12th Jan 2015 07:45
LONDON (Alliance News) - Nationwide Accident Repair Services PLC Monday said it expects 2014 underlying pretax profit to beat its own expectations after a strong finish to the year, and for its net cash position to be "significantly" ahead of forecasts.
In a trading update, the company said it expects 2014 revenue to be about GBP184.0 million, up from GBP156.6 million in 2013, and its net cash position at the end of the year to be about GBP1.5 million, down from GBP6.3 million at the end of 2013 after net outflows of more than GBP13.0 million relating to the acquisitions of Howard Basford and Gladwins.
"These encouraging results reflect the combined benefits of increased volumes, improved operational efficiencies and economies of scale. Recent acquisitions have all performed in line with management expectations and the major contracts signed in 2014 contributed to the Group's performance in the second half of the year," the company said in a statement.
It expects to release its full 2014 results in mid-April.
By Steve McGrath; [email protected]; @stevemcgrath1
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