Last checked at 22 Jul 2013 07:00
22 July 2013
Driver Group plc
("Driver Group" or the "Company")
Trading update
Driver Group, the global consultancy to the construction and engineering industries, is pleased to announce a further update on trading following a continuation of the positive trends highlighted at the time of our interim results in May 2013.
Our European business has really benefitted from the integration of Trett and whilst the market remains competitive, we have increased our market share and the UK construction sector is showing tentative signs of a recovery. More importantly, our focus on improving utilisation levels has enabled the Company to improve its margins in our European business. In addition, our business in the Middle East continues to outperform Management's expectations. The Company has benefited from an improved dispute market in the region and the Company has also achieved both higher than expected utilisation levels and high margins in the Middle East.
As a result of the better than anticipated trading in Europe and the Middle East, the Board of the Company now expect results for the year ended 30 September 2013 to be ahead of management expectations.
The Company continues to focus on leveraging our four key service offerings across our client base and global network of offices. We also continue to invest in our new regions of APAC and the USA and in developing our new verticals, especially our oil, gas and petrochemical expertise across the network of oil and gas hubs in Americas, Middle East, South East Asia and UK (Aberdeen). We remain confident that the benefits of this strategy and the investment we are making will be seen during the next financial year.
Dave Webster, CEO of Driver Group said
"I am delighted with the continuing solid growth and control of our business across the Middle East Region and the continued margin improvement in Europe as the management teams there progress towards optimum staff utilisation levels. These gains come out of the benefits we anticipated from the acquisition of Trett as we improve our client base and increase market share and we continue to look forwards with a degree of optimism."
Enquiries:
Driver Group plc | |
David Webster, Chief Executive | Tel: +44 (0) 1706 223999 |
Damien McDonald, Group Finance Director | |
Alan McClue, Non-executive Chairman | Tel: +44 (0) 7791 546798 |
Charles Stanley Securities Nominated Adviser & Broker | |
Marc Milmo / Carl Holmes | Tel: +44 (0) 207 149 6000 |