Driver Group plc Trading Update & Notice of Preliminary Results (3576R)
September 21 2017 - 1:00AM
UK Regulatory
TIDMDRV
RNS Number : 3576R
Driver Group plc
21 September 2017
21(st) September 2017
DRIVER GROUP PLC
("Driver" or "the Group")
Trading update and notice of preliminary results
Driver Group, the global professional services consultancy to
construction and engineering industries provides an update on
trading performance during the second half of the financial year
ending 30 September 2017.
The Board is pleased to report that the Group has continued to
benefit from careful management of overheads and improved
utilisation rates during the second half of the financial year and,
as a result, that it now expects to report underlying *PBT ahead of
its previous expectations.
The performance of the business in the UK has been particularly
strong, as it has been this year in the UAE and in Qatar. The
Singapore office has enjoyed a sizeable increase in activity
levels, whilst action has been taken to improve the future
prospects of both Hong Kong and Australia. These factors, together
with the strategic initiatives underway, including the disposal of
the South African subsidiary already accomplished and announced,
are expected to see a strong close to the year as a whole and the
Group better placed for the future.
Control of working capital continues to be a key area of focus,
as does monetising the Group's legacy debtor book and good progress
has continued in the collection of aged debt in the Middle East,
where, in Oman for instance, debt which stood at GBP4.6m at the end
of March currently stands at GBP3.1m. Net debt for the group at the
financial year end is expected to be in the region of GBP1m.
The Board expects to report preliminary results for the year
ending 30 September 2017 on or around 12 December.
*Underlying figures are stated before share-based payment costs,
amortisation of intangible assets and exceptional items.
Enquiries:
Driver Group plc
Gordon Wilkinson (CEO) 07964-518095 gordon.wilkinson@driver-group.com
Hugh Cawley (CFO) 07971-469975 hugh.cawley@driver-group.com
N+1 Singer - Nominated Adviser
Sandy Fraser 0207-4963000 sandy.fraser@n1singer.com
This information is provided by RNS
The company news service from the London Stock Exchange
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