Half-year 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.

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:

Generate high-quality work through market leading brands to build strong brand trust and demand;

Grow value in NAL to drive business growth and increase profitability;

Deliver exceptional service and customer advocacy to enhance satisfaction and trust; and

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

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.

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.

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

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

Notes to the financial statements

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

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

• 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

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.

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.

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).

Exceptional items

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

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.

Financial expense

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.

Taxation

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.

Trade and other receivables

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.

Trade and other payables

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.

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).

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.

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).

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 lease liabilities during the period:

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

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:

Assets and liabilities of the disposal Company held for sale:

Unaudited as at 30 June 2026

£000

Assets classified as held for sale

Liabilities directly associated with assets classified as held for sale