LONDON (Alliance News) - Driver Group PLC said that it continues to perform in line with management expectations as it saw encouraging performances in Europe and the Middle East, although it cautioned on its performance in Africa and America, in a statement ahead of its annual general meeting Thursday.
The construction and engineering consultancy company said that its investment made in Asia Pacific is paying off, as revenues and results were currently better than it had expected. The company remains cautiously optimistic in its outlook for the region.
Driver continued to perform well in the Middle East, as positive momentum continued, it said. It is focused on identifying further expansion opportunities in the region.
In its European business the company said it had continued to perform as expected. In Africa and America it saw a slow start to the year. Africa was hit by the suspension of three hospital PPP projects by the South African Government, and the appreciation of the Sterling against the Rand.
In America subdued workloads will hit Driver's first half performance, however, the company said it was taking actions to bring the cost base of the American business in line with its revised revenues expectations, to protect current year end profit expectations for America.
Shares in Driver were trading down 0.7% at 114.70 pence Thursday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Driver Grp (DRV)