15th Jun 2010 07:00
NARS
15 June 2010
NATIONWIDE ACCIDENT REPAIR SERVICES PLC
("Nationwide" or "the Company")
AGM Statement
Nationwide, the largest dedicated provider of automotive crash repair services in the UK, will be holding its Annual General Meeting today and will make the following comments on current trading.
Trading since the beginning of the current financial year to date has been encouraging. The Company was pleased to report on 30 April that it had secured a major multi-year new contract with a leading insurance group and on 18 May to announce the acquisition of a bodyshop in Newcastle-upon-Tyne where Nationwide is increasing both its insurance and fleet & retail repair business.
The current financial year sees an ongoing increase, of around £1m, in the Company's average annual business development expenditure. This is to support the expansion of Nationwide's mobile repair capability, which will help to drive the Board's wider plans to increase the Company's presence in the fleet and retail marketplaces as well as to continue to build Nationwide's insurance customer business. The formal launch of Nationwide's rebranded and expanded mobile repair services takes place in late summer.
The Board is pleased with Nationwide's progress in the current financial year and views the Company's prospects with confidence. Nationwide remains well positioned to execute its growth plans, backed by strong cash flow and a robust balance sheet with nil borrowings and substantial net cash position.
Enquiries:
Nationwide Accident Repair Services plc |
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Michael Wilmshurst, Chief Executive David Loftus, Finance Director |
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T: 01993 701 720 |
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Biddicks |
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Katie Tzouliadis/ Sophie Lane |
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T: 020 7448 1000 |
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Arbuthnot Securities |
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James Steel/ Ben Wells |
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T: 020 7012 2000 |
About Nationwide Repair Services plc
Nationwide provides automotive crash repair and accident administration services to the UK insurance industry. With a network of accident repair centres in England, Scotland and Wales employing over 2,200 people, it is the largest dedicated provider of accident repair services in the UK.
Nationwide's accident administration services, provided to insurers, insurance brokers and affinity groups, encompass full claims management, engineering services, emergency and roadside assistance as well as vehicle repair services and total loss management.
In late summer, the Company will be formally launching a mobile repair service (Mobile Restore) which will enable light vehicle repair jobs to be undertaken at a location of the customer's choice. This service will be available to consumers and fleet operators as well as to motor insurers.
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