TIDMNARS

RNS Number : 3465I

Nationwide Accident Repair Srvs PLC

14 June 2011

NARS

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 today and will make the following comments on current trading.

"The current financial year has started well and while the trading backdrop is no easier than last year, first half results are expected to show an improvement on the same period in 2010.

Nationwide is in the second year of its three year growth plan and this is progressing well. While the insurance-funded market remains the Group's core customer base, management is seeking to add incremental revenues from the non-insurance sector, particularly the fleet and retail markets. Initiatives here are showing good results, supported by additional investment as well as the launch of enhanced mobile repair services last summer. The expansion of the Group's mobile repair capability is also providing added flexibility in the efficient management of work flows.

Operational efficiencies remain a key area of focus as well as effective management of the cost base and management continues to reduce costs while ensuring that Nationwide's offering and service levels remain market-leading.

The Group's financial position is strong, with good cash flows and substantial net cash. The Board believes that the business remains well-positioned to deliver increased sales and profitability."

Enquiries:

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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