Driver Group plc Trading update (7316P)
October 21 2021 - 2:00AM
UK Regulatory
TIDMDRV
RNS Number : 7316P
Driver Group plc
21 October 2021
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 GBP6.5m.
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.
Enquiries:
Driver Group plc 020 7377 0005
Mark Wheeler (CEO)
David Kilgour (CFO)
Singer Capital Markets (Nomad
& Broker) 020 7496 3000
Sandy Fraser, Will Goode
Acuitas Communications 020 3848 2810 / 07736 220 565
Simon Nayyar simon.nayyar@acuitascomms.com
Edward Lee edward.lee@acuitascomms.com
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END
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