£000	£000	£000
Profit from continuing operations	1,689	1,280	2,987
Total tax expense	606	476	1,036
Profit before tax from continuing operations	2,295	1,756	4,023
Tax using the UK corporation tax rate of 25% (2025: 25%)	574	439	1,006
Non-deductible expenses	37	53	134
Share scheme deductions	(5)	(16)	(101)
Adjustments in respect of prior years	-	-	(3)
Total tax charge from continuing operations	606	476	1,036

The Group’s tax charge from continuing operations of £606,000 (June 2025: £476,000, December 2025: £1,036,000) represents an effective tax rate of 25.9% (June 2025: 24.5%, December 2025: 22.5%) of underlying profit before tax. The effective tax rate is higher/lower than the standard corporation tax rate of 25.0% for the reasons as set out above.

Corporation tax expense for the six months ended 30 June 2026 is recognised based on management’s best estimate of the weighted average annual effective tax rate expected for the full financial year, applied to the pre-tax income of the interim period.

The effective tax rate on continuing operations for the six months ended 30 June 2026 is 26.4% (six months ended 30 June 2025: 27.1%; year ended 31 December 2025: 25.8%). The effective rate for the period is higher than the standard statutory UK corporation tax rate of 25% for the reasons as set out above.

In accordance with IFRS 5, the tax expenses, credits, and effective rate reconciliation inputs relating to the discontinued Consumer Legal Services entity are excluded from the continuing tax tables above. The tax impact associated with the discontinued operations is presented within the single post-tax line item 'Profit/(loss) from discontinued operations' on the face of the Consolidated Statement of Comprehensive Income. See Note 11 for a breakdown of the pre-tax results and corresponding tax allocation for the discontinued operation.

6. Trade and other receivables

	Unaudited as at 30 June 2026	Unaudited as at 30 June 2025	Audited as at 31 December 2025
	£000	£000	£000
Trade receivables: receivable in less than one year	5,080	5,417	5,402
Trade receivables: receivable in more than one year	2,644	2,272	2,445
Contract assets: receivable in less than one year	5,909	6,465	6,518
Contract assets: receivable in more than one year	2,627	2,571	2,524
Other receivables	81	34	33
Prepayments	710	804	732
Corporation tax receivable	-	-	42
Recoverable disbursements	9,849	10,112	9,175
Total trade and other receivables	26,900	27,675	26,871

Trade and other receivables presented in the table above relate strictly to the Group's continuing operations.  In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, receivables of £267,000 belonging to the discontinued Consumer Legal Services entity have been reclassified and are included within the single 'Assets held for sale' line item on the face of the Consolidated Statement of Financial Position as at 30 June 2026. Consequently, the current period figures are not directly comparable to the prior period balances, which have not been restated on the balance sheet.

A provision against trade receivables and contract assets of £1,135,000 (June 2025: £594,000, December 2025: £1,353,000) is included in the figures above.  Trade receivables and contract assets in more than one year are classified as current assets as the Group’s working capital cycle is considered to be up to 36 months as extended credit terms are offered as part of some commercial agreements.

7. Trade and other payables

Amounts due within one year:	Unaudited as at 30 June 2026	Unaudited as at 30 June 2025	Audited as at 31 December 2025
	£000	£000	£000
Trade payables	1,420	1,121	1,263
Disbursements payable	5,886	6,232	5,600
Other taxation and social security	1,202	1,247	1,299
Other payables, accruals and contract liabilities	4,682	5,416	5,451
Customer deposits	154	154	154
Total trade and other payables	13,344	14,170	13,767

Trade and other payables presented in the table above relate strictly to the Group's continuing operations. In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, liabilities of £655,000 belonging to the discontinued Consumer Legal Services entity have been reclassified and are included within the single 'Liabilities directly associated with assets classified as held for sale' line item on the face of the Consolidated Statement of Financial Position as at 30 June 2026. Consequently, the current period figures are not directly comparable to the prior period balances, which have not been restated on the balance sheet.

8. Earnings per share

The calculation of basic earnings per share at 30 June 2026 is based on a profit attributable to ordinary shareholders of the parent company of £1,689,000 (continuing operations) and £73,000 (discontinued operations) (June 2025: profits of £1,280,000 and £148,000; December 2025: profits of £2,987,000 and £270,000 respectively) and a weighted average number of Ordinary Shares outstanding of 48,281,097 (June 2025: 47,657,689, December 2024: 47,938,752).  

