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IN BRIEF: Driver Group Interim Profit Rises Despite Revenue Decline

Tue, 30th Jun 2020 14:40

Driver Group PLC- Lancashire-based professional services consultancy - Posted profit of GBP1.3 million for six months ended March 31, up from GBP1.0 million the year prior. This was despite revenue falling 5.7% to GBP28.0 million from GBP29.7 million, as a result of income from its business in the Middle East falling 23% to GBP8.0 million. The rise in profit was credited to steps taken by the company to re-align the cost base in the Middle East. Driver Group will not pay an interim dividend compared to the 0.5 pence payout the year prior. Looking ahead, Driver Group believes it is well-placed to trade through the current uncertain market environment. The company currently has cash of GBP5.5 million.

Current stock price: 55.20p

Year-to-date change: down 23%

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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