Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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House broker Charles Stanley has raised its fiscal 2012 profit before tax forecast for the second time in two months, by 15% to £1.5m. Market consensus for profit before tax prior to the trading update was £1.30m. As might be expected of the house broker, Charles Stanley rates the shares a "buy", and has raised its price target from 45p to 49p.
"Strategically, we believe, the management made the right decision to maintain a presence in the Middle East on the expectation of better trading conditions due to increased infrastructure spending this year. This is proving the case and has helped underpin the two upgrades to guidance since the start of the year. However, the improvement in other areas of the business should not be underestimated and credit needs to be given to the management for the turnaround across the business," the broker argued. The shares are trading on 9.8 times consensus forecast earnings for fiscal 2013, prior to expected upgrades on the back of Thursday's pre-close trading update. The valuation does not look stretched, in Northland's view, taking into account the current earnings momentum.
"The company is pleased with the continued progress being made as a result of the renewed focus of the business on its core competencies and in broadening its presence, both geographically and in the sectors it operates in within the UK. This has gone down rather well with investors, with the stock hitting a 52-week high of 46.5p in the morning trading session. Over the last 12 months the stock has risen by more than 150%. "Two upgrades to FY [full year] expectations in the first six months of the year highlight the momentum within the business," noted Northland Capital Partners.
Driver Group, the construction consultancy, has lifted profit guidance for the second time this year on the back of strong trading and an order book that is fit to burst. Strong performances at its Middle East, Africa and UK Power divisions have persuaded the board to lift management expectations for the current financial year yet again, less than two months after it previously advised the market that the company was performing ahead pf expectations
●Shares in DRIVER GROUP(DRV) add 15% to 44.5p after it says that it expects to exceed market forecasts for the year. ● Driver, a construction consultancy that has diversified from its UK roots into the Middle East, is on the path to recovery after a difficult year in 2010.
Very positive update
Pre Close Trading Update Driver Group, the global construction consultancy, is pleased to report a further update on trading ahead of the announcement of its results for the six months ended 31 March 2012. The Company is pleased with the continued progress being made as a result of the renewed focus of the business on its core competencies and in broadening its presence, both geographically and in the sectors it operates in within the UK. The Middle East business continues to trade ahead of management's expectations. In addition, the Company's performance in the UK Power & Process sector and in its operations in Africa is also very strong with the remainder of the Company's business operations operating in line with management's expectations. As a result of the continued strength of trading and secured workload the Board believes the Company will further exceed management expectations for the current financial year. The Company looks forward to providing further information at the time of the announcement of its interim results for the six months ended 31 March 2012 which is expected to be in June.
1 March 2012 Driver Group plc ("Driver" or the "Group") RESULT OF AGM Driver, the global construction consultancy to the construction and engineering industries, announces that all resolutions proposed at its AGM held earlier today were duly passed without amendment. Enquiries: Driver Group plc
Driver Group plc Holding(s) in Company RNS Number : 4848Y Driver Group plc 01 March 2012 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi 1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii Driver Group Plc 2 Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights Yes An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached No An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments No An event changing the breakdown of voting rights No Other (please specify): No 3. Full name of person(s) subject to the notification obligation: iii ISIS EP LLP 4. Full name of shareholder(s) (if different from 3.):iv Baronsmead VCT plc holds 4.14% Baronsmead VCT 2 plc holds 4.14% Baronsmead VCT 3 plc holds 4.14% Baronsmead VCT 4 plc holds 4.14% Baronsmead VCT 5 plc holds 2.84% 5. Date of the transaction and date on which the threshold is crossed or reached: v 27/02/2012 6. Date on which issuer notified: 29/02/2012 7. Threshold(s) that is/are crossed or reached: vi, vii 18% & 19%
DRIVER GROUP AFRICA Further to the announcement on 4 April 2011, Driver, the global consultancy to the construction and engineering industries, is pleased to confirm that its South African subsidiary (Driver Group Africa (Pty) Ltd) has been awarded the contract to provide Transaction Advisory Services to the Gauteng Department of Health and Social Development for the proposed Dr. George Mukhari Hospital, in Gauteng, South Africa. The project is expected to generate around £2m of gross revenue over the next two years to Driver Group Africa and is inclusive of a fully integrated package of project management, legal, financial, technical and healthcare consultancy services covering the feasibility and procurement stages of the project. Driver Group Africa's team includes KPMG South Africa, DLA Cliffe Dekker Hofmeyr, Health Partners, EHH Architects and KV3/WorleyParsons Ltd. The new Dr. George Mukhari academic hospital is part of the Hospital Revitalization Programme, and will be a Tertiary 2 and teaching hospital which is anticipated to add between 600 and 800 beds providing for specialist and sub-specialist care. The Project is classified as a National Priority and is one of 5 projects announced by the President in his 2010 State of the Nation address. The overall project value is expected to be in the region of 6 billion Rand.
