DRV.L Regulatory News (DRV)

21 October 2021

DRIVER GROUP PLC

("Driver Group" or "the Company") 

Trading update

Driver Group plc (AIM: DRV), the leading global professional services consultancy to the construction and engineering industries, providing multi-disciplinary consultancy services including expert witness, claims and dispute resolution services, today announces the following trading update.

The Board can confirm that it expects to report underlying* PBT for the financial year in line with market forecasts and a healthy net cash position at 30 September 2021 of £6.5m.

During 2021 Driver Group has continued to manage the impact of Covid-19 on its activities in the markets in which it operates. This was reflected in overall business performance in H2, which was broadly consistent with the first half, with a continued strong performance in the UK and Europe offset by a weaker result in the Middle East and Asia Pacific regions. However, the overall result masks a material improvement in activity levels and in underlying* PBT during Q4, as a result of which Driver Group enters the new financial year with renewed positive momentum.

Mark Wheeler, CEO of Driver Group, said:

"During the financial year just ended, Driver Group continued to perform satisfactorily and successfully managed the uncertainty caused by the Covid-19 pandemic to ensure the business has remained profitable and with a stable cash position.

"The Group has also continued to implement its strategic plan during the period. Increases in the USA and European operations have been achieved, while planned restructuring of the Middle East and APAC regions continued to be delivered. I am pleased to be able to report that, as a result, Driver Group enters the new financial year with clearer operational focus and is therefore well placed to benefit from the recent improving trend in activity levels."

*underlying PBT is stated before the costs of share based payment costs

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.