Not so smashing for Accident Exchange

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The quoted company makes its money from renting out cars when people have a smash. However, it today admitted a financial crisis means fewer prangs.

"Reports have cited consumers faced with materially increased fuel costs leading to increased use of public transport, reduced traffic volumes and consequently reduced accident volumes," said the group. It admitted that it is facing a vicious circle with its replacement cars out for shorter periods.

"We attribute this to improved efficiency in the speed of vehicle repairs arising from greater capacity within the repair industry which itself has arisen from reduced accident volumes," it said.

Accident Exchange said it will fail to beat last year's profits of £12.1 million and will be taking a charge of about £12.5 million for a downward revision in the value of its fleet.