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Driver Group's recovery continues

During the six-month period the headcount rose by 6.6% to 467 after adjusting for the effect of the business disposals during 2017. Overall staff utilisation levels rose during the period to 81.6% (2017: 74.2%)
Dock worker
The group's core business is in claims and dispute management and expert witness work

Having raised expectations back in February, consultancy group Driver Group PLC (LON:DRV) still managed to beat expectations with its half-year results.

The group,which is a consultant to the construction and engineering industries and deals in such aspects as commercial management, project management and dispute resolution support services, said underlying profit before tax in the six months to the end of March more than doubled to £2.11mln from £1.03mln the year before on revenue that rose to £31.69mln from £30.86mln.

READ: Driver Group shares accelerate as it expects full-year performance to be "comfortably" ahead of expectations​

The group ended the period with net cash of £838,000, compared to net debt of £3.50mln 12 months earlier.

It did not declare a dividend.

"Driver has built on the turnaround of the group's performance in the year ended 30 September 2017, the group has continued to deliver on the strategy laid out at the time of the refinancing last year, by producing profit growth and debt reduction,” said Steve Norris, the chairman of Driver Group and a former Minister for Transport in John Major's government.

“Along with the remedial actions taken last year to restore the business to profit and bring stability to the balance sheet, the group has concluded on the sale and leaseback of the head office property in April 2018 as promised at the time of the refinancing last year. Whilst the financial improvement is very pleasing we are of course far from complacent and we remain focused on delivering further profit growth and cash generation over the coming months and years," Norris said.

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Driver Group Timeline

Article
June 05 2018

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