Driver Group plc Interim period end trading update (1458X)
30 Abril 2021 - 01:00AM
UK Regulatory
TIDMDRV
RNS Number : 1458X
Driver Group plc
30 April 2021
30 April 2021
DRIVER GROUP plc
("Driver Group", "Driver" or "the Company")
Interim period 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 the following operational update on its activities
for the period to 31 March 2021.
Driver Group performed creditably during the period with PBET
(before share based payment charges) for the period expected to be
only slightly lower than the result for the same period last year,
which was largely unaffected by COVID-19. A fast-moving picture in
terms of lockdown restrictions in key territories and the loss of
senior staff and associated team members to a competitor in the
APAC region together combined to present significant challenges.
However, meaningful progress has already been made in implementing
the five year strategic plan announced to the market in December
with last year's results. The essence of that plan is to drive
shareholder value through increasing the proportion of sales
represented by higher margin expert assignments and the focused
recruitment of key talent to further enhance Driver's technical and
geographical service offering. The Directors are confident that the
merits of this strategy will become increasingly evident over the
life of the plan.
The Company continues to have a strong net cash position, with
net cash balances at 31 March of GBP7.2m and bank facilities of a
further GBP7m, a significant improvement on the equivalent position
at the same time last year.
The Company expects to report interim results for the period on
8(th) June 2021.
Mark Wheeler, Chief Executive Officer of Driver Group, said:
"The unique challenges presented by COVID-19 have masked the
significant strategic progress we have made during the period, at
least insofar as measured by financial results. The outlook for the
second half year is encouraging with activity levels improved from
the low point in January and February at the height of lockdown
restrictions in the UK and Europe."
Enquiries:
Driver Group plc 020 7377 0005
Mark Wheeler (CEO)
David Kilgour (CFO)
N+1 Singer (Nomad & Broker) 020 7496 3000
Sandy Fraser / Will Goode
(Corporate Finance)
Acuitas Communications 020 3848 2815
Simon Nayyar simon.nayyar@acuitascomms.com
James Gittings james.gittings@acuitascomms.com
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