NAHL group, owners of conveyancing search provider Searches UK, observed a fall in profits last year.
The business, who’s Residential Property division also includes Fitzalan Partners, reported a dip in pre-tax profits in the year to 31 December 2017 to £12.4 million. This can be compared to the 2016 figure of £15.8 million.
Despite this decline, the company observed a rise in revenue over the same period.
The consumer marketing business also comprises of Personal Injury (national Accident Helpline) and Critical Care (Bush & Company), in addition to Residential Property.
NAHL Group acquired Searches UK in 2016 in a deal worth over £2 million.
CEO of the Group, Russell Atkinson stated: “We are particularly pleased to have successfully delivered the key elements of our PI strategy with the launch of two ABS ventures, the relaunch of our brand and the delivery of an improved digital capability.
“These initiatives have given us the insight and experience to lay out a confident vision for the future.
“Given the success of this first phase, we plan to accelerate our investment by establishing a third ABS to capture the growth opportunity which exists for NAH and further enhancing both our brand and technological capability.
“Simultaneously we will continue to work closely with our panel law firm partners whilst building in more flexibility into the way we process enquiries helping us to better manage demand.”
Atkinson also stated that whilst NAHL’s critical care division “performed well”residential property “faced difficult market conditions”.
“We have started the new financial year in line with board expectations.
“2018 will be a year of transition with further investment to accelerate the PI division’s evolution.
“This additional investment necessitates a change to our dividend policy which will enable us to go into the future with confidence about the group’s prospects.”