Financial Highlights
Continued revenue growth - up 15.0% to £25.4m (2014 H1: £22.1m)
Strong performance from Fitzalan acquisition - contributing £1.5m of total Group revenue (H1 2014: £nil)
Operating profit - £6.5m up 21.1% (2014 H1: £5.4m)
Basic and diluted earnings per share of 12.5p and 12.3p respectively (2014 H1: 8.5p and 8.2p)
Robust balance sheet - £1.2m of adjusted net debt at 30 June 2015 (2014 H1: £2.0m)
Highly cash generative - 95.5% operating cash conversion (2014 H1: 94.4%)
Interim dividend of 6.25p per share (2014 H1: 5.0p)
Operational Highlights
Enquiry growth up 9.4% in the period driven by higher margin non-RTA and medical negligence cases
Continuing product income impacted in short term by introduction of Medco but expected to return to growth during 2016 through further development of product offering to Panel Law Firms
Successful integration of Fitzalan with ongoing investment in people, brand & infrastructure
Launched "Ethical Marketing Charter" to stamp out nuisance marketing in the personal injury sector
Russell Atkinson, CEO of NAHL, commented:
"We are pleased to report another strong set of interim results, reflecting the ongoing progress made as the Group continues to grow. We have delivered a good performance within the core business driven by further growth of enquiry numbers illustrating the strength of our brand and the Group's market leading position.
"We have been very encouraged by the performance of Fitzalan since our acquisition. We have invested in the brand and infrastructure as well as increased staff numbers reflecting not only the growing demand from customers but also the potential to grow market share in the second half through further operational improvement and enhancing digital marketing.
"The second half has started positively. The Group remains highly cash generative, has a strong balance sheet and we are well positioned to take advantage of opportunities for further growth across a fragmented legal services market."
