REG - Driver Group plc - TRADING UPDATE

DriverAnnouncement

27/04/2023 07:00

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RNS Number : 5816X  Driver Group plc  27 April 2023

27 April 2023

 

DRIVER GROUP plc

 

("Driver Group", "Driver" or "the Company")

Trading update

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 trading update for
the six-month period ended 31 March 2023.

The Board expects to report revenue for the half year of £24.2 million (H1
2022: £24.4 million) and an underlying* Group profit before tax in excess of
£0.65 million compared to £0.4 million in the corresponding period last
year.

Trading performance

As set out in the preliminary results announcement in February, the Group saw
positive progress in Quarter 1 of the current financial year, delivering a
profitable performance. This momentum has continued and strengthened during
Quarter 2 of FY23. The EuAm region has continued to perform well, the Middle
East region has returned to profit as a consequence of the implementation of
the realignment of strategy and servicing in the region announced in November
2022 and we continue to see improvements in APAC. Both the Middle East and
APAC have continued to benefit significantly from the streamlined servicing of
customers through the Company's existing network of offices whilst playing
important roles in winning work and in service delivery within Driver Group.
The cost-saving measures and overheads review, previously announced, is
ongoing with some savings already realised and with significant further
savings anticipated to take effect from Quarter 4 of FY23 and beyond.

Worldwide delivery of client services has continued to increase, improving
efficiencies and cost effectiveness, and reinforcing Driver Group's status as
an integrated global business.

Financial position

Driver Group continues to have a strong cash position, with a net cash balance
as at 31 March 2023 of £5.2million, which represents a significant
improvement on the equivalent position at the same time last year (31 March
2022: £3.7million).

The Company expects to report its interim results for the period on 13 June
2023.

 

Mark Wheeler, Chief Executive Officer of Driver Group, commented:

"Our staff around the world have worked tirelessly with management to move the
business forward, in line with the plans we set out for FY23. As we move into
the second half of FY23, we are encouraged by the opportunities and progress
made, building on the sound foundations we have established."

 

*underlying PBT is stated before share-based payment costs

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE
INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE
REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

ENDS

 

Enquiries:

 

 Driver Group plc                             020 7377 0005
 Mark Wheeler (CEO)
 Charlotte Parsons (CFO)

 Singer Capital Markets (Nomad & Broker)      020 7496 3000
 Sandy Fraser
 Jen Boorer
 Alex Emslie

 Acuitas Communications                       020 3745 0293 / 07799 767676
 Simon Nayyar                                 simon.nayyar@acuitascomms.com
 Arthur Dingemans                             arthur.dingemans@acuitascomms.com

 

 

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