Driver Grp Share News (DRV)

Driver Group said it expects conditions to remain challenging after the economic downturn pushed the provider of specialist commercial and dispute resolution services to the construction industry into losses in the six months to March 31.Pre-tax losses totalled £447,000 for the half year, against a profit of £1.05m in the same period the previous year. Revenues fell to £8.84m from £11.25m.'Results for the first half of the financial year show the full impact of the economic downturn on trading, especially within the UK although our actions to reduce headcount earlier in the year have partially mitigated the effect,' said chairman Steve Driver. 'Encouragingly, the revenue trend when compared with the second half of last financial year points to a stabilisation.'He said the company continues to expect UK trading to remain challenging in the near term, adding that Driver remains focused on international expansion, broadening its offering, developing services for the industrial, power and energy sectors and strengthening its expert witness services.