Nationwide Accident Repair Services, which offers UK motorists services including autoglass repair and replacement, said 9 September 2008 that for the six months ended 30 June 2008 it experienced a pr…
Nationwide Accident Repair Services, which offers UK motorists services including autoglass repair and replacement, said 9 September 2008 that for the six months ended 30 June 2008 it experienced a profit before tax of GBP 3.9 million, compared with a profit of GBP 3.4 million for the same period 2007. Michael Marx, chairman, said: “We are pleased with the progress the business has made over the 1H of the year. Our twin track approach of expanding the business both organically and by acquisition continues to deliver results. There remains further scope to increase efficiency within our existing business. The directors remain confident that the business is well positioned for ongoing growth”. He added: “Sales over the six months grew to GBP 88.3 million, representing a 16% increase on last year (GBP 75.9 million in 2007) and reflecting the additional contractual volumes secured in 2007. Profit before tax for the period rose to GBP 3.9 million, a 14% increase on the same period last year (GBP 3.4 million in 2007) with earnings per share increasing by 14% to GBP 0.064 (GBP 0.056 in 2007). Our Balance Sheet remains strong with net cash at June 30 2008 of GBP 4.6 million”. “We maintain our progressive dividend policy which broadly reflects the growth of earnings over time. We will, therefore, be declaring an interim dividend of GBP 0.17 per share, which represents an increase of 13% on last year (GBP 0.15 in 2007). The dividend will be paid on 3 November 2008 to shareholders on the register at the close of business on 3 October 2008”. “The business enjoyed a good 1H as the new contracts and volume extensions agreed last year began to generate the revenues and profitability anticipated. These included the new wins we secured Zenith and the additional volumes we gained with Norwich Union, AXA and Zurich”. “We have also increased our retail sales at our sites and continue to develop this new aspect of our business. During the period, we acquired an additional four bodyshops in Bristol, Gravesend in Kent, Scunthorpe in Lincolnshire, and, Redruth in Cornwall. More recently, we acquired a new site at Kettering in Northamptonshire. These acquisitions further extend our capacity and service capability”. “Our Network Services Division, which provides accident management services to motor insurers and fleet operators, has enjoyed a successful six months and we see good potential to develop this business further, particularly in our Mobile Glass Replacement and Mobile Vehicle Repair offerings”.