Driver Group PLC - Lancashire-based engineering services provider - Expects to report full-year underlying pretax profit in line with market forecasts. In financial year ended September 30, 2020, records underlying pretax profit of GBP2.5 million.
"During 2021 Driver Group has continued to manage the impact of Covid-19 on its activities in the markets in which it operates. This was reflected in overall business performance in the second half, which was broadly consistent with the first half, with a continued strong performance in the UK and Europe offset by a weaker result in the Middle East and Asia Pacific regions," company says.
Chief Executive Mark Wheeler adds: "During the financial year just ended, Driver Group continued to perform satisfactorily and successfully managed the uncertainty caused by the Covid-19 pandemic to ensure the business has remained profitable and with a stable cash position.
"The group has also continued to implement its strategic plan during the period. Increases in the US and European operations have been achieved, while planned restructuring of the Middle East and APAC regions continued to be delivered. I am pleased to be able to report that, as a result, Driver Group enters the new financial year with clearer operational focus and is therefore well placed to benefit from the recent improving trend in activity levels."
Company adds it has entered new financial year with "renewed positive momentum".
Current stock price: 53.25 pence, up 2.4% on Thursday
Year-to-date change: up 1.4%
By Paul McGowan; paulmcgowan@alliancenews.com
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Driver Grp (DRV)