Driver Group PLC Interim Period End Trading Update Q1 2021
This content has been sourced from: https://www.investegate.co.uk/driver-group-plc--dr...
Driver Group performed creditably during the period with PBET (before share based payment charges) for the period expected to be only slightly lower than the result for the same period last year, which was largely unaffected by COVID-19. A fast-moving picture in terms of lockdown restrictions in key territories and the loss of senior staff and associated team members to a competitor in the APAC region together combined to present significant challenges. However, meaningful progress has already been made in implementing the five year strategic plan announced to the market in December with last year's results. The essence of that plan is to drive shareholder value through increasing the proportion of sales represented by higher margin expert assignments and the focused recruitment of key talent to further enhance Driver's technical and geographical service offering. The Directors are confident that the merits of this strategy will become increasingly evident over the life of the plan.
The Company continues to have a strong net cash position, with net cash balances at 31 March of £7.2m and bank facilities of a further £7m, a significant improvement on the equivalent position at the same time last year.
The Company expects to report interim results for the period on 8th June 2021.
Mark Wheeler, Chief Executive Officer of Driver Group, said: "The unique challenges presented by COVID-19 have masked the significant strategic progress we have made during the period, at least insofar as measured by financial results. The outlook for the second half year is encouraging with activity levels improved from the low point in January and February at the height of lockdown restrictions in the UK and Europe."