NATIONWIDE ACCIDENT REPAIR SERVICES PLC Trading Update

NATIONWIDE ACCIDENT REPAIR SERVICES PLC Trading Update

The Board of Nationwide,the largest dedicated provider of automotive crash repair services in the UK, issued the following update on trading for the year ending 31 December 2011 before entering its close period. 

Results for the year are expected to be in line with current market forecasts although net cash at the year end is anticipated to be higher than current market expectations due to strong year end customer cash receipts.  As previously reported, the Directors expect to propose a maintained final dividend of 3.5p per share for the year, making a full year dividend of 5.4p per share.

The programme to reduce the Company's cost base announced in November 2011 has now been largely implemented, with Nationwide's overall operational capacity preserved. While current conditions in the Company's core insurance market remain challenging, Nationwide remains a market leading operator with a comprehensive offering augmented by a mobile repair capability, national reach and efficient operating systems.  Progress in its newer non-insurance markets of fleet and retail is good

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