http://www.investegate.co.uk/Article.aspx?id=201106070700089489H
Trading at Driver (DRV) for the half-year ended 31st March 2011 is in line with expectations, the global construction consultancy announced after returning to profitability in each of the three months during the second quarter. The improved performance was principally due to an upturn in the European region across each of the services streams. Separately, the group revealed that Alan McClue will be joining the board as chairman with effect from 1st May 2011. The shares accelerated 7p to 26p.
Chairman The Directors are delighted to announce that Alan McClue (aged 64) has accepted an invitation to join the board as Chairman, with effect from 1 May 2011. Mr McClue has been granted 250,000 options to purchase shares in the Company exercisable at 21.5 per share and 375,000 options exercisable at nil consideration in certain circumstances as determined by the Board. As announced at the AGM, Steve Driver who was appointed Chairman at the AGM following the retirement of Mike Davis, will now revert to being a non executive director. Mr McClue commenced his business career with Mobil Oil Corporation in the early 70s followed by a period with Pegler Hattersley PLC where he was responsible for the manufacture of OPC valve products. He has acted as Chief Executive or Chairman of several public companies including: Petrocon Plc - oil field rentals and OPC valves, Porter Chadburn Plc - Engineering sector and Ptarmigan Plc. He served as a director of G M Firth Plc - Metal Stockists. He was, until the company was bid for by a UK listed company, Chairman of TI Technologies (Pty) South Africa - Africa's largest printed circuit board manufacturer. He was also Chairman of Mount York Limited, an engineering company listed on the CISX, and most recently Chairman of AIM Listed Mount Engineering plc until it was bid for by a US Corporation. He has investments in a number of private engineering sector companies.
Trading update and appointment of a new Chairman Driver, the global construction consultancy, announces the following trading update prior to entering a close period before the announcement of its interim results for the six months ended 31 March 2011. Trading The Directors are pleased to report that trading for the six months ended 31 March 2011 is in line with the expectations reported by the Directors at the Annual General Meeting held on 1 March - that of a small underlying loss. Following losses incurred in the first quarter of the current financial year, the Directors are pleased to report a return to profitability in each of the three months during the second quarter. The improved performance was principally due to an upturn in the European region across each of the service streams. The Directors expect to announce the Group's interim results on 29 June 2011 and look forward to updating shareholders on further progress.
