Last checked at 21 Sep 2017 07:00
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