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Share Price: 24.50

Bid: 23.00

Ask: 26.00

Change: 0.00 (0.00%)

Spread: 3.00 (13.043%)

Open: 24.50

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Driver Expects To Report 2nd Half Progress After Tricky Start To Year

Tue, 15th Oct 2019 10:58

(Alliance News) - Driver Group PLC on Tuesday said it achieved an improved second half performance after reversing the slower trading that the company reported in its interim results.

The engineering consultancy firm expects underlying pretax profit of GBP3.0 million for the year ended September 30, which would be down 22% year-on-year from GBP3.8 million.

It would however demonstrate an improved second half after it posted an interim underlying pretax profit of GBP800,000. The underlying figure does not include share-based payment costs, amortisation expenses and exceptional items, the company explained.

Driver added that it expects to incur GBP400,000 in one-off expenses as it eyes cost savings.

In the first half of the year, the company experienced "lower activity than expected" in some markets, with interim revenue declining in the Middle East and Asia Pacific region.

Driver said: "The group's global operating footprint has proven to be a source of operational resilience, with a strong performance in the UK and Europe offsetting a weaker result in the Middle East and Asia Pacific regions.

"The company continues to perform well across markets, regions and sectors with the new business enquiry pipeline at a healthy level. Driver Group's plans for further strategic growth and development remain unaltered. The company continues to develop proprietary artificial intelligence technologies to enhance client fulfillment, increase margin, promote brand loyalty, and strengthen its leading global competitive market positioning."

Chief Executive Gordon Wilkinson added: "There is a good flow of business from existing and new clients and the pipeline of business leads is strong. I am confident that we will make significant progress in converting these leads, based on our proven track record of prudent business planning and management, our outstanding team of professional services experts, and our specialist understanding of sectors, markets and issues."

Shares in Driver were 8.2% higher at 55.74 pence each in London on Tuesday morning.

By Eric Cunha; ericcunha@alliancenews.com

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