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  5. Trading Update & Notice of Preliminary Results

Pin to quick picksDriver Grp Regulatory News (DRV)

Driver Grp Information

Share Price Information for Driver Grp (DRV)

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Share Price: 22.00
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Trading Update & Notice of Preliminary Results

21 Sep 2017 07:00

RNS Number : 3576R
Driver Group plc
21 September 2017
 

 

21st September 2017

DRIVER GROUP PLC

("Driver" or "the Group")

 

Trading update and notice of preliminary results

 

Driver Group, the global professional services consultancy to construction and engineering industries provides an update on trading performance during the second half of the financial year ending 30 September 2017.

The Board is pleased to report that the Group has continued to benefit from careful management of overheads and improved utilisation rates during the second half of the financial year and, as a result, that it now expects to report underlying *PBT ahead of its previous expectations.

The performance of the business in the UK has been particularly strong, as it has been this year in the UAE and in Qatar. The Singapore office has enjoyed a sizeable increase in activity levels, whilst action has been taken to improve the future prospects of both Hong Kong and Australia. These factors, together with the strategic initiatives underway, including the disposal of the South African subsidiary already accomplished and announced, are expected to see a strong close to the year as a whole and the Group better placed for the future.

Control of working capital continues to be a key area of focus, as does monetising the Group's legacy debtor book and good progress has continued in the collection of aged debt in the Middle East, where, in Oman for instance, debt which stood at £4.6m at the end of March currently stands at £3.1m. Net debt for the group at the financial year end is expected to be in the region of £1m.

The Board expects to report preliminary results for the year ending 30 September 2017 on or around 12 December.

 *Underlying figures are stated before share-based payment costs, amortisation of intangible assets and exceptional items. 

Enquiries:

Driver Group plc

Gordon Wilkinson (CEO) 07964-518095  gordon.wilkinson@driver-group.com

Hugh Cawley (CFO) 07971-469975   hugh.cawley@driver-group.com

 

N+1 Singer - Nominated Adviser

Sandy Fraser 0207-4963000 sandy.fraser@n1singer.com

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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