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  3. Driver Grp Share Price
  4. Driver Grp Share News
  5. Driver Group slides as Middle East exerts drag on revenues

Pin to quick picksDriver Grp Share News (DRV)

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Share Price Information for Driver Grp (DRV)

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Share Price: 25.50
Bid: 24.00
Ask: 27.00
Change: 0.00 (0.00%)
Spread: 3.00 (12.50%)
Open: 25.50
High: 25.50
Low: 25.50
Prev. Close: 25.50
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Driver Group slides as Middle East exerts drag on revenues

Tue, 04th Jun 2019 09:09

(Sharecast News) - Driver Group's shares slid on Tuesday after the company reported a dip in interim profits on the back of declining profitability in the Middle East and Asia-Pacific regions.The engineering services outfit reported a profit before tax of £1.0m for the six months ended 31 March, a 42% drop compared to the same period last year, as revenue came in 6% lower at £29.7m.Middle Eastern revenues dropped by 14% to £10.3m as a number of significant commissions reached completion in Kuwait, while Asia-Pacific revenues fell by 17% to £4.5m following delays in new commissions from Singapore.This more than offset the 4% revenue growth seen in the Europe & Americas region as the Driver Trett UK business continued its strong performance from the prior financial year and mainland Europe enjoyed revenue growth from £0.7m to £3.6m, resulting in an increase in profits from £0.1m to £0.5m.The AIM traded company's cash and cash equivalents stood at £7.4m at the end of the period, up from £5.8m at the same point 12 months earlier, and its interim dividend was upgraded from nil to 0.5p per share.Steve Norris, chairman of Driver, said: "Although the first half of 2019 has seen lower activity than expected in some markets we have reacted quickly to re-align the cost base of underperforming businesses in the first half and with enquiry rates at high levels the group is well placed to record good progress for the remainder of the current financial year."A statement from Driver added that, with enquiry rates at high levels, the group is well placed to record good progress for the remainder of the current financial year, though fourth quarter activity levels will be "critical" to the outcome for the year as a whole.The company continues to expect a full-year underlying profit before taxation broadly in line with the guidance set out in its March trading update, which in turn was slightly below the 2017/18 result at approximately £3.5m.Driver Group's shares were down 16.51% at 50.51p at 0824 BST.
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16 Feb 2023 15:49

UK earnings, trading statements calendar - next 7 days

Friday 17 February 
Allianz Technology Trust PLCFull Year Results
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NatWest Group PLCFull Year Results
Pod Point Group Holdings PLCFull Year Results
Segro PLCFull Year Results
Monday 20 February 
Bank of Cyprus Holdings PLCFull Year Results
Georgia Capital PLCFull Year Results
Goldplat PLCFull Year Results (TBC)
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Tuesday 21 February 
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Safestore Holdings PLCTrading Statement
Smith & Nephew PLCFull Year Results
Springfield Properties PLCHalf Year Results
Sylvania Platinum LtdHalf Year Results
Trifast PLCTrading Statement
Wednesday 22 February 
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Lloyds Banking Group PLCFull Year Results
Primary Health Properties PLCFull Year Results
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Thursday 23 February 
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Bluefield Solar Income Fund LtdHalf Year Results
Drax Group PLCFull Year Results
Driver Group PLCFull Year Results
Genus PLCHalf Year Results
Hays PLCHalf Year Results
Hikma Pharmaceuticals PLCFull Year Results
Howden Joinery Group PLCFull Year Results
Macfarlane Group PLCFull Year Results
Made Tech Group PLCHalf Year Results
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Spectris PLCFull Year Results
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WPP PLCFull Year Results
  
Copyright 2023 Alliance News Ltd. All Rights Reserved. 

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11 Nov 2022 19:56

TRADING UPDATES: Driver records loss; Synectics sells business unit

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

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11 Nov 2022 12:49

Driver Group looking to profitability after tough year

(Sharecast News) - Construction and engineering consultancy Driver Group said in an update on Friday that it expected to report an underlying loss before tax of £0.3m for the year ended 30 September.

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14 Jun 2022 13:27

IN BRIEF: Driver Group pleased with "credible" first half performance

Driver Group PLC - Lancashire-based professional services consultancy to construction and engineering industries - Pretax profit in six months to March 31 slumps to GBP130,000 from GBP855,000 in same period a year prior. Revenue broadly flat year on year, falling slightly to GBP24.4 million from GBP25.0 million.

