AGM Statement

RNS Number:9731W
Nationwide Accident Repair Srvs PLC
10 June 2002



Nationwide Accident Repair Services plc.

Chairman's Statement at the Annual General Meeting 2002   


Guinness Peat Group plc and J O Hambro Capital Management Limited acquired a
majority stake in the Group in April.  All of the members of the previous
Board have now resigned and resolutions to elect five new non-executive
directors and one executive director will be put to this meeting.  

Our new Chief Executive Officer, Michael Wilmshurst, is conducting a strategic
review of the business and the results, which are expected soon, will
determine the future direction of the Group. The new Board is confident that
the Nationwide business will be developed under its stewardship and that it
will continue to play a significant part in the vehicle accident repair market
in the United Kingdom.

The core accident repair business is achieving its internal Plan and is, in
the main, trading satisfactorily giving the Board encouragement for the
future. However strong management action continues to be required, including
downsizing and relocation of sites, to improve the results from our
underperforming sites.  We are pleased that some of our major insurance
customers have now recognised the important service that we offer to them and
the Group is well positioned to take advantage of any performance linked
increases in hourly labour rates.

Our non-core vehicle parts distribution operation is going through a difficult
period. However, the Board is aware of the significant, genuine, contribution
that it has made in the past and continues to keep this business under careful
review.


Blake Nixon
Director
10th June 2002 


Enquiries:  Blake Nixon, Guinness Peat Group plc   (020)7484 3370

                      This information is provided by RNS
            The company news service from the London Stock Exchange

Nationwde.Acc. (LSE:NAC)
過去株価チャート
から 8 2024 まで 9 2024