http://www.investegate.co.uk/Article.aspx?id=201104270700084965F
Looks like a very good tie up here - potentially opens many a door
DRIVER GROUP AFRICA Driver, the global consultancy to the construction and engineering industries, is pleased to announce that its South African subsidiary (Driver Group Africa (Pty) Ltd) has signed a Joint Venture agreement with Evans & Peck, a part of the WorleyParsons group. WorleyParsons Limited is a leading Australian based provider of professional consultancy services to the energy, resource, and complex process industries with annual revenue of AUS$ 5bn employing more than 30,000 staff worldwide. Evans & Peck is an international infrastructure-based advisory company that has supported governments and private organisations in the conception, development and delivery of major projects and programs throughout Australia, Asia and the Middle East. The aim of the Joint Venture is to bring the combined capacity and expertise of Driver and Evans & Peck to the wider offering of Worley Parsons on targeted energy, resource and infrastructure projects in the African Region. In addition, Driver Group Africa is pleased to have been selected as the preferred bidder for the provision of Transaction Advisory Services to the Gauteng Department of Health and Social Development for the PPP procurement of the proposed Dr. George Mukhari Hospital, in Gauteng, South Africa. The Driver Group team includes KPMG South Africa, DLA Cliffe Dekker Hofmeyr, Health Partners, EHH Architects and KV3/WorleyParsons Ltd. The new Dr. George Mukhari academic hospital is part of the Hospital Revitalization Programme, and will be a Tertiary 2 and teaching hospitalwhich is anticipated to add between 600 and 800 beds providing for specialist and sub-specialist care. The Project is classified as a National Priority and is one of 5 projects announced by the President in his 2010 State of the Nation address
Driver, the global consultancy to the construction and engineering industries, is holding its Annual General Meeting later today. At the meeting, Executive Chairman, Steve Driver, will make the following statement: "At the time of the announcement of Driver's preliminary results we stated that we expected the UK and Middle East construction markets to remain challenging in the current financial year and that our efforts would focus on controlling the cost base of the business in these areas to match the revenue profile. We also stated that we had a strong pipeline of enquiries for our expert witness services and were looking to develop the new service streams implemented in the last financial year." "I am pleased to confirm that trading over the first half to date has been in line with our expectations. Our European and Africa regions are performing well whereas the live construction market in the Middle East is particularly challenging in Abu Dhabi and Dubai. Last year we invested in the industrial and power sector of the UK and opened new offices in Africa and Qatar. Our business in the UK industrial and power sector is out-performing management expectations despite the tough UK construction market whilst Africa is in line with expectations. We secured our trading licence in Qatar in October 2010 and are now starting to see a developing pipeline of opportunities. There remains a high level of enquiries for expert services in the Middle East and we have been awarded some significant expert witness appointments in the UK." "January 2011 appears to mark a turning point as we return to profitability in the month with revenues and gross margin estimates for the second quarter up on those of Q1. We have also continued to work to reduce the overheads across the Group and have made significant savings at Group level and regional overhead savings in the UK and the Middle East which will benefit the second half of the year." "With our preliminary results we announced that I was to take a non executive role as of 1 March 2011 and we were looking to appoint a non executive Chairman. This remains our position and we are in the final stages of making this appointment. As previously announced Mike Davis will retire following the AGM and consequently I will be non executive Chairman and Chairman of the Remuneration and Audit Committees until the appointment of a new Chairman. We look forward to updating shareholders on the appointment of our new Chairman in due course and will provide details of further progress with the interim results in June."
http://www.investegate.co.uk/Article.aspx?id=201103010700089719B
Driver Group trading in line Date: Tuesday 01 Mar 2011 LONDON (ShareCast) - Shares in construction industry consultancy Driver rose over 5% after it said trading in the first half has been in line with company expectations. "Our European and Africa regions are performing well whereas the live construction market in the Middle East is particularly challenging in Abu Dhabi and Dubai," the group said in a statement. Driver said January 2011 appeared to mark a turning point as the group return to profitability in the month with revenues and gross margin estimates for the second quarter up on those of Q1. "We have also continued to work to reduce the overheads across the group and have made significant savings at group level and regional overhead savings in the UK and the Middle East which will benefit the second half of the year," it explained. In the UK its industrial and power sector is out-performing management expectations despite the tough UK construction market whilst Africa is in line with expectations. Driver said it has secured its trading licence in Qatar in October 2010 and are now starting to see a developing pipeline of opportunities. The high level of enquiries for its services in the Middle East continues, it said.
Hi all, does anyone know anything about this company - what's the latest news? I bought in a couple of years ago and after a brief rise they have steadily gone down hill - big time! I thought the London Olympics might be a boost but doesn't seem to have been the case and the Dubai position seems uncertain. There have been changes in the board of directors too. I fear they might consolidate the shares soon so might jump ship but will be costly for me. Any news gratefully received.
Hiya Just click on the author's name Don't bother tracking me - I'm just a novice too
Hi I am new to this and enjoy the advice many give. How can I track/watch a few peoples bb updates ? simple q's I know but would save me trawling the diffstocks