RNS Number:8599I
Nationwide Accident Repair Srvs PLC
13 September 2006
NATIONWIDE ACCIDENT REPAIR SERVICES PLC
("Nationwide" or "the Group")
Maiden Interim Results
for the six months to 30 June 2006
Nationwide provides automotive crash repair and accident administration services
to the UK insurance industry. With a network of 69 accident repair centres
located across England, Scotland and Wales employing over 2,100 people, it is
the largest dedicated provider of accident repair services in the UK. The
Group's customer base includes insurance companies such as Royal & Sun Alliance,
Norwich Union, Equity Red Star and Zurich and fleet operators such as DHL.
Financial highlights
+-------------------------------------+-------------+------------+
| | 6 months to| 6 months to|
| | 30 June 2006|30 June 2005|
+-------------------------------------+-------------+------------+
|Sales | #78.7m| #66.6m|
+-------------------------------------+-------------+------------+
|Operating profit | #0.1m| #7.8m|
+-------------------------------------+-------------+------------+
|Profit before tax | #0.1m| #7.6m|
+-------------------------------------+-------------+------------+
|Earnings per share | 0.2p| 15.9p|
+-------------------------------------+-------------+------------+
| | | |
+-------------------------------------+-------------+------------+
|Underlying results | | |
+-------------------------------------+-------------+------------+
|Operating profit before non-recurring| #3.6m| #3.1m|
|items | | |
+-------------------------------------+-------------+------------+
|Underlying profit before tax* | #3.7m| #2.8m|
+-------------------------------------+-------------+------------+
|Underlying earnings per share* | 6.2p| 5.3p|
+-------------------------------------+-------------+------------+
| | | |
+-------------------------------------+-------------+------------+
|Underlying results under FRS 17 | | |
+-------------------------------------+-------------+------------+
|Operating profit before non-recurring| #4.1m| #3.7m|
|items | | |
+-------------------------------------+-------------+------------+
|Underlying profit before tax* | #4.2m| #3.4m|
+-------------------------------------+-------------+------------+
|Underlying earnings per share* | 6.9p| 6.2p|
+-------------------------------------+-------------+------------+
* Before non-recurring items
Operational highlights
* Successful flotation on AiM in July 2006
* Benefits of 2005 acquisition of Gemini coming through
* Gross margins maintained despite inflationary pressure
* Closure of defined benefit pension scheme to future accruals
* Payment of final dividend expected, subject to trading results
* Board remains quietly confident that full year results will be in line
with expectations
Michael Marx, Chairman, commented,
We are pleased to report Nationwide's maiden interim results following the
Group's successful admission to AiM in July this year. Results for the six
months to 30 June 2006 demonstrate that Nationwide continues to make encouraging
progress.
We remain quietly confident that, subject to normal trading conditions, our full
year results will be in line with expectations and we remain on course to
recommend our first final dividend to shareholders, which would become payable
in May 2007.
We believe that the Group's national coverage, economies of scale and customer
service give us a competitive advantage when competing for business. We continue
to pursue our twin track approach of improving our existing businesses whilst
carefully exploring additional opportunities for growth through acquisition."
Enquiries:
Nationwide Accident Repair Michael Wilmshurst, T: 020 7448 1000 today
Services plc Chief Executive Thereafter: 01993 701 720
David Loftus,
Finance Director
Biddicks Katie Tzouliadis/ T: 020 7448 1000
/Zoe Biddick
CHAIRMAN'S STATEMENT
Introduction
We are pleased to report Nationwide's maiden interim results following the
Group's successful admission to AiM in July this year. Results for the six
months to 30 June 2006 demonstrate that Nationwide continues to make encouraging
progress and we look forward to a satisfactory outcome for the year.
Financial Overview
Sales for the six month period increased by 18% to #78.7m against #66.6m last
year and operating profit before non-recurring items rose by 18% to #3.6m from
#3.1m. Operating profit after non-recurring costs relating to our flotation and
the payment of certain contractual bonuses, was #0.1m (2005: #7.8m): profit
before tax was #0.1m (2005: #7.6m) and earnings per share was 0.2p (2005:
15.9p).
The Company adopts IAS 19, the "corridor approach", for its pension obligations.
