Driver Group plc Trading Update and Notice of Preliminary Results (1154E)
October 16 2018 - 2:00AM
UK Regulatory
TIDMDRV
RNS Number : 1154E
Driver Group plc
16 October 2018
16 October 2018
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 2018.
The Board is pleased to report that the Group has continued to
perform well during the second half and, as a result, that it
expects to report underlying PBT* for the financial year
comfortably ahead of current market expectations at approximately
GBP3.8m. The non-cash share-based payment charge deducted in
calculating reported PBT will be assessed as part of the audit
sign-off process. It is anticipated that this may increase further
as the Board's expectations of future performance strengthen.
The UK business has again performed strongly and there have also
been exceptionally good performances this year in Kuwait, Qatar and
Singapore. Overall, the Group has achieved significantly enhanced
utilisation levels of 80% for 2017/18 (76% for 2016/17) and there
remains a vigorous and vigilant focus on the management of
overhead.
Continued focus on the management of working capital has
delivered excellent cash generation during the year resulting in a
net cash position of GBP6.9m at the year end, also comfortably
ahead of market expectations. This compares to a net debt position
of GBP0.2m at the same time last year.
The Board expects to report preliminary results for the year
ending 30 September 2018 on or around 11 December.
*Underlying figures are stated before share-based payment costs,
amortisation of intangible assets and exceptional items.
Enquiries
Driver Group plc
Gordon Wilkinson (CEO)
David Kilgour (CFO) +44 (0)20 7377 0005
N+1 Singer - Nominated Adviser +44 (0) 20 7496 3000
Sandy Fraser sandy.fraser@n1singer.com
Jen Boorer jennifer.boorer@n1singer.com
Acuitas Communications - Financial +44 (0) 20 3687 0868
PR simon.nayyar@acuitascomms.com
Simon Nayyar fraser.schurer-lewis@acuitascomms.com
Fraser Schurer-Lewis
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END
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