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It's there now :)
I'm with x-o (aka Jarvis). So it's not just my provider :(
I haven't received mine either (HL)
I didn't receive my DRV divi in my account yesterday. How about anyone else?
is the BoD really lying??
if not, how can this be sensibly priced?
given the selling pressure, we really could revisit 24p
#bizarre
With plans in place to review the Middle East and APAC regions, the trading update from Driver Trett suggests that management were taken by surprise. The rationalisation process is likely to be more severe than originally anticipated, potentially including an overhaul of reporting procedures. We expect the focus to turn to gross margins, cash collection and higher utilisation levels – involving headcount reductions, office closures, and a focus on higher quality customers.
The likely scale of the required actions increases short-term uncertainty to the business. We anticipate positive news will emerge in due course, commencing with the appointment of a new CFO. Until then we have suspended any financial estimates. Following the trading update we have reduced our fair value / share to 49p, based on a heavily discounted peer group comparison valuation model.
https://www.equitydevelopment.co.uk/research/fix-underway
v cheap now
unless BoD are being economical with the actualite, this is bonkers cheap imv
Ouch. This is pretty painful, but it sounds like they're clearing some dead wood and this should be the bottom. No point selling down here.
I sold after the interims, which offered promise but little profit; might be worth keeping an eye on now the sp has more than halved.
imv
Driver Group's senior management team discuss their Full Year results to September 2021.
Mark Wheeler (CEO) and David Kilgour (CFO) highlight the growth they are seeing out of their new office locations, the ongoing focus in building up headcount and resource in the Diales business, and the globalisation of the business which will drive up utilisation rates. They also reassure investors that the delay to results has had no impact on their numbers.
Watch the full video below (approximate length 31 minutes), divided into chapters for ease of viewing:
0:00:27 Business update
0:04:26 Regional update
0:10:28 Current Trading and Outlook
0:11:39 Strategy update
0:14:20 Financial highlights
0:18:53 Questions & Answers
Video: https://www.equitydevelopment.co.uk/research/fyresults-presentation-31jan
Happy to say Simon Thompson remains sensibly optimistic
as below
Driver reined in profit growth expectations
Annual pre-tax profit declines a fifth to £2m on 10 per cent lower revenue of £48m, but annualised pre-tax profit hits £3.5m in the fourth quarter
2021/22 EPS forecast to rise from 2.3p to 4p to support a 16 per cent hike in the payout to 1.75p a share
Net cash of £6.5m (12.5p a share) and untapped £5m debt facilities
Consultancy group Driver (DRV:46.5p) delivered annual results that were well flagged up in a pre-close trading update, and has made a relatively positive start to the 2021/22 financial year.
Driver Group plc (AIM: DRV), the leading global professional services consultancy to the construction and engineering industries, is pleased to announce that their CEO, Mark Wheeler and CFO, David Kilgour will conduct a live presentation and Q&A covering their results for the year ended 30th September 2021.
The event will take place at 11.00am on Monday 31st January.
The online presentation is open to all existing and potential shareholders.
Register here at the link: https://www.equitydevelopment.co.uk/news-and-events/driver-group-fyresults-presentation-31jan
Driver today announce their full year results which are in line. With a lot of cost rationalisation behind them, we believe that Driver is well placed to benefit from improved activity levels, likely from H2 ’22 onwards.
https://www.equitydevelopment.co.uk/research/reasons-for-optimism
Well , not a stunning set of results , but not terrible either , a bit of clarity on where some work was lost - these things happen
Profits down a bit , but there are still profits
I don't see any reason to bail , may take a while to tick back up
Don't like the sound of this posting as it seems to imply that Driver Group are charging a lot for their services ?& payment will be delayed until a compromise is sorted. Either way it sounds as though they will be receiving less funds.
Driver Group was last night made aware that its principal customer in the territory of Oman is conducting an investigation of certain of that customer's operations and, as a result, the Company has been unable to confirm the likely timeline for completion of its standard audit sign-off procedures.
Driver Group does not look very popular today . Markets on the slide (big time) . Perhaps this stock will bounce back on results mid December, but don't hold your breath. Also the market might get again on Monday as a lot of uncertainty over this new South African virus at present.
*** DRV - 21st October investor webinar video recording now available ***
The management team of Driver Group and their regional heads spoke with investors and gave a detailed look at the growth drivers within the different geographies. We discussed the challenges and opportunities with future hires, the progress so far in turning around the Middle East and APAC region, plus the big profit opportunity around enhanced utilisation rates, to which the new ERP system and their strong pipeline should play their part.
Link to full video here: https://www.equitydevelopment.co.uk/research/driver-group-investor-webinar-21oct
This was raised in the Zoom meeting and they mainly skirted the issue but the impression gained is that it is slowly improving with the improvements starting to be seen in Q4 and now flowing through into the new financial year. That is consistent with this statement in today's RNS:
'However, the overall result masks a material improvement in activity levels and in underlying* PBT during Q4, as a result of which Driver Group enters the new financial year with renewed positive momentum.'
The interims next year could be more interesting...
Today’s trading update from Driver Group is optimistic, highlighting a material improvement in activity levels during Q4 and a positive start to Q1 ’22. The rise in demand for the higher-margin expert services, combined with a decline in the impact of the pandemic on decision making, a restructuring of the Middle East / APAC regions, and new offices, have resulted in renewed positive momentum. We have introduced estimates for FY21 and FY22, with the latter reflecting these strong growth drivers. Year-end net cash is expected to amount to £6.5m or 11p / share, representing 22% of the market capitalisation. The cash position reinforces our belief that the shares remain lowly valued, underpinned by our valuation models.
Comparing DRV to a combination of its peers and our relatively conservative DCF model, we feel that the shares continue to be significantly undervalued, particularly in a consolidating market. Our fair value sits some 44% above the current share price, suggesting significant scope for a re-rating of DRV’s shares.
https://www.equitydevelopment.co.uk/research/positive-momentum-picking-up-steam
Join us on 21st October (9.30am) for an Investor Event with Driver Group's executive Management Team and Regional Heads.
The presentation will give investors the chance to hear directly from the wider management team, providing granular detail on the regional & divisional opportunities for Driver Group, its direction and plans.
Mark Wheeler, CEO, and David Kilgour, CFO, will be joined by David Merritt (MD, Head of Middle East & Asia Pacific), Hugo Frans Bol (MD, Mainland Europe), Paul Battrick (MD, International) and Tom Comerford (MD, UK).
Register at the link here: https://www.equitydevelopment.co.uk/news-and-events/driver-investor-event-october2021
It is a Zoom webinar on the 21st of October. So much for a physical meeting...
I noted in the June presentation it was mentioned that 'an extra 1% in staff utilisation [currently at 72%] increases the bottom line by £0.5m.'
Since then a couple of companies I am invested in have said that worker shortages are holding them back. An extra few percent utilisation makes a big difference to the bottom line here; hopefully the capacity is now being used. When I allocated my hours when working for a member of the Big 4, 95% chargeable time was expected.
somewhere near 47p?