20th Jul 2011 07:00
NARS
20 July 2011
NATIONWIDE ACCIDENT REPAIR SERVICES PLC
("Nationwide" or "the Group")
Pre Close Trading Update
Nationwide, the largest dedicated provider of automotive crash repair services in the UK, is pleased to provide the following update on trading for the first half of the financial year, prior to entering its close period.
Sales and profit before tax for the first six months of the year to 30 June 2011 are expected to be ahead of the same period in 2010, in line with management expectations.
These results have been supported by Nationwide's diversification strategy, now in its second year, whereby the Group is seeking to add incremental revenues from the non-insurance sector while continuing to focus on developing its core market of motor insurers. Sales in these newer non-insurance markets of fleet and retail are progressing well, aided by additional investment in resources and, in particular, the launch of the Group's enhanced mobile repair services last summer.
With the encouraging performance in the first half, the Board believes that Nationwide remains well-positioned to achieve its growth ambitions for the full year.
Half year results are expected to be announced towards the end of September 2011.
Enquiries:
Nationwide Accident Repair Services plc | Michael Wilmshurst, Chief Executive David Loftus, Finance Director | T: 01993 701 720 | ||
Biddicks | Katie Tzouliadis/ Sophie Lane | T: 020 3178 6378 | ||
Arbuthnot Securities | James Steel / Adam Lloyd | T: 020 7012 2000 |
About Nationwide Accident Repair Services plc
Nationwide is the largest dedicated provider of accident repair services in the UK. Operating from a network of repair centres across England, Scotland and Wales, it provides comprehensive crash repair and accident administration services, including full claims management services, engineering, emergency and roadside assistance as well as vehicle repair and total loss management services. Nationwide's customers are principally UK motor insurers but the Company is also increasing its presence in the non-insurance market, especially the fleet and retail markets.
In summer 2010, the Company launched an enhanced mobile repair capability, which undertakes light repair jobs at a location of the customer's choice. This service is available to consumers and fleet operators as well as to motor insurers.
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