NARS revenue up £30m
Nationwide Accident Repair Services, which provides integrated automotive accident repair management services to the UK insurance industry, fleet and retail customers, has reported revenues for the year ended 31 December 2014 of £187m (2013: £156.6m).
Insurance revenues gained 24.7% to £139.1m, fleet market revenues were up 8.2% to £43.7m and retail sales were at £4.2m (2013: £4.7m) Profit before tax was £1.3m (2013: £0.1m).
Michael Marx, the chairman, commented, ‘These improved results are in line with management expectations and reflect the benefits of the three acquisitions we have made, organic growth and the measures put in place to improve operational efficiencies from the second half of 2013.
‘On 1 April, we announced that agreement had been reached with Carlyle on the terms of a recommended cash offer for Nationwide. This recommended offer is subject to further approvals, including by Nationwide shareholders and a copy of the announcement published on 1 April can be found at www.narsplc.com. Further information will be posted to shareholders in due course.’