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NAHL profit flat, cuts dividend 40%

Tuesday, 18th September 2018
Legal services-focused marketing business NAHL booked a flat first-half profit and cut its dividend, after margins slipped and it incurred exceptional costs establishing a small claims law firm

Pre-tax profit for the six months through June was steady on-year at £5.3m.

Revenue was also flat -- at £24.9m -- and underlying profit fell 12% to £6.4m.

The company declared an interim dividend of 3.2p per share, down 40% on-year, to reflect its investment plans.

'2018 represents a year of transition for our personal injury division,' chief executive Russell Atkinson said.

'The government's reforms will have no bearing on the number of accidents that occur, but it is clear that there is an opportunity for a new type of law firm to help consumers with genuine claims to obtain access to justice.'

'We have been encouraged by the performance of our two joint venture ABS law firms and are excited about the launch of our third, wholly owned law firm in the first half of 2019.'

'"As we move forward, our focus is on investing in our PI division to deliver long term growth.'

'As previously indicated we anticipate continued challenges with panel demand for enquiries as a result of regulatory change.'

'We expect to deliver full year earnings in line with the board's expectations.'

At 8:14am: (LON:NAH) Nahl Group share price was +1.25p at 122p

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