(Adds chairman's comment, details on declined contract)
LONDON (Thomson Financial) - Nationwide Accident Repair Services PLC
reported a 15 pct growth in its full-year pretax profit before non-recurring
items on higher revenues, and said its current year has started positively and
that it remains confident of its business prospects.
For the year ended Dec 31, 2007, the provider of car crash repair services
posted pretax profit before non-recurring items of 6.82 mln stg compared with
5.91 mln stg last year, as revenues rose to 151.95 mln stg from 151.19 mln stg.
The company said administrative expenses declined to 24.87 mln stg from
27.06 mln stg.
Nationwide Accident said after declining to renew a substantial contract
worth in excess of 20 mln stg in the second quarter due to commercially
unattractive terms, it has more than replaced the lost work through a mix of new
contract wins and volume extension with existing customers.
Chairman Michael Marx commented: "The new agreements we secured over the
course of 2007 will bring further benefits in the current financial year and
beyond, as the additional volumes are generated."
The company further said its accident management operations continue to show
encouraging growth.
National Accident declared a final dividend of 3.0 pence, up 15 pct,
bringing the total dividend for the year to 4.5 pence from 2.6 pence of last
year.
tf.TFN-Europe_newsdesk@thomson.com
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