4th Jun 2009 07:00
NARS
4 June 2009
NATIONWIDE ACCIDENT REPAIR SERVICES PLC
("Nationwide" or "the Group")
AGM Statement
Nationwide, the largest dedicated provider of automotive crash repair services in the UK, will be holding its Annual General Meeting later today and Chairman, Michael Marx, will give the following update on current trading,
"It was pleasing to report full year financial results in March which recorded a new high for the Group. There is no doubt that the current trading environment presents more challenges to the business and we are seeing some types of repair spend being deferred.
Sales in the first four months of the current financial year have been broadly in line with expectations however the mix of repair work included a greater element of parts replacement which generally carries lower margins. In recent weeks, we have seen the profile of repair work recover and gross margins have improved. We have also taken various actions to improve our position but the benefits of these will not show through fully until the second half of the year. The balance sheet remains strong and cash generation is good. As at 31 May 2009, Group held net cash of £7.4m.
We continue to execute our strategy of organic and acquisitive growth and so build on our market-leading position. While we expect the economic environment in 2009 to remain difficult, we are well-placed for long term growth."
Enquiries:
|
Nationwide Accident Repair Services plc |
Michael Wilmshurst, Chief Executive David Loftus, Finance Director |
T: 01993 701 720 |
|
Arbuthnot Securities |
Alasdair Younie |
T: 020 7012 2000 |
|
Biddicks |
Katie Tzouliadis/ Sophie Lane |
T: 020 7448 1000 |
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