Nationwide Accident Repair Services has issued its inaugural financial statement as a listed company.
Nationwide's net profit slipped to £77,000 for the first half of 2006, compared with £7.1m for the same period in 2005. The company's sales improved by 18% to £78.7m from £66.6m.
Michael Marx, Nationwide's chairman, said: “We remain quietly confident that, subject to normal trading conditions, our full year results will be in line with expectations and we remain on course to recommend our first final dividend to shareholders, which would become payable in May 2007.
We believe that the group's national coverage, economies of scale and customer service give us a competitive advantage when competing for business. We continue to pursue our twin track approach of improving our existing businesses whilst carefully exploring additional opportunities for growth through acquisition.”
