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Nationwide profit warning

Nationwide Crash Repair Centres has issued a profit warning following a review of the business.

The company said it had taken action to address a "small number" of poor performing accident repair outlets, closing one site in December.

"Due to the deteriorating trading results of this small number of locations in the fourth quater of 2001, and the costs associated with the site closure, results for the full-year will be below market expectations," said the company statement.

"The actions identified will be implemented within the first half of 2002. They should ensure that the results of the group accord with market expectations in the medium term."

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