Profits and sales increase at Nationwide bodyshop group

The UK's largest independent bodyshop group, Nationwide Accident Repair Services, has seen half-year operating profits rise to £3.8 million from £3.3 million.

Revenue also increased by 16% to £88.3 million from £75.9 million, aided by acquisitions of four bodyshops in the period.

The group said it has a strong balance sheet with £4.6 million net cash.

Chairman Michael Marx said the business is well positioned for further growth.

He added: "We are pleased with the progress the business has made over the first half of the year.

"Our twin track approach of developing the business both organically and by acquisition continues to deliver results."

Marx said the business enjoyed a good first half as the new contracts and volume extensions agreed last year began to generate the revenues and profitability anticipated.

These included the new wins with Zenith and the additional volumes from Norwich Union, AXA and Zurich.

Its focus on retail sales at Nationwide bodyshops is also continuing to develop.

The company sees potential to develop its Network Services Division, which provides accident management services to motor insurers and fleet operators, such as mobile glass replacement and mobile vehicle repair.