7 October 2013
Driver Group plc
("Driver Group" or the "Company")
Pre Close Trading Update
Driver Group, the global consultancy to the engineering and construction industries, is pleased to make the following trading update ahead of the announcement of its results for the year ended 30 September 2014.
The Board is delighted with the Group's overall performance in what has been another excellent year for the Company. Headline revenue is again ahead of that in the prior year and profit before tax is in line with management expectations. The year end net cash position is materially better than at the half year with c.£1m cash inflow in the period.
The results for the year have been achieved despite the challenges of foreign exchange movements and the losses incurred by the Houston business. As the year has progressed it is clear to the Board that it is able to deliver its Oil & Gas offering throughout the world, including to global American customers in overseas locations, without the need for a Houston Office and therefore made a decision to close the office with effect from 30 September 2014. It is however pleasing to report that all continuing regions traded profitably in the second half.
Europe had a strong second half performance and Asia Pacific became profitable during this period with Australia performing very well in its first full year of trading. Africa also had a solid second half returning to profits following a slow start to the year. A quieter July and August in the Middle East following the early settlement of work being undertaken by the Company in this region led to a temporary reduction in revenues and profit in the period. Notwithstanding this, the region continues to be the Groups strongest performer and activity in the region has returned to normalised levels.
The Board expects to announce the Group's preliminary results in mid-December 2014 and look forward to providing further information at that time.
Enquiries:
Driver Group plc |
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David Webster, Chief Executive |
Tel: +44 (0) 1706 223999 |
Damien McDonald, Group Finance Director |
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Alan McClue, Non-executive Chairman |
Tel: +44 (0) 7791 546798 |
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Charles Stanley Securities Nominated Adviser & Broker |
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Marc Milmo / Carl Holmes |
Tel: +44 (0) 207 149 6000 |
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