However in order to provide shareholders with financial results which are
comparable with other companies, results under FRS 17 are also shown. Under FRS
17, operating profit before non-recurring items rose by 11% to #4.1m from #3.7m.
Underlying profit before tax improved by 23% to #4.2m from #3.4m last year and
underlying earnings per share rose by 11% to 6.9p (2005: 6.2p).
The Group's cash position remains strong, with net cash at 30 June 2006 of
#8.5m.
These encouraging results reflect both the benefit of our acquisition of Gemini
Accident Repair Centres in July 2005 and our ability to maintain margins. Gemini
generated sales of #8.6m and operating profit of #0.4m in the first half.
Excluding the effect of acquisitions and closures, sales increased by 8%. Gross
margins were maintained at 47% despite inflationary pressures. The Group's
defined benefit scheme was closed for future accruals on 31 July 2006 with
active members transferred to a new defined contribution section of the scheme.
Dividend
As set out in the AiM Admission document, the Directors intend to pursue a
progressive dividend policy which broadly reflects the growth in underlying
earnings over time and Group prospects, based on a dividend cover of 2.5 to 3
times. It is anticipated that a final dividend in respect of the current year
will be recommended to shareholders, for payment in May 2007. Ordinarily, over
the course of a financial year, final dividends are expected to represent
two-thirds of the total annual dividend.
Trading
Our crash repair centres primarily service major UK insurance companies and it
is our intention to position the Group as the accident repair services supplier
of choice for the UK insurance industry with scope to grow the business both
organically and by acquisition. The potential for growth by acquisition is good
since the crash repair market is highly fragmented, with nearly half the total
number of bodyshops owned by small businesses, and the market is gradually
consolidating as smaller operators come increasingly under pressure.
In the second half of last year, we purchased Gemini Accident Repair Centres.
This added another 11 repair centres, primarily in the West Midlands, After
closing one loss-making Gemini site, this increased the total number of our
bodyshops to 69. The acquisition was the largest we have completed to date and
the sites have now been successfully integrated into the Nationwide network. As
part of the integration process, we put in place the Nationwide operating model.
Crucially, this includes our bespoke software systems, which help to ensure that
the Group's best practice procedures are consistently applied across all sites.
It is pleasing to see the improving contribution from these sites since their
integration.
We continue to improve the measurement of the operational performance of each of
our sites through the development of our centralised IT systems. This assists us
both from a financial perspective, in helping us to improve operational and
administrative efficiency, and from a customer perspective, since achieving high
customer satisfaction levels helps to drive the continued success and growth of
the business. Notably, these systems enable us to supply our key customers with
management information, thus deepening our business relationships. The software
also enables us to monitor customer satisfaction levels and to reward success
accordingly.
We remain active in cultivating our relationships with motor insurers both at a
local and national level and we are particularly encouraged by substantial
increases in sales with both Zurich and R&SA as we develop new operating models
with both of these customers. The strengthening of these important relationships
has enabled us to reduce our exposure to lower margin business elsewhere. Eight
of our sites are dedicated to carrying out repairs on an exclusive basis for R&
SA, with the motor insurer providing, in turn, a minimum monthly level of
business to these eight sites.
In line with our culture of staff development, we are pleased to note that this
year our Nationwide apprentice programme has attracted over 50 new young people
to join our Group with a view to developing their careers with us.
Prospects
Looking forward to the trading outturn for the second half of this year, it
should be noted that, historically, our first half tends to be our stronger
trading period. This is because results for the second half include the holiday
months of July and August as well as a shortened working period during December.
That being said, we remain quietly confident that, subject to normal trading
conditions, our full year results will be in line with expectations and we
remain on course to recommend our first final dividend to shareholders, payable
in May 2007.
We believe that the Group's national coverage, economies of scale and customer
service give us a competitive advantage when competing for business. We continue
to pursue our twin track approach of improving our existing businesses whilst
carefully exploring additional opportunities for growth through acquisition.
