LONDON (Alliance News) - Driver Group PLC Tuesday said it grew headline revenue in the financial year just ended and pretax profit was in line with its expectations, despite taking a hit from currency moves and from its loss-making Houston office.
In a pre-close trading update, the engineering and construction consultancy said that during the year ended September 30, it decided to close the Houston office, a business that had been incurring losses.
"As the year has progressed it is clear to the board that it is able to deliver its oil and gas offering throughout the world, including to global American customers in overseas locations, without the need for a Houston office and therefore made a decision to close the office with effect from 30 September 2014. It is however pleasing to report that all continuing regions traded profitably in the second half," the company said in a statement.
Driver said that it saw a strong trading performance in Europe in the second half of the year, while Asia Pacific became profitable, with Australia performing well in its first full year of trading.
The company has been expanding its business, establishing new offices in Australia and Hong Kong, and strengthening its business in Singapore.
"Africa also had a solid second half returning to profits following a slow start to the year. A quieter July and August in the Middle East following the early settlement of work being undertaken by the company in this region led to a temporary reduction in revenues and profit in the period. Notwithstanding this, the region continues to be the groups strongest performer and activity in the region has returned to normalised levels," the company said.
The company said its will announce its full-year results in mid-December.
Driver shares were trading 0.9% higher Tuesdaymorning, at 109.00 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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Driver Grp (DRV)