25th Jul 2007 07:00
Nationwide Accident Repair Srvs PLC25 July 2007 NARS.L NATIONWIDE ACCIDENT REPAIR SERVICES PLC ("Nationwide" or "the Company") Trading Update Nationwide, the largest dedicated provider of automotive crash repair servicesin the UK, which joined AIM on 4 July last year, is pleased to make thefollowing trading update on progress during the six month period to 30 June2007. The management team continues to focus on securing additional contracts with itsinsurer clients and deploying work across Nationwide's network of bodyshops in away which allows for maximum efficiency and cost effectiveness. Key tooperational efficiencies are Nationwide's market leading IT platform andnational network which enable management to leverage economies of scale. Trading over the first half has been broadly in line with expectations. Thebusiness enjoyed a good first quarter while the second quarter was weaker. Thiswas anticipated and arose from the management's decision to let Nationwide'scontract with Royal Bank of Scotland lapse, based on the contract terms onoffer. However, the lost volume has been more than replaced by growth withinexisting customer contracts and a new agreement with Hastings Direct. Thebenefit of these new agreements will begin to be evident this financial year aswork volumes begin to flow through. The full benefits will show through inresults for the next financial year. The Directors are pursuing a twin track approach to growth and alongside organicgrowth, are seeking suitable acquisitions. Nationwide is currently indiscussions with a number of parties with a view to adding bodyshops in theNorth East, Midlands, South West, East Anglia and South East. In line with management expectations, Aquilo, the motor claims managementbusiness acquired in January 2007, is performing well and is successfullydirecting additional work to Nationwide sites across the country. The Directors remain confident that the business is well positioned for ongoinggrowth. Enquiries: Nationwide Accident Michael Wilmshurst, Chief Executive T: 01993 701 720Repair Services plc David Loftus, Finance Director Arbuthnot Securities James Steel or Alasdair Younie T: 020 7012 2000 Biddicks Katie Tzouliadis/ Sophie Lane T: 020 7448 1000 END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
NARS.L