Michael Marx, Chairman
NATIONWIDE ACCIDENT REPAIR SERVICES PLC
UNAUDITED INTERIM CONSOLIDATED INCOME STATEMENT
For the six month period to 30 June 2006
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 30 June 31 Dec
2006 2005 2005
Notes #'000 #'000 #'000
Sales revenue 78,740 66,634 139,554
Cost of sales (41,751) (35,322) (74,827)
------------------------------------
Gross profit 36,989 31,312 64,727
Distribution costs (19,015) (16,574) (34,876)
Administrative expenses (14,325) (11,638) (25,808)
------------------------------------
Operating profit before non 3,649 3,100 4,043
recurring items
Non recurring items 8 (3,542) 4,750 3,750
------------------------------------
Operating profit 107 7,850 7,793
Finance income 4 83 174 379
Finance costs 4 (49) (436) (873)
------------------------------------
Profit for the period before tax 141 7,588 7,299
Tax expense 5 (64) (446) (789)
------------------------------------
Net profit for the period 77 7,142 6,510
------------------------------------
Earnings per Share 6 0.2p 15.9p 14.5p
------------------------------------
NATIONWIDE ACCIDENT REPAIR SERVICES PLC
UNAUDITED INTERIM CONSOLIDATED BALANCE SHEET
At 30 June 2006
Unaudited Unaudited Audited
30 June 30 June 31 Dec
2006 2005 2005
Notes #'000 #'000 #'000
Assets
Non-current
Goodwill 4,648 - 4,648
Property, plant and equipment 9,030 8,899 9,718
Pension and other employee assets 2 1,380 1,513 1,991
------------------------------
15,058 10,412 16,357
------------------------------
Current
Inventories 2,626 2,226 2,767
Trade and other receivables 21,984 21,755 22,162
Cash and cash equivalents 8,548 15,348 4,114
------------------------------
33,158 39,329 29,043
------------------------------
Total assets 48,216 49,741 45,400
==============================
Equity
Equity attributable to the
shareholders
Share capital 3 5,609 5,609 5,609
Capital redemption reserve 1,000 1,000 1,000
Share premium account 11,104 11,104 11,104
Revaluation reserve 8 8 8
Retained earnings 2,791 8,346 2,714
------------------------------
Total equity 20,512 26,067 20,435
------------------------------
Liabilities
Non-current
Provisions 534 341 480
Deferred tax liabilities 160 80 343
------------------------------
694 421 823
------------------------------
Current
Provisions 163 281 216
Trade and other payables 26,370 22,638 23,311
Current tax liabilities 477 334 615
------------------------------
27,010 23,253 24,142
------------------------------
Total liabilities 27,704 23,674 24,965
------------------------------
Total equity and liabilities 48,216 49,741 45,400
------------------------------
NATIONWIDE ACCIDENT REPAIR SERVICES PLC
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six month period to 30 June 2006
Share Capital Share Reval. Retained Total
Capital Redemption Premium Reserve Earnings
Reserve Account
#000 #000 #000 #000 #000 #000
Balance at 1 Jan 2005 5,609 1,000 11,104 8 1,204 18,925
Income for the 6 mth
period - - - - 7,142 7,142
-----------------------------------------------------
Balance at 30 June
2005 5,609 1,000 11,104 8 8,346 26,067
Loss for the 6 mth
period - - - - (632) (632)
Dividend Paid - - - - (5,000) (5,000)
-----------------------------------------------------
Balance at 1 Jan 2006 5,609 1,000 11,104 8 2,714 20,435
Profit for the 6 mth
period - - - - 77 77
-----------------------------------------------------
Balance at 30 June
2006 5,609 1,000 11,104 8 2,791 20,512
-----------------------------------------------------
NATIONWIDE ACCIDENT REPAIR SERVICES PLC
UNAUDITED INTERIM CONSOLIDATED CASH FLOW STATEMENT
For the six month period ended 30 June 2006
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 30 June 31 Dec
2006 2005 2005
#'000 #'000 #'000
Operating activities
Profit for the period before tax 141 7,588 7,299
Adjustments (note 7) 2,275 (2,244) 634
Changes in inventories 141 (114) (252)
Changes in trade and other
receivables 178 (4,345) (1,630)
Changes in trade and other payables 3,059 2,276 (499)
Changes in provisions 148 (66) 125
Outflow from pension obligations (480) (480) (2,582)
Outflow from provisions (147) (98) (215)
Tax paid (385) - (113)
------------------------------------
4,930 2,517 2,767
------------------------------------
Investing activities
Additions to property, plant and
equipment (600) (1,026) (2,424)
Proceeds from the disposal of
property, plant and equipment 21 35 208
Acquisition of businesses - cost - - (4,665)
Acquisition of businesses - debt
acquired - - (799)
Interest received 83 174 379
------------------------------------
(496) (817) (7,301)
------------------------------------
Financing activities
Dividend paid - - (5,000)
Proceeds from disposal of preference
shares - 4,750 4,750
------------------------------------
- 4,750 (250)
------------------------------------
Net increase/(decrease) in cash and
cash equivalents 4,434 6.450 (4,784)
Cash and cash equivalents at
beginning of period 4,114 8,898 8,898
------------------------------------
Cash and cash equivalents at end of
period 8,548 15,348 4,114
------------------------------------
NATIONWIDE ACCIDENT REPAIR SERVICES PLC
NOTES TO THE UNAUDITED INTERIM ACCOUNTS
1. BASIS OF PREPARTION
The unaudited interim accounts have been prepared on the same basis and using
the same accounting policies as used in the audited financial statements for the
year ended 31 December 2005 except that IAS 33, Earnings per share has been
applied for the first time.
