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Financial year off to encouraging start, says independent bodyshop chain Nationwide

Bodyshop network Nationwide Accident Repair Services reports at its annual general meeting today that current trading has been "encouraging".

It is putting around £1m extra funds into business development expenditure to support the expansion of its mobile repair operation, which is targeting growth among fleet and retail markets.

This operation is due for a formal relaunch in late summer.

That follows progress in other areas in recent weeks. In April Nationwide secured a major multi-year contract with a large insurance group, and in May it bought a bodyshop in Newcastle to increase its insurance-driven and fleet and retail business in that region.

Nationwide's AGM statement added: "The board is pleased with Nationwide's progress in the current financial year and views the company's prospects with confidence.

"Nationwide remains well positioned to execute its growth plans, backed by strong cash flow and a robust balance sheet with nil borrowings and substantial net cash position."

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