NAHL Group
NAH · AIM · Industrial Goods and Services · mcap £22m · 46.5p 3 open situations →
- EV
- £23.6m
- EV / EBIT
- 3.4x
- Net debt
- £1.1m
- FCF yield
- 29.8%
- Revenue
- £37.6m
- Share price 1y
- +15%
- Insiders 12m
- no deals
- Next report
- around 6 May
NAHL runs National Accident Law, which handles personal injury claims for consumers, and Bush & Co, which provides case management and expert witness services in critical care. It also owned Searches UK, a small property searches business, now sold.
Open · 3
Strategic options for shareholder value
Part of Searches UK disposal – Completed 8 October 2026, closed 8 Oct 2026
Review of options to accelerate shareholder value began in May 2026. The first disposal, Searches UK, has now completed. Capital allocation policy is under review and net cash is expected by end October 2026. No further transaction announced yet.
- Next milestone
- Further updates 'in due course'; capital allocation policy under review
- Balance sheet
- Net debt £1.1m at 30 June 2026; net cash expected by end October 2026
- First disposal
- Searches UK sold to TM Group for £1.234m EV, completed
Next: Further updates in due course; capital allocation policy review
- 8 Oct 2026 First disposal completed; review continues
- 30 Sep 2026 Review ongoing; Searches UK sale nearing completion
- 27 Aug 2026 Review ongoing; first disposal agreed, uncertainty acknowledged
- 22 Jul 2026 Review ongoing; Board acknowledges uncertainty
Lombard Odier Asset Management (Europe) Limited selling down
Next: 9.29% still held
- 30 Sep 2026 9.29%
- 24 Sep 2026 11.94%
- 28 Aug 2026 12.9%
- 1 Jun 2026 13.73%
Bush & Co growth plan
Bush & Co. is moving case management towards its employed team and a smaller associate network. Case management revenue fell 8% in H1 while expert witness grew 11%. Instructions were noticeably better in July and August, especially case management.
Next: detailed Critical Care update later in 2026
- 30 Sep 2026 Case management model being adapted
- 22 Jul 2026 Case management model being adapted
- 7 May 2026 Sale ended June 2025; growth initiatives under way
- 27 Jan 2026 Sale ceased; new leadership developing plans
Closed · 3
Company filings. Not investment advice.