NAHL declares an interim dividend of 2.6p per share

DividendMax Ltd.

NAHL declares an interim dividend of 2.6p per share

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)

Companies mentioned