The financial information set out in these interim accounts does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985. The
figures for the year ended 31 December 2005 have been extracted from the
statutory financial statements which have been filed with the Registrar of
Companies. The auditors' report on those financial statements was unmodified.
2. PENSION AND OTHER EMPLOYEE ASSETS/OBLIGATIONS
The Group operates a defined benefit scheme and a defined contribution pension
scheme in the UK which offers both pensions in retirement and death benefits to
members. Since 1 January 2002 the defined benefit scheme has been closed to new
members. The assets of the schemes are administered by trustees independent of
the Group. The Company made contributions of #480,000 (2005: #480,000) to the
defined benefit scheme during the six month period to 30 June 2006 and
#2,582,000 in the year to 31 December 2005. The defined benefit scheme was
closed for future accruals on 31 July 2006 with active members transferred to a
new defined contribution section of the scheme.
The Group has opted to amortise all actuarial gains and losses above the
corridor (10% of the greater of assets and liabilities) over the future working
lifetime of the active membership.
A full actuarial valuation of the defined benefit scheme was carried out as at
31 December 2005 and was updated to 30 June 2006 by a qualified independent
actuary.
IAS 19
------
30 June 30 June 31 Dec
2006 2005 2005
The major assumptions used by the actuary
were (in nominal terms):
Rate of increase in salaries 3.4% 3.4% 3.3%
Rate of increase in pensions - accrued pre
5 April 1997 3.0% 3.0% 3.0%
Rate of increase in pensions - accrued
post 5 April 1997 2.75% 2.75% 2.65%
Discount rate 5.5% 5.1% 5.0%
Inflation assumption 2.75% 2.75% 2.65%
The assumptions used in determining the overall expected return of the scheme
have been set with reference to yields available on government bonds and
appropriate risk margins.
30 June 2006 30 June 2005 31 Dec 2005
#'000 #'000 #'000
Total market value of assets 45,613 40,239 44,519
Present Value of defined
obligations (funded plans) (61,704) (66,753) (65,552)
---------------------------------------
Present value of unfunded
obligations (16,091) (26,514) (21,033)
Unrecognised actuarial losses 17,471 28,027 23,024
---------------------------------------
Net asset in balance sheet 1,380 1,513 1,991
=======================================
Reconciliation of opening and closing balances of the present value of
the defined benefit obligations
6 mths to 6 mths to 12 mths to
30 June 30 June 31 Dec
2006 2005 2005
#'000 #'000 #'000
Benefit obligation at beginning of year 65,552 61,984 61,984
Service cost 558 574 1,148
Interest cost 1,619 1,652 3,344
Contributions by scheme members 163 167 328
Actuarial (gain) / loss (5,497) 3,063 323
Benefits paid (691) (687) (1,575)
--------------------------------
Balance at end of year 61,704 66,753 65,552
--------------------------------
Reconciliation of opening and closing balances of the fair value of plan
assets
6 mths to 6 mths to 12 mths to
30 June 30 June 31 Dec
2006 2005 2005
#'000 #'000 #'000
Fair value of scheme assets at beginning of
year 44,519 37,601 37,601
Expected return on scheme assets 1,570 1,216 2,471
Actuarial gain/(loss) (428) 1,462 3,113
Contributions by employers 480 480 2,581
Contributions by scheme members 163 167 328
Benefits paid (691) (687) (1,575)
--------------------------------
Asset at end of year 45,613 40,239 44,519
--------------------------------
The amounts recognised in the income statement are:
6 mths to 6 mths to 12 mths to
30 June 30 June 31 Dec
2006 2005 2005
#'000 #'000 #'000
Current service cost 558 574 1,148
Interest on obligation 1,619 1,652 3,344
