Driver Group PLC - Lancashire-based engineering services provider - Says suffers "difficult" second quarter, which ends on Thursday. Says results during period were hurt by loss-making contract in the Asia-Pacific region and an unexpected drop in revenue in the Middle East region. Expects an underlying group pretax profit between GBP300,000 and GBP500,000 for the half-year, down from GB1.0 million a year prior, as a result. Says initiates an operational review of both regions, given their historic underperformance. Identifies "near term" opportunity to reduce annual operating costs by more than GBP1.0 million through a reconfiguration of its operating footprint in both regions.
Notes that its Chief Financial Officer David Kilgour has tendered his resignation and will leave the group to "pursue other ventures."
Current stock price: 32.00 pence, down 18% on Tuesday
12-month change: down 36%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Driver Grp (DRV)