TIDMNARS

RNS Number : 6405X

Nationwide Accident Repair Srvs PLC

12 February 2013

AIM: NARS

NATIONWIDE ACCIDENT REPAIR SERVICES PLC

("Nationwide" or "the Group")

Trading Update

Nationwide, the largest dedicated provider of automotive crash repair services in the UK, is pleased to provide an update on trading for the financial year ended 31 December 2012.

Results for the year are expected to be in line with current market forecasts. The Group generated better cash flows than expected taking into account payments of GBP0.8m relating to the exit of three property leases and the reported net cash position at the 31 December 2012 of GBP5.0m. As previously indicated, the Board is implementing the revised IAS19 pension accounting standard and anticipates reporting a reduced deficit of GBP22.7m for the year (2011: GBP26.1m). The Directors expect to propose a maintained final dividend of 3.6p per share, taking the total dividend for the year to 5.5p per share.

The structural pressures in the motor insurance claims market remain resulting in reduced volumes in the marketplace. Against this backdrop, Nationwide's sector performance was good, supported by its position as a national operator with an integrated range of services. As previously reported, in December 2012, Nationwide renewed major contracts with Hastings Direct and Zurich Insurance and commenced a short term arrangement with Aviva PLC following Aviva's previous supplier entering into administration.

Nationwide's progress in building its non-insurance funded revenues over the year was very good with strong year-on-year revenue growth for both fleet and retail. The scope to build the Group's presence in these markets as well as in the insurance market remains significant over the coming years.

The Board expects to announce preliminary results for the year to 31 December 2012 on 9 April 2013.

Enquiries:

 
 Nationwide Accident    Michael Wilmshurst, Chief       T: 01993 701720 
  Repair Services        Executive 
  plc                    David Pugh, Finance Director 
 
 Biddicks               Katie Tzouliadis                T: 020 3178 
                                                         6378 
                        Alex Shilov 
 
 Westhouse Securities   Antonio Bossi                   T: 020 7601 
                         Henry Willcocks                 6100

About Nationwide Accident Repair Services plc

Nationwide provides automotive crash repair and accident administration services to the UK insurance industry, fleet operators and retail customers and is the largest dedicated provider of accident repair services in the UK.

The Group operates a national network of accident repair centres across England, Scotland and Wales and has dedicated mobile repair fleets which repair light damage and automotive glass. Other services include accident administration, courtesy cars and salvage management. All Nationwide's services are fully integrated and unified on a single IT platform, enabling the Group to provide market-leading standards.

This information is provided by RNS

The company news service from the London Stock Exchange

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