TIDMNARS

RNS Number : 0823A

Nationwide Accident Repair Srvs PLC

26 January 2011

NARS

NATIONWIDE ACCIDENT REPAIR SERVICES PLC

("Nationwide" or "the Company")

Pre-Close Trading Update

Nationwide, the largest dedicated provider of accident repair services in the UK, is pleased to make the following update on trading for the year ended 31 December 2010, before entering its close period.

The Board is pleased to report that results for the year to 31 December 2010 are expected to be at the upper end of market forecasts. Nationwide continues to generate good cash flows and the balance sheet remains strong with nil borrowings. Net cash at 31 December 2010 is anticipated to stand at GBP7.5m (2009: GBP8.3m) after additional cash investment to support the Group's growth strategy.

The Group has continued to make good progress with its growth strategy both to develop Nationwide's activities in its core insurance marketplace as well as expand its non-insurance funded work, especially in the fleet and retail markets. The launch of an enhanced mobile repair offering in the late summer is supporting the Group's expansion plans and these services are being closely integrated with Nationwide's national network of bodyshops through a common IT platform. This integrated offering (combining fixed site and mobile repair capability) is unrivalled in the marketplace and the Board remains confident that it will create significant operational and competitive advantages.

The Board expects to announce preliminary results for the year ended 31 December 2010 on Tuesday, 29 March 2011.

Enquiries:

 
 Nationwide Accident    Michael Wilmshurst, Chief         T: 01993 701 
  Repair Services plc    Executive                         720 
                         David Loftus, Finance Director 
 
 Biddicks               Katie Tzouliadis/ Sophie          T: 020 3178 6378 
                         Lane 
 
 Arbuthnot Securities   James Steel/ Ben Wells            T: 020 7012 2000

This information is provided by RNS

The company news service from the London Stock Exchange

END

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