AGM Statement

RNS Number : 9719B

Driver Group plc

01 March 2011

 



DRV

1 March 2011

DRIVER GROUP PLC

("Driver" or "the Group")

AGM STATEMENT

Driver, the global consultancy to the construction and engineering industries, is holding its Annual General Meeting later today.  At the meeting, Executive Chairman, Steve Driver, will make the following statement:

"At the time of the announcement of Driver's preliminary results we stated that we expected the UK and Middle East construction markets to remain challenging in the current financial year and that our efforts would focus on controlling the cost base of the business in these areas to match the revenue profile. We also stated that we had a strong pipeline of enquiries for our expert witness services and were looking to develop the new service streams implemented in the last financial year."

"I am pleased to confirm that trading over the first half to date has been in line with our expectations. Our European and Africa regions are performing well whereas the live construction market in the Middle East is particularly challenging in Abu Dhabi and Dubai. Last year we invested in the industrial and power sector of the UK and opened new offices in Africa and Qatar. Our business in the UK industrial and power sector is out-performing management expectations despite the tough UK construction market whilst Africa is in line with expectations. We secured our trading licence in Qatar in October 2010 and are now starting to see a developing pipeline of opportunities. There remains a high level of enquiries for expert services in the Middle East and we have been awarded some significant expert witness appointments in the UK."

"January 2011 appears to mark a turning point as we return to profitability in the month with revenues and gross margin estimates for the second quarter up on those of Q1. We have also continued to work to reduce the overheads across the Group and have made significant savings at Group level and regional overhead savings in the UK and the Middle East which will benefit the second half of the year."

"With our preliminary results we announced that I was to take a non executive role as of 1 March 2011 and we were looking to appoint a non executive Chairman. This remains our position and we are in the final stages of making this appointment. As previously announced Mike Davis will retire following the AGM and consequently  I will be non executive Chairman and Chairman of the Remuneration and Audit Committees until the appointment of a new Chairman. We look forward to updating shareholders on the appointment of our new Chairman in due course and will provide details of further progress with the interim results in June."

Enquiries:

Driver Group plc		Dave Webster, Chief Executive Officer		T: 01706 223999
		Damien McDonald, Finance Director
W H Ireland Limited		John Wakefield Marc Davies		T:  0117 945 3471

 

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