Nationwide, the largest dedicated provider of automotive crash repair services in the UK, is providing the following update on trading for the financial year ended 31 December 2014 ahead of full year results which are expected to be announced in mid-April.
The Board is pleased to report a good finish to the year. Underlying profit before tax for the year to 31 December 2014 is expected to be ahead of management expectations, with Nationwide's net cash position significantly ahead of forecasts. Unaudited Group revenue for the year is anticipated to be approximately £184.0m (2013: £156.6m) and unaudited net cash at 31 December 2014 was approximately £1.5m (31 December 2013: £6.3m). This is after net outflows of more than £13.0m relating to the acquisitions of Howard Basford and Gladwins in the year.
These encouraging results reflect the combined benefits of increased volumes, improved operational efficiencies and economies of scale. Recent acquisitions have all performed in line with management expectations and the major contracts signed in 2014 contributed to the Group's performance in the second half of the year.