Expected return on assets (1,570) (1,216) (2,471)
Actuarial loss recognised in year 484 613 1,226
----------------------------------
1,091 1,623 3,247
----------------------------------
Charged to:
Administration expenses 1,042 1,187 2,374
Finance costs 49 436 873
----------------------------------
1,091 1,623 3,247
----------------------------------
Effect on profitability: comparison between IAS19 and FRS 17:
6 mths to 6 mths to 12 mths to
30 June 30 June 31 Dec
2006 2005 2005
#'000 #'000 #'000
Operating profit before non recurring
items as stated 3,649 3,100 4,043
Add back actuarial loss recognised under
IAS 19 484 613 1,226
----------------------------------
Operating result before non recurring
items under FRS 17 4,133 3,713 5,269
Non recurring items (3,542) 4,750 3,750
----------------------------------
Operating result under FRS 17 591 8,463 9,019
Finance Income 83 174 379
Finance costs under FRS 17 (34) (494) (1,004)
----------------------------------
Income before tax under FRS 17 640 8,143 8,394
Tax expense as stated (64) (446) (789)
Deferred tax IAS 19 reversed (183) (343) (200)
Deferred tax under FRS 17 34 189 (129)
----------------------------------
Income after tax under FRS 17 427 7,543 7,276
----------------------------------
Effect on total equity: comparison between IAS19 and FRS 17:
30 June 30 June 31 Dec
2006 2005 2005
#'000 #'000 #'000
Total equity as stated 20,512 26,067 20,435
Less IAS 19 asset (1,380) (1,513) (1,991)
Add back IAS 19 deferred tax provision 414 454 597
FRS 17 deficit (15,823) (23,023) (20,796)
Deferred tax under FRS 17 4,747 6,907 6,239
------------------------------
Total equity under FRS 17 8,470 8,892 4,484
------------------------------
3. EQUITY
Share Capital
30 June 2006, 30 June 2005
and 31st December 2005
Shares #'000
Authorised
Ordinary shares of 25p each 32,000,000 8,000
-------------------------------
Issued and fully paid
Ordinary shares of 25p each 22,436,110 5,609
-------------------------------
On 4 July 2006 each of the ordinary shares of 25p each were divided into two
Ordinary Shares of 12.5p each. Following such division there were 44,872,220
issued and fully paid Ordinary Shares.
Share Options
The following options were issued on 4 July 2006:
No of Exercise Exercise
Shares Price Period
M A Wilmshurst Approved 25,751 #1.165 2009-16
Unapproved 2,217,860 #1.11 2009-16
D J Loftus Approved 25,751 #1.165 2009-16
Unapproved 1,096,055 #1.11 2009-16
S D G Thompson Approved 25,751 #1.165 2009-16
Unapproved 871,693 #1.11 2009-16
-----------
4,262,861
-----------
4. FINANCE INCOME AND FINANCE COSTS
6 mths to 6 mths to 12 mths to
30 June 30 June 31 Dec
2006 2005 2005
Finance Income #'000 #'000 #'000
Interest receivable on bank balances 83 174 379
--------------------------------
Finance Costs
Pension costs (see note 2):
- interest on obligation 1,619 1,652 3,344
- expected return on assets (1,570) (1,216) (2,471)
--------------------------------
49 436 873
--------------------------------
5. INCOME TAX EXPENSE
6 mths to 6 mths to 12 mths to
30 June 30 June 31 Dec
2006 2005 2005
Current Tax: #'000 #'000 #'000
United Kingdom corporation tax at 30%
(2005:30%) 247 334 591
Adjustments in respect of prior years - - -
--------------------------------
247 334 591
Deferred Tax:
Movement relating to pension asset
(IAS 19) (183) (343) (200)
Timing differences origination and
reversal - 455 398
--------------------------------
64 446 789
--------------------------------
6. EARNINGS PER SHARE AND DIVIDENDS
Basic earnings per share
The basic earnings per share has been calculated using the net profit
attributable to the shareholders of the Company of #77,000 for the six month
period (2005: #7,142,000) (12 months to 31 December 2005: #6,510,000).
