Pre-tax profit was up to £3.18m from £2.01m a year earlier. The company operates two trading divisions, comprising respectively a network of body repair shops and the company’s own accident management firm.
Bodyshop division turnover was £119.4m, up from £115.3m in 2003, resulting in a divisional pre-tax profit of £2.23m, which compared to £1.95m a year earlier.
The accident management business turned over £11.5 million, up from £10.8 million in 2003, but recorded a pre-tax loss of £24,000. The two divisions trade to some extent with each other, a factor which accounts for group turnover being less than the sum of the two divisions’ combined sales.
Nationwide indicates in its report to shareholders that it will consider the acquisition of financially viable bodyshops.