22nd Apr 2015 09:04
LONDON (Alliance News) - Nationwide Accident Repair Services PLC, which is in the process of being taken private by US private equity house and RAC owner The Carlyle Group, Wednesday reported a higher pretax profit for 2014 as revenue was lifted by acquisitions and strong growth in insurance sector work.
The accident repair management company reported a pretax profit of GBP1.3 million, up from just GBP148,000 in 2013, as revenue rose to GB187.0 million from GBP156.6 million thanks to a 25% increase in insurance revenue to GBP139.1 million and an 8.2% rise in fleet market revenue to GBP43.7 million. Retail sales fell to GBP4.2 million from GBP4.7 million. Its gross margin improved to 36.7% from 35.8% as it made operational efficiencies.
It bought two companies in 2014, Howard Basford in February and Gladwins in September, boosting its presence in the Northwest and East of England, and has also bought Seward Accident Repair Centres Ltd in the South of England so far in 2015.
"These improved results are in line with management expectations and reflect the benefits of the three acquisitions we have made, organic growth and the measures put in place to improve operational efficiencies from the second half of 2013," Chairman Michael Marx said in a statement.
Its shares were down 0.5% at 98.00 pence Wednesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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