I Read The News Today Oh Boy! 23-Feb-2018

Friday, Feb 23 2018 by

Morning all!

Just the one update…

Driver ( Driver (LON:DRV) ) – 64.75p – £34.9m – PER 15.3

Trading Update For The First 4 Months Of The Year Ending September 2018 – Encouraging that the first 4 months are “significantly ahead of both internal forecasts and the equivalent period last year. Current activity levels are also high and the Group has a healthy pipeline of potential assignments for conversion in the months ahead. Taken together these factors indicate that the outcome for the year as a whole is likely to be comfortably ahead of the Board's previous expectations”.

I like this update and tempted as I am I am going to remain Neutral for now.

A great weekend to all of you.

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Driver Group Plc (Driver) is a United Kingdom-based company, which provides consultancy services to the engineering and construction industries. The Company conducts its operations through three operating divisions: Europe & Americas (EuAm); APAC, Middle East & Africa (AMEA), and Initiate. The EuAm and AMEA divisions provide various services, such as quantity surveying, litigation support, contract administration, and commercial advice/management. The Initiate division offers development, project and contracting management services to the infrastructure market in the United Kingdom. DIALES is its witness support service provider. Driver Project Management provides the strategic and leadership disciplines necessary to develop and deliver a project. Driver Project Services provides customer-focused project controls solutions across a project lifecycle. Driver Trett provides multi-disciplinary consultancy services to support delivery of its clients' projects. more »

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5 Posts on this Thread show/hide all

MrContrarian 23rd Feb '18 1 of 5

My morning smallcap tweet:

Stanley Gibbons (LON:SGI), Driver (LON:DRV), Finsbury Food (LON:FIF)

Stanley Gibbons (SGI) refinanced by Phoenix UK Fund. £6.2m of shares at 2.5p, a 48% discount. Phoenix takes over debt. Phoenix will own at least 58% of co.
Driver Group (DRV) Trading in the first four months of the FY are significantly ahead of internal forecasts. Guides FY comfortably ahead of the Board's previous expectations.
Finsbury Food Group (FIF) new £45m revolving credit facility on improved terms for five years and can be increased by up to a further £45m.

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Beginner 23rd Feb '18 2 of 5

In May 2016 Driver (LON:DRV) issued a profit warning. The following day an RNS stated a director had sold the majority of his holding several MONTHS prior to this. I enquired about the late announcement with the company. I received a one line e-mail telling me this was a 'private matter' and therefore I was not entitled to know any more details. I have concluded this company is run for the benefit of the directors, and they could not be trusted to run a bath let alone a PLC. Please deploy all bargepoles!!

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matylda 23rd Feb '18 3 of 5

In reply to post #329403

Thanks for that information, I am sure it will also be appreciated by others.

Blog: Briefed Up
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drvodkaquickstep 23rd Feb '18 4 of 5

In reply to post #329403


I have sent you a DM re: your comment above. Look forward to hearing back from you.

I believe the sale you refer to is by one of the NED’s announced in May 2016 although the sale occurred in Feb 2016. Please note they were not in a closed period in Feb 2016.

You will be aware they have a relatively new management team now on Board.

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Beginner 23rd Feb '18 5 of 5

In reply to post #329423

I am not much good at this, but I have tried to cut and paste what I have left of the exchange and have DMed it to you. At the time I had what was for me a substantial holding. I dumped it after that response. All very poorly handled by both them and me (I should have held!!!!!)

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