The weighted average number of outstanding shares used for the basic earnings
per share amounted to 44,872,220 (2005: 44,872,220). This number takes into
account the share split that became effective on 4 July 2006.
Underlying earnings per share
The underlying earnings per share has been calculated as follows:
6 mths to 6 mths to 12 mths to
30 June 30 June 31 Dec
2006 2005 2005
#'000 #'000 #'000
Profit before tax (as stated) 141 7,588 7,299
Non recurring items 3,542 (4,750) (3,750)
--------------------------------
3,683 2,838 3,549
--------------------------------
Tax expense (as stated) (64) (446) (789)
Tax effect on non recurring items (858) - (300)
--------------------------------
2,761 2,392 2,460
--------------------------------
Adjusted earnings per share 6.2p 5.3p 5.5p
--------------------------------
The weighted average number of outstanding shares used for the basic earnings
per share amounted to 44,872,220 (2005: 44,872,220). This number takes into
account the share split that became effective on 4 July 2006.
Underlying earnings per share (FRS 17 basis)
The underlying earnings per share on an FRS 17 basis has been calculated as
follows:
6 mths to 6 mths to 12 mths to
30 June 30 June 31 Dec
2006 2005 2005
#'000 #'000 #'000
Operating profit before non recurring
items under FRS 17 (see note 2) 4,133 3,713 5,269
Finance Income 83 174 379
Finance costs under FRS 17 (34) (494) (1,004)
-------------------------------
Underlying Profit before tax under FRS
17 4,182 3,393 4,644
Tax expense as stated (64) (446) (789)
Deferred tax IAS 19 reversed (183) (343) (200)
Deferred tax under FRS 17 34 189 (129)
Tax effect on non recurring items (858) - (300)
-------------------------------
3,111 2,793 3,226
-------------------------------
Adjusted earnings per share 6.9p 6.2p 7.2p
-------------------------------
The weighted average number of outstanding shares used for the basic earnings
per share amounted to 44,872,220 (2005: 44,872,220). This number takes into
account the share split that became effective on 4 July 2006.
Dividends
During 2005, the Company paid dividends of #5,000,000 to its equity
shareholders.
7. CASH FLOW STATEMENT
The following non-cash flow adjustments have been made to the pre-tax result for
the year to arrive at operating cash flow:
6 mths to 6 mths to 12 mths to
30 June 30 June 31 Dec
2006 2005 2005
Adjustments: #'000 #'000 #'000
Movement in pension fund asset- IAS19 1,091 1,623 3,247
Depreciation 1,275 1,073 2,538
Profit on sale of property, plant and
equipment (8) (16) (22)
Finance Income (83) (174) (379)
Profit on sale of fixed asset
investments - (4,750) (4,750)
--------------------------------
Total 2,275 (2,244) 634
--------------------------------
8. NON RECURRING COSTS
6 mths to 6 mths to 12 mths to
30 June 30 June 31 Dec
2006 2005 2005
#'000 #'000 #'000
Flotation costs (683) - -
Non recurring bonuses (2,859) - (1,000)
Profit on sale of fixed asset
investments - 4,750 4,750
-------------------------------
Total (3,542) 4,750 3,750
-------------------------------
The costs relating to the flotation on AiM on 4 July 2006 of #683,000 have been
included in these Interim Accounts. In addition, as noted in paragraph 8.10 part
IV of the Admission document, the Interim Accounts include non-recurring bonuses
totalling #2,859,000. Of this amount #2,407,000 was payable to Troy Solutions
Limited, a company where Mr M A Wilmshurst is a director and #400,000 was paid
to D.J. Loftus.
9. SUBSEQUENT EVENTS
On 4 July 2006, Nationwide Accident Repair Services plc was admitted to AiM.
10. COPIES OF INTERIM REPORT AND FINANCIAL STATEMENTS
The Interim Report and Financial Statements will be sent to shareholders by the
end of September 2006. Further copies will be available to the public, free of
charge at the Group's registered office, 17A Thorney Leys Park, Witney,
Oxfordshire OX28 4GE for at least one month thereafter.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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