Performance:

• Revenue and profit declined in H1 FY26 due to:
  • Lower average case values.
  • A £1.9m write-down related to cartel cases.
• Record case completions and a strong pipeline indicate potential improvement in H2 FY26.

Financial Health:

• Cash generation remains strong.
• New case investments are ongoing and robust.
• Higher settlement values are expected in H2, supporting improved earnings.

Outlook: Performance in the second half is anticipated to rebound as the company capitalizes on completed cases and the strong pipeline.