Driver Group plc TRADING UPDATE (5936N)
26 Septiembre 2023 - 1:00AM
UK Regulatory
TIDMDRV
RNS Number : 5936N
Driver Group plc
26 September 2023
Driver Group Plc
("Driver Group", "Driver" or "the Company")
Year End 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 a trading update for the year ending 30 September
2023.
As indicated in the company's interim results in June 2023, the
start of H2 FY23 was slower than expected. Q3 experienced
reductions in the levels of activity, with an improvement seen in
Q4 and a number of significant commissions secured in this period
which will benefit FY24.
While the Q3 to Q4 trend is improving and is early evidence of a
return to H1 levels of trading, the performance in H2 is expected
to lead the Group to deliver an underlying* profit before tax in
FY23 (versus an underlying* loss before tax of GBP1.0M in FY22) at
a slightly lower level than the GBP0.7M reported at the half year.
The Group continues to have a robust balance sheet and expects to
report an improvement in the September 2023 year end cash position
(March 2023: GBP5.3M).
Management has made significant progress with the implementation
of the planned cost reductions set out in the interim results.
Actions have included the closure of overseas offices, reduction of
existing office lease costs and adjustments to headcount in several
locations. Implementation is expected to be complete by December
2023, enabling the full positive benefits of a lower and leaner
cost base to flow into next year.
Mark Wheeler, Chief Executive Officer of Driver Group,
commented:
"Trading in Q4 23 suggests that market conditions are improving.
FY23 revenue is expected to be close to that reported in FY22 and
profitability for the full year will show a substantial improvement
on the prior year, with a further improved cash position. I am
pleased that we have made significant progress in the delivery of
our cost reduction plans as this positions the Group for long term
sustainable growth and enables us to further develop the business
and maximise its potential."
* Underlying figures are stated before the share-based payment
costs and one off non-recurring costs
ENDS
Enquiries:
Driver Group plc 020 7377 0005
Mark Wheeler (CEO)
Charlotte Parsons (CFO)
Singer Capital Markets (Nomad &
Broker) 020 7496 3000
Sandy Fraser
Jen Boorer
Alex Emslie
020 3745 0293 / 07799
Acuitas Communications 767676
Simon Nayyar simon.nayyar@acuitascomms.com
Arthur Dingemans arthur.dingemans@acuitascomms.com
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END
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September 26, 2023 02:00 ET (06:00 GMT)
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