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NAHL Group plc (AIM:NAH) is a leading UK consumer marketing business focused on the UK legal services market. Operating for over 20 years, the group has three business units:

National Accident Helpline (NAH) – A well known personal injury service, the business helps consumers understand whether they have a claim, and if appropriate, connects them to a specialist solicitor. As part of their ethical marketing charter, NAH has been campaigning to stop nuisance calling in the UK.

Fitzalan Partners (Fitzalan) – Generates leads for conveyancing and home surveys via five web-based platforms (Fridaysmove, In-Deed, Homeward Legal, Surveyor Local and and a recently acquired conveyancing search business (Searches UK).

Bush & Company – Operates in the catastrophic injury market providing a range of assessment, rehabilitation and support services.


Russell Atkinson (CEO)
Previous MD roles at Lebara Mobile Ltd, Blackhawk Network (UK) Ltd (division of Safeway Inc) &  Director of e-payments at Travelex UK Ltd.

James Saralis (CFO)
Ten years as CFO at Jelf Group plc

Steve Halbert (NED & Chair)
25yrs+ board experience. Currently Chairman of Safestyle UK plc and United House, a PE backed social housing contractor & residential developer. Previously NED at Employment Services Holdings,  Exec Chair GVA, a PE backed real estate professional services company.

Gillian Kent (NED)
20yrs in digital and online sectors. Ex MD of MSN UK, and ex CEO of Currently Ind NED at Pendragon plc & a director of Skadoosh Ltd.

Tim Aspinall (NED)
30 yrs as a lawyer & CEO of Aspinall Consultants Ltd


Cost of Sales(20,809)(25,785)
Gross Profit29,82624,931
Profit Before Tax15,80113,950
Total Dividend per share19.05p18.75p
Balance Sheet2016
Cash & Equivalents4,81410,056
Total assets84,30286,117
Total Liabilities(24,483)(31,046)
Net assets59,81955,071

Peer Group (LSE: MONY)
Operates finance and travel price comparison websites

4imprint (LSE: FOUR)
Suppliers of imprinted promotional merchandise

Slater & Gordon (ASX: SGH)
National law firm

Shine Corporate (ASX: SHJ)
National law firm

Provident Financial (LSE: PFG)
Financial services specialising in personal credit products for consumers

Major Shareholders

Steve Halbert – 1.41%
Russell Atkinson – 1.12%

Schroder Inv’t Group – 16.53%
Hargreave Hale  – 8.95%
Miton AM – 8.64%
Baillie Gifford – 5.42%
Invesco- 5.04%
AXA IM – 4.39%

Macro Indicators

Shares Magazine: (23rd Feb 2017)

“MoJ dials back on whiplash rules, NAHL up in relief”

Press reports that the Ministry of Justice is set to dial back on its reforms to personal injury claims are helping to lift the AIM-quoted owner of the National Accident Helpline…The reported change will see an increase to the threshold for road traffic accidents only with a £2,000 threshold operating elsewhere.



Media Coverage

Simply Wall Street (Dec 2017): “Top rated AIM stocks you can buy for cheap.”

“…NAH is also strong in terms of its financial health, with near-term assets able to cover upcoming and long-term liabilities. Finally, its debt relative to equity is 18%, which has been dropping over time, indicating NAH’s capacity to pay down its debt.”

Motley Fool (Mar 2017) “2 shares with explosive long term growth growth”

“…shares in National Accident Helpline (LSE: NAHL) are also rising today following an upbeat set of results from the company…today’s results should alleviate concerns about the company’s future. Falling revenue but rising profitability shows that NAHL can adapt to the changing regulatory environment, which is good news for shareholders.”


Broker Coverage

Investec (House Broker – Mar 2017):
“Results as expected and strategy set: NAHL has reported FY16 results that are broadly as expected with the group reaffirming its strategy which was stated last week, following the Ministry of Justice (MoJ) proposals relating to Personal Injury (PI) attached to the Prisons and Courts Bill. Initial trials under a new structure are encouraging, as is the confirmation of dividend policy.”

Arden (Mar 2017):
“NAHL has a track record of being highly innovative around changes in regulation and we believe the changing personal injury landscape presents an opportunity to build market share. The recent strategy statement provides forecast benchmarks to base long term investment decisions…valuations remain very modest with a FY17 PE of just 6.5x and a dividend yield of 10.4%. We believe the shares are meaningfully oversold.”

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