Driver Group PLC - Lancashire-based professional services consultancy to construction and engineering industries - Pretax profit in six months to March 31 slumps to GBP130,000 from GBP855,000 in same period a year prior. Revenue broadly flat year on year, falling slightly to GBP24.4 million from GBP25.0 million.
Chair Steve Norris says: "I am pleased to report that the company's performance remains resilient with only a small decline in revenue and, in line with the company's trading update on March 19, an underlying profit before tax of GBP400,000. In these circumstances, we believe that this has been a credible performance and has laid strong foundations to support future growth."
In mid-march, says it suffered a difficult second quarter, hurt by loss-making contract in the Asia-Pacific region and an unexpected drop in revenue in the Middle East region.
In the first-half, Middle East revenue falls to GBP5.4 million from GBP5.7 million, while APAC revenue slips to GBP1.7 million from GBP2.1. This was partially offset by EuAm revenue growth to GBP17.4 million from GBP17.2 million.
Declares interim dividend of 0.75 pence, unchanged on year before.
Current stock price: 33.96 pence, up 2.9% on Tuesday
12-month change: down 40%
By Paul McGowan; paulmcgowan@alliancenews.com
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Driver Grp (DRV)