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explains why share price dropped yesterday , mms had a order to fill
28-May-20 12:24:21 50.00 500,000 Buy* 46.00 51.00 250.00k
A lot of business coming Driver way
Contractual disputes loom for one in four
11 MAY 2020 BY LEM BINGLEY
The latest Construction News survey has found that contractual disputes are likely to become widespread as the coronavirus crisis continues.
Around a quarter (24 per cent) of respondents to the CN survey said the COVID-19 pandemic is likely to lead to a contractual dispute or has already done so. One in 25 respondents (4 per cent) said legal action or another dispute process has already begun.
As one respondent to the survey put it: “[We] need clarity around the contractual position otherwise lawyers are going to make millions prosecuting/defending claims on contracts.”
While these figures suggest that the industry will be affected by a very large number of disputes over the coming months, many in the sector may be surprised that the number is not considerably higher. Almost half of respondents (49 per cent) said they currently have no contractual concerns, suggesting that a relatively high proportion of firms are adopting an understanding and flexible approach to contractual commitments in the crisis.
On 7 May, the Cabinet Office issued guidance pleading for that outcome, stating that all “parties to contracts should act responsibly and fairly, support the response to COVID-19 and protect jobs and the economy”.
The government guidance continues: “Responsible and fair behaviour in contracts now – in particular in dealing with potential disputes – will result in better long-term outcomes for jobs and our economy. In complex contracting arrangements, this should apply throughout the contracting chain. It will in the long term protect businesses, supply chains and opportunities in the economy. Bad behaviour will be bad for jobs and will impair our economic recovery.”
Whether anyone will heed this non-binding advice remains to be seen. Seamus O’Doherty, director of the construction practice and a specialist in contract and claim analysis at consultancy Berkeley Research Group, described the government statement as “essentially toothless” because “the document states the guidance does not override, broadly speaking, the existing contractual relationship”.
As a result, O’Doherty said, “it does not change anything and parties will be left to decide what to do on a case-by-case basis, although it is possible that it may have some impact with public sector employers who may find it more persuasive than the private sector.”
For many, the pursuit of compensation through a lawsuit or other dispute process may be less about indulging in so-called “bad behaviour” and more about simple survival.
“The industry will be very cash poor [as we exit the crisis], leading to disputes, payment issues and the collapse of various contractors, subcontractors and suppliers,” one survey respondent predicted. “Our industry was poor before we went into this.”
The CN survey also revealed that many in the sector have not yet been able to secure emergency funding to support th
https://www.constructionnews.co.uk/financial/contractual-disputes-loom-for-one-in-four-11-05-2020/
Driver’s Covid-19 action plan
Driver (DRV:41.5p), a consultancy that provides clients in the construction and engineering sectors with specialist commercial management, planning, programming, project management, and dispute resolution support services, has guided investors to expect profits for the six months to 31 March 2020 to be significantly ahead of the previous year. The results will also be in line with internal budgets which were based on full-year adjusted pre-tax profits rising from £3m to £3.7m on revenue of £59.9m to lift EPS from 4.8p to 5.4p.
The pipeline for April and May is “encouraging”, too, but the board is taking a cautious approach in light of Covid-19 economic downturn in case customer behaviour changes in the future. Prudently, the directors have postponed all non-essential operational and capital expenditure, decided to pass the interim dividend and taken a 20 per cent pay cut. Importantly, Driver’s balance sheet is robust. Current assets of £27.7m were more than double total liabilities of £12.1m at the 2019 financial year-end, and the company currently has net cash of £3.3m and access to a £3m revolving credit facility.
I would also flag up that Driver’s dispute resolution business should do good business in the downturn.
The Company has shown in the past that can react to situations , cost cutting to efficiency of running the company
the beauty of a successful turnaround
#rare
Looks like the wheels are starting to come off Jolly! The falls are accelerating if anything, Why does it take a new CEO to inform them that profits will be significantly short? Were the rest of the board asleep at the wheel? Investors should watch out for roadkill here as selling goes into overdrive rather than hope for a dead cat bounce. Given the profit shortfall this one will presumably be running on fumes until they try and get a placing away. I won't be hitching a lift into this share anytime soon!
ugly??