Unaudited Half Year Results
for the six months ended 30 June 2014
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.
· Results in line with management expectations and show significant year-on-year progress
· Revenue increased by 13.7% to £90.0m (2013: £79.1m)
- Howard Basford and Exway acquisitions performed well, contributing combined revenues of £10.1m (2013: nil)
- insurance and fleet volumes up significantly
· Gross margin up two percentage points to 36.2% (2013: 34.2%)
· Underlying (1) PBT up 86% to £2.5m (2013: £1.4m)
- Statutory PBT after non-recurring costs and amortisation of intangibles of £0.02m (2013: £1.35m)
· Underlying (1) EPS up 91% to 4.4p (2013: 2.3p). Statutory loss per share of 0.4p (2013: EPS of 2.3p)
· Continuing good levels of cash generation
· Interim dividend maintained at 1.0p per share (2013: 1.0p per share)
· Post period end acquisition of Gladwins for £9.5m develops Group's regional presence in the East of England
· Two major contracts agreed with AXA UK (in June 2014) and Allianz Insurance plc (in September 2014)
- worth total of c. £20m pa
· Positive outlook - Group is well placed for continued growth
Notes: 1. 'Underlying' is calculated before non-recurring items and amortisation of intangibles.
Michael Marx, Chairman, commented,
"We are very pleased to report a substantial improvement in the underlying trading results of the Group. These encouraging results show the combined benefits of increased volumes, improved operational efficiencies and economies of scale. The two acquisitions we have made, Exway in July 2013 and Howard Basford in February 2014, have performed well, contributing to both volumes and enhanced efficiencies. We are also very pleased to see continuing progress in fleet sales, which grew by 22% and now comprise 25% of Group revenues.
We are confident that in continuing to develop our regional presence as well as our integrated national range of automotive services, we will not only enhance our customer proposition but also our trading performance. We remain positive about the outlook for the Group over the remainder of the year and beyond as we execute our growth strategy."
The full Half Year Results can be viewed on the following page: