Markets remains challenging at Nationwide Accident Repair

Crash repair services firm Nationwide Auto Repair Services said results for the year ending 31 December 2011 are expected to be in line with current market forecasts despite headwinds in its core insurance market.

The group, which issued a profit warning in November, added that its subsequent programme to reduce costs has now been mostly implemented.

Nationwide said while current conditions in the company's core insurance market remain challenging, it remains a market leader with a comprehensive offering. Meanwhile progress in its newer non-insurance markets of fleet and retail has been good, it added.

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Net cash at the year end is expected to be higher than current market expectations due to strong year end customer cash receipts, it explained.

As previously reported, a final dividend of 3.5p per share has been recommended for the year, making a full year dividend of 5.4p per share.