	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited 12 months ended 31 December 2025
Profit attributable to Ordinary Shareholders	£000	£000	£000
		re-presented	re-presented
Profit for the year from continuing operations	1,689	1,280	2,987
Add: Exceptional items	43	185	583
Underlying profit from continued operations	1,732	1,465	3,570
Profit from discontinued operations	73	148	270
Underlying profit for the year attributable to the shareholders	1,805	1,613	3,840
Weighted average number of ordinary shares	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited 12 months ended 31 December 2025
	No.	No.	No.
Issued Ordinary Shares at start of period	48,226,103	47,518,103	47,518,103
Weighted average number of Ordinary Shares at end of period	48,281,097	47,657,689	47,938,752
Basic earnings per share (p)
Continuing operations	3.5	2.7	6.2
Discontinued operations	0.2	0.3	0.6
Total operations	3.7	3.0	6.8
Underlying basic earnings per share - continuing operations	3.6	3.1	7.5

The Company operates share-based payment schemes to reward employees. As at 30 June 2026 and 30 June 2025, there were potentially dilutive shares options under the Group’s share option schemes. The total number of options available for these schemes included in the diluted earnings per share calculation was 791,672 at 30 June 2026, 1,597,340 at 30 June 2025 and 1,225,000 at 31 December 2025. There are no other diluting items.

Diluted earnings per share (p)	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited 12 months ended 31 December 2025
Continuing operations	3.4	2.6	6.2
Discontinued operations	0.2	0.3	0.5
Total operations	3.6	2.9	6.7
Underlying diluted earnings per share - continuing operations	3.5	3.0	7.4

9. Dividends

No dividends were paid in 2025, and the Directors have recommended an interim dividend in respect of 2026 of nil p (2025: interim dividend of nil p).

10. Changes in liabilities arising from financing activities

Net debt comprises cash and cash equivalents and secured bank loans. Secured bank loans consist of a revolving credit facility of £8.5m which is due to terminate on 31 December 2027. Repayments are made periodically depending on the level of free cash flow generated by the Group. Interest is payable at 2.45% above SONIA per annum. There have been no changes to the terms of the revolving credit facility agreement since the year ended 31 December 2025.

Set out below is a reconciliation of movements in interest-bearing loans and borrowings arising from financing activities:

	Unaudited as at 30 June 2026	Unaudited as at 30 June 2025	Audited as at 31 December 2025
	£000	£000	£000
Net outflow from decrease in debt and debt financing	500	1,750	4,250
Loan arrangement fees	47	61	61
Movement in net borrowings resulting from cash flows	547	1,811	4,311
Non-cash movements – net release of prepaid loan arrangement fees	(84)	(23)	(58)
Interest-bearing loans and borrowings at beginning of period	(4,713)	(8,966)	(8,966)
Interest bearing loans and borrowings at end of period	(4,250)	(7,178)	(4,713)

Set out below is a reconciliation of movements in lease liabilities during the period:

	Unaudited as at 30 June 2026	Unaudited as at 30 June 2025	Audited as at 31 December 2025
	£000	£000	£000
Net outflow from decrease in lease liabilities	96	97	296
Movement in lease liabilities resulting from cash flows	96	97	296
Non-cash movements arising from initial recognition of new lease liabilities, revisions and interest charges	(26)	(18)	18
Lease liabilities at beginning of period	(1,163)	(1,477)	(1,477)
Lease liabilities at end of period	(1,093)	(1,398)	(1,163)

Set out below is a reconciliation of movements in member capital during the period:

	Unaudited as at 30 June 2026	Unaudited as at 30 June 2025	Audited as at 31 December 2025
	£000	£000	£000
Movement in member capital liabilities resulting from cash flows	795	966	2,334
Non-cash movements: allocation of profits for the year	(902)	(834)	(1,949)
Member capital liabilities at beginning of period	(3,107)	(3,492)	(3,492)
Member capital liabilities at end of period	(3,214)	(3,360)	(3,107)

11. Discontinued Operations

Searches UK Limited
On 27 August 2026, the Board announced it had reached a binding conditional agreement to sell Searches UK Limited which is included in the Consumer Legal Services cash generating unit. The Board considered the progress of the sales process with reference to IFRS 5 ‘Non-current assets held for sale and discontinued operations’ and determined that the business met the criteria as ‘held for sale’ as at 30 June 2026. It has therefore been presented as a discontinued operation in these financial statements with results for the periods as follows:

Statement of comprehensive income	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited 12 months ended 31 December 2025
	£000	£000	£000
Revenue	1,400	1,748	3,343
Expenses	(1,304)	(1,556)	(2,981)
Finance income/(expense)	0	0	0
Profit before taxation	96	192	362
Taxation	(23)	(44)	(92)
Profit after taxation attributable to owners of the parent company	73	148	270

Cash flow Statement	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited 12 months ended 31 December 2025
	2026	2025	2025
	£000	£000	£000
Cash flows from operating activities	409	67	85
Cash flows from investing activities	-	-	-
Cash flows from financing activities	-	-	-
Net cash inflow	409	67	85

Assets and liabilities of the disposal Company held for sale:

			Unaudited as at 30 June 2026
			£000
Assets classified as held for sale
Trade and other receivables			267
Total assets held for sale			267
Liabilities directly associated with assets classified as held for sale
Trade and other creditors			(563)
Corporation tax liability			(92)
Total liabilities relating directly to assets held for sale			(655)

 

END