23rd Jan 2014 11:49
LONDON (Alliance News) - Nationwide Accident Repair Services PLC Thursday said it expects its results for the financial year ended December 31, 2013 to be in line with its current forecasts, after trading picked up in the second half.
In a statement, the company, which repairs motor vehicles and provides accident claim management services, said its trading performance in the second half had, as expected, improved on the first-half.
"The improvement seen in the second half has been aided both by measures to improve efficiency and by increasing penetration in the fleet market. In addition, the integration of the Exway acquisition in the South West has gone well and is enhancing operational efficiency in the region," Nationwide Accident Repair Services said in a statement.
Nationwide Accident said it is "well-positioned" to support its rebased dividend policy. The company is expected to pay a dividend of 2.70 pence per share in 2013, according to Morningstar Company Intelligence, halved from 5.50p in 2012.
Net cash at the end of the financial year ended December 31 was higher year-on-year at GBP6.2 million, meaning it was ahead of the company's expectations - even after the GBP2.2 million boost from one-off items.
Nationwide Accident Repair also said it has arranged a new banking facility, giving it GBP20 million, which includes a GBP15 million three-year revolving credit facility, to support "strategic growth opportunities".
The company's shares were Thursday quoted at 72.20 pence, up 3.70 pence, pr 5.4%.
By Samuel Agini; [email protected]; @samuelagini
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