REG - Driver Group plc - TRADING UPDATE

DriverAnnouncement

25/04/2024 07:00

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RNS Number : 9127L  Driver Group plc  25 April 2024

 

DRIVER GROUP plc

 

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

Trading update

Driver Group PLC (AIM: DRV), the global specialist dispute avoidance and
dispute resolution consultancy, today announces the following trading update
for the six-month period ended 31 March 2024. The Company expects to report
its interim results for the period on 12 June 2024.

 

The Board expects to report revenue for the half year of £22.5 million (H1
FY23: £24.2 million) and an underlying* Group profit before tax in the
region of £0.6 million compared to £0.7 million in the corresponding period
last year.

Trading performance

The Group returned to profitability during FY23 and has continued to perform
well across the UK and European regions. APAC and the Middle East have
returned to profitability. North America experienced a more challenging H1 and
was affected by some exceptional staff issues.

Our key focus remains delivery of the transformation strategy announced on 14
December 2023. We are delivering worldwide client services while focussing on
cost control, margin improvement and increased utilisation. We continue to
make excellent progress in our migration to a single premium brand 'Diales'
and in developing a global pipeline of talent and opportunity.

Financial position

The Group continues to have a strong cash position, with a net cash balance as
at 31 March 2024 of £4.4 million, a decrease on the 30 September 2023
position of £5.8m (H1 FY23: £5.2 million) due to dividend and tax payments
and the timing of the planned cessation of a long-standing Joint Venture
agreement in Canada and the Middle East.

 

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

"I am pleased to see our strategy delivering improved performance in both APAC
and the Middle East which have both returned to profit. Management have acted
promptly in resolving the challenges in North America, and our UK and European
regions continue to perform well. I believe the Group is therefore well placed
to move forward positively into H2 FY24."

 

*underlying PBT is stated before share-based payment cost, discontinued
operations and non-recurring 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

 James Todd

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

 

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