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IN BRIEF: Driver Group confident of return to profit; hires new chair

Thu, 23rd Feb 2023 13:55

Driver Group PLC - Lancashire, England-based professional services consultancy to construction and engineering industries - Declares final dividend of 0.75 pence per share for the financial year that ended September 30 last year, the same as its interim dividend and unchanged from a year before. Says the two payouts show its confidence in the business, including a return to profitability in financial 2023. Pretax loss in financial 2022 is GBP2.4 million swung from profit of GBP1.9 million the year before, as revenue slips to GBP46.9 million from GBP48.8 million while cost of sales rises to GBP37.1 million from GBP36.4 million.

"Trading in the first quarter has begun profitably," says Chief Executive Officer Mark Wheeler. "We have an incredibly talented and committed pool of staff around the globe who I am confident will help the board steer the business to a return to a profitable trading performance this year and beyond." Wheeler cites steps to "right-size" operations globally and to make client work "more targeted, efficient and cost-effective".

Hires Shaun Smith to be its new non-executive chair, replacing Steven Norris at the annual general meeting on March 23. Norris has been in post for eight years. Smith was chief financial officer of kitchen and bathroom products supplier Norcros PLC and currently is a non-executive director of building products maker Epwin Group PLC and eyewear firm Inspecs Group PLC.

Current stock price: 31.89 pence, up 6.3% in London on Thursday afternoon

12-month change: down 29%

By Tom Waite, Alliance News editor

Comments and questions to newsroom@alliancenews.com

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