TIDMNARS

RNS Number : 2865Y

Nationwide Accident Repair Srvs PLC

23 January 2014

AIM: NARS

NATIONWIDE ACCIDENT REPAIR SERVICES PLC

("Nationwide" or "the Group")

Pre-Close Trading Update

Nationwide, the largest dedicated provider of automotive crash repair services in the UK, is providing the following update on trading for the financial year ended 31 December 2013 ahead of full year results which are expected to be announced in mid April.

The Board is pleased to report that the Group's trading performance in the second half of the year has shown the expected improvement on the first half and that the Group is anticipated to deliver full year results in line with current management forecasts. Nationwide also remains well positioned to support its rebased dividend policy.

Net cash at 31 December 2013 was higher year-on-year at GBP6.2 million and ahead of management's forecast even after taking into account the positive contribution of GBP2.2 million from one-off items included in this total. In addition, the Group has arranged a bank facility of GBP20m including a GBP15m three year revolving credit facility, which will support strategic growth opportunities.

The improvement seen in the second half has been aided both by measures to improve efficiency and by increasing penetration in the fleet market. In addition, the integration of the Exway acquisition in the South West has gone well and is enhancing operational efficiency in the region.

Enquiries:

 
 Nationwide Accident    Michael Wilmshurst, Chief    T: 020 3178 6378 
  Repair Services        Executive                    (today) 
  plc                    David Pugh, Group Finance    T: 01993 701720 
                         Director 
 
 Biddicks               Katie Tzouliadis/ Deborah    T: 020 3178 6378 
                         Walter 
 
 Westhouse Securities   Antonio Bossi                T: 020 7601 6100 
                         Henry Willcocks

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

END

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