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7 Jun 2022 15:52

UK earnings, trading statements calendar - next 7 days

Wednesday 8 June  
Aveva Group PLCFull Year Results
Baillie Gifford UK Growth Trust PLCFull Year Results
Evgen Pharma PLCFull Year Results
JPMorgan Indian Investment Trust PLCHalf Year Results
Marks Electrical Group PLCFull Year Results
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Integrated Diagnostics Holdings PLCQ1 Results
STM Group PLCFull Year Results
Personal Assets Trust PLCFull Year Results
Ramsdens Holdings PLCHalf Year Results
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Vp PLCFull Year Results
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Thursday 9 June 
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CMC Markets PLCFull Year Results
British American Tobacco PLCTrading Statement
AVI Global Trust PLCHalf Year Results
Tate & Lyle PLCFull Year Results
Mitie Group PLCFull Year Results
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Fuller Smith & Turner PLCFull Year Results
TR Property Investment Trust PLCFull Year Results
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Friday 10 June 
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Monday 13 June 
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Molten Ventures PLCFull Year Results
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Tuesday 14 June 
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FirstGroup PLCFull Year Results
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Oxford Instruments PLCFull Year Results
Paragon Banking Group PLCHalf Year Results
Renalytix PLCTrading Statement
Vianet Group PLCFull Year Results
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

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23 May 2022 12:11

IN BRIEF: Driver Group "counterparty" takes on current debtor book

Driver Group PLC - Lancashire-based professional services consultancy to construction and engineering industries - Says it will transfer 25 employees to join another entity in the Middle East region on June 1. These employees will retain some project assignments, but with restrictive undertakings regarding the company's current clients and employees. Additionally, the counterparty will take on the current regional debtor book's GBP3.5 million. It has also agreed to pay around GBP2 million in cash upfront as an advance payment of the debtor book.

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3 May 2022 14:27

EXECUTIVE CHANGES: Finance hires by Driver, Skillcast, i(x) Net Zero

(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Tuesday and not separately reported by Alliance News:

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29 Mar 2022 11:28

IN BRIEF: Driver shares drop as expects fall in interim profit

Driver Group PLC - Lancashire-based engineering services provider - Says suffers "difficult" second quarter, which ends on Thursday. Says results during period were hurt by loss-making contract in the Asia-Pacific region and an unexpected drop in revenue in the Middle East region. Expects an underlying group pretax profit between GBP300,000 and GBP500,000 for the half-year, down from GB1.0 million a year prior, as a result. Says initiates an operational review of both regions, given their historic underperformance. Identifies "near term" opportunity to reduce annual operating costs by more than GBP1.0 million through a reconfiguration of its operating footprint in both regions.

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29 Mar 2022 09:46

AIM WINNERS & LOSERS: Driver's "difficult" quarter; XLMedia profit up

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.

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29 Mar 2022 07:42

Driver Group lowers FY pre-tax profit guidance following 'difficult second quarter'

(Sharecast News) - Shares in Driver Group tumbled on Tuesday after the professional services consultancy warned first-half profits would be lower year-on-year amid operational woes in Asia Pacific and the Middle East and announced the departure of its chief financial officer.

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17 Mar 2022 14:16

EXECUTIVE CHANGES: Young's promotes new CEO; Centrica replaces Hester

(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Wednesday and Thursday and not separately reported by Alliance News:

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1 Mar 2022 15:59

UK shareholder meetings calendar - next 7 days

Wednesday 2 March 
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Monday 7 March 
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Copyright 2022 Alliance News Limited. All Rights Reserved.

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24 Jan 2022 19:09

IN BRIEF: Driver annual profit rises despite revenue fall; ups payout

IN BRIEF: Driver annual profit rises despite revenue fall; ups payout

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24 Jan 2022 13:04

Driver Group declares dividend after fall in revenue, earnings

(Sharecast News) - Engineering and construction consultancy Driver Group reported an 8% decrease in revenue in its preliminary results on Monday, as it declared a final dividend of 0.75p per share.

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9 Dec 2021 14:28

Driver Group delays full-year results due to issues with Oman customer

Driver Group delays full-year results due to issues with Oman customer

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