The NAHL Board is declaring an interim dividend of 2.6p per share payable on 31 October 2019 to ordinary shareholders registered on 27 September 2019. Their policy is to have a dividend cover of twice underlying EPS, before exceptional costs and non-cash charges.
Other financial highlights include:
Revenue up 3.9% to £25.8m (2018 H1: £24.9m)
Underlying operating profit up 1.7% to £6.5m (2018 H1: £6.4m) including £0.5m of planned start-up losses of new ABS law firm, National Accident Law ("NAL"). Before these losses, up 10.6% to £7.0m
Cash generation from operations ahead at £3.5m (2018 H1: £1.3m)
Exceptional costs of £0.8m (2018 H1: £0.1m) incurred in preparing for small claims reforms
Profit before tax of £4.6m after exceptional costs (2018 H1: £5.3m)
Basic earnings per share of 3.4p (2018 H1: 8.2p), in line with the Board's expectations, reflecting
o Shifting balance of case allocation between panel law firms and Legal Services business unit, in line with strategy; and
o Continued development of ABS structures, highlighted by profit attributable to JV partners of £2.6m (2018 H1: £0.6m)
Net debt flat at £17.6m (2018 H1: £17.4m)
