Driver Group Plc - Preliminary Results 2019

 

DRIVER GROUP PLC

("Driver" or "the Group")

Dividend and Preliminary Results

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 2019.

The final dividend for the full year of 0.75 pence per share will be paid on 20 March 2020 to shareholders who are on the register of members at the close of business on 21 February 2020, with an ex-dividend date of 20 February 2020 subject to approval at the AGM.

Financial & Operational Highlights

Driver has delivered a robust set of results for the full year, with decent revenue and good profitability for the period, as a result of a markedly improved performance in the second half of the year following a challenging first six months.

  • Revenue decreased 7% to £58.5m (2018: £62.6m)
  • Underlying*profit before taxation decreased by 22% to £3.0m (2018: £3.8m)
  • Profit for the year increased to £2.7m (2018: £2.2m)
  • Net Cash** decreased after funding share buy-back programme and dividend payment totalling £1.3m to £5.4m (2018: £6.9m)
  • Earnings per share increased to 5.2p (2018: 4.0p)
  • Utilisation decreased to 76.8% (2018: 80.0%)
  • Prompt actions taken to rationalise & reduce cost base in APAC and ME regions to reflect lower activity levels
  • Another good year in EuAm with both profits and revenues increased
  • Increased global footprint by opening office in Riyadh to develop KSA market
  • Growth of Diales brand still a key strategy with recent appointment of a new Head of Diales in the Middle East and new experts in the UK
  • Development of software solutions to enhance data management and analysis as part of the service to clients

Positive start to the new financial year in line with management expectations.

Gordon Wilkinson, Chief Executive Officer of Driver Group plc, commented:

"I am very pleased to be able to report that, following a slow first six months to 2018/19, Driver Group has benefited from a much stronger second half to the financial year, and is continuing to make good progress across markets and sectors. It has been extremely encouraging to see the effects of the review of the business's strategic priorities earlier in the year now feeding through, with a markedly improved performance over the last six months."