2020 Final Results

Introduction

Agenda

  1. 2020 in Summary
  2. Financial Results
  3. Our Businesses
  4. Our Strategy
  5. Summary and Outlook
  6. Appendix

Presentation team

Tim Aspinall - Chair

Tim became Chair in October 2020, having been a Non- Executive Director since June 2016.

In addition to his role at NAHL, he advises professional service firms on strategy and M&A, having enjoyed a successful executive career including as Managing Partner of an award- winning mid-market law firm.

James Saralis - Group CFO

James is Chief Financial Officer of the Group, which he joined in January 2018.

His responsibilities include implementing the strategy agreed by the Board, managing the day-to-day operations of the Group and liaising with the Group's investors and banks.

2020 in Summary

Trading resilience and strategic progress

Trading resilience

  • COVID-19significantly impacted our markets, causing fewer consumer accidents which affected revenues in our two divisions
  • The Group responded decisively, remained profitable, reduced net debt and de-risked the balance sheet
  • Revenue decreased by 20% to £40.9m
  • Underlying operating profit fell by 46% to £5.7m
  • Loss before tax decreased from £(2.3)m to £(0.2)m
  • Significantly improved cash generation, with free cash flow increased by £7.8m to £6.1m and cash conversion of 229% (2019: 47%)
  • Net debt at 31 December reduced by 22% to £16.3m

Strategic progress

  • The Personal Injury business transformation is complete. We have created a modern, technologically enabled law firm capable of processing its own enquiries, thereby retaining 100% of the profits
  • National Accident Law is prepared for the legal reforms in May 2021 and will process 100% of RTA and an increasing number of non-RTA enquiries
  • Critical Care continues to be a leading player in the catastrophic injury market and is developing initiatives to grow market share and expand into adjacent markets
  • In light of on-going consolidation in the market for residential property services, the Board has decided to investigate a potential sale of its repositioned and profitable Residential Property business

Watch our 2020 Results Video at www.nahlgroupplc.co.uk

Financial Results

2020

2020 Final Results Financial highlights

Underlying operating

Revenue -20%

profit1,2 -46%

Profit before tax1 +£2.1m

£40.9m

£5.7m

£(0.2)m

2019: £51.3m

2019: £10.4m

2019: £(2.3)m

Underlying EPS1,2 -80%

Free cash flow1 +£7.8m

Net debt1 at 31 Dec -22%

1.9p

£6.1m

£16.3m

2019: 9.4p

2019: -£1.7m

2019: £21.0m

  1. Alternative performance measures are defined in note 1 to the Financial Statements
  2. 2019 results restated to reflect changes in accounting policy with respect to share based payments, amortisation of intangible assets acquired on business combinations and presentation of members' non-controlling interests in LLPs

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NAHL Group plc published this content on 25 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2021 06:02:01 UTC.