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Driver Group Plc - Latest Preliminary Results

This content has been sourced from: https://www.investegate.co.uk/driver-group-plc/rns...

DRIVER GROUP PLC

("Driver" or "the Group")

Preliminary Results and Dividend Declaration

Driver Group PLC (AIM: DRV), the global professional services consultancy to construction and engineering industries, is pleased to announce the dividend for the full year and its results for the financial year ended 30 September 2020.

The final dividend for the full year of 0.75 pence per share will be paid on 23 March 2021 to shareholders who are on the register of members at the close of business on 19 February 2021, with an ex-dividend date of 18 February 2021 subject to approval at the AGM.

Financial & Operational Highlights

· Revenue decreased by 9% to £ 53.1m (2019: £ 58.5m)

· Underlying* profit before tax decreased by 17% to £ 2.5m (2019: £ 3.0m)

· Profit for the year decreased to £ 1.3m (2019: £ 2.7m)

· Net cash** increased to £ 8.2m (2019: £ 5.4m)

· Utilisation*** decreased to 72.0% (2019: 76.8%)

· Earnings per share decreased to 2.6p (2019: 5.2p)

Mark Wheeler, Chief Executive Officer of Driver Group plc, commented: " In spite of a challenging year, the business has produced a good result, which is testimony to the work of all the team. Activity levels in the early weeks of the new financial year are encouraging and with a strong net cash position and the availability of increased debt facilities, we believe that the Group is well positioned for the coming year. "