Nationwide Accident Repair Services plc : Half Year Results

NARS

NATIONWIDE ACCIDENT REPAIR SERVICES PLC

("Nationwide", "the Company" or "the Group")

Unaudited Half Year Results

for the six months ended 30 June 2013

Nationwide provides integrated automotive accident repair management services to the UK insurance industry, fleet and retail customers. It is the largest dedicated provider of accident repair services in the UK.

Key Points

Results in line with revised expectations

Revenue decreased by 2.0% to 79.1m (2012: 80.7m)

- insurance revenue decreased by 4.6% to 58.3m (2012: 61.1m) however market share increased

- good growth in fleet revenue, up by 7.1% to 18.2m (2012: 17.0m)

- retail revenue increased to 2.7m (2012: 2.6m)

Underlying1 operating profitof 1.9m (2012: 3.6m)

Underlying1 profit before tax of 1.4m (2012: 3.0m)

Statutory profit before tax of 1.4m (2012: 2.4m)

Underlying1 earnings per share of 2.3p (2012: 5.6p)

Statutory earnings per share of 2.3p (2012: 4.5p)

Interim dividend of 1.0p (2012: 1.9p) per share - see comment on dividend

Post period, completed the strategic acquisition of vehicle accident repair specialist group, Exway, in the South West

Cash at 30 June 2013 remains strong at 5.0m (30 June 2012: 8.0m; 31 December 2012: 5.1m)

Board expects an improved performance in the second half and beyond

Notes: 1 . 'Underlying' is calculated before non-recurring items of nil in 2013 (2012: 0.6m operating cost before tax).