Driver Group Plc - Trading Update October 2019
DRIVER GROUP PLC
("Driver Group" or "the Company")
Driver Group plc (AIM: DRV), the leading global professional services consultancy to the construction and engineering industries, providing multi-disciplinary consultancy services including expert witness, claims and dispute resolution services, today announces the following operational update on its activities.
Driver Group has performed well during the second half of 2018/19 and, as a result, expects to report underlying* PBT for the financial year of approximately £3m (H1: £0.8m), after incurring one-off costs amounting to £0.4m which were incurred as part of a rationalisation of its cost base.
The Group's global operating footprint has proven to be a source of operational resilience, with a strong performance in the UK and Europe offsetting a weaker result in the Middle East and Asia Pacific regions. Period-end net cash balances were approximately £5m after funding dividend and share buyback payments during the year.
The Company continues to perform well across markets, regions and sectors with the new business enquiry pipeline at a healthy level. Driver Group's plans for further strategic growth and development remain unaltered. The Company continues to develop proprietary AI technologies to enhance client fulfilment, increase margin, promote brand loyalty, and strengthen its leading global competitive market positioning.
Gordon Wilkinson, CEO of Driver Group, said:
"Driver Group is making exceptionally good progress across markets and sectors. I am very pleased to be able to report that, after a slow start to the 2018/19 financial year as noted in the Company's interim results, and as a consequence of a review of the business's strategic priorities earlier in the year, the second half has delivered markedly improved performance. There is a good flow of business from existing and new clients and the pipeline of business leads is strong. I am confident that we will make significant progress in converting these leads, based on our proven track record of prudent business planning and management, our outstanding team of professional services experts, and our specialist understanding of sectors, markets and issues."