Trading Statement

RNS Number : 5088Q

Driver Group plc

20 October 2011

 



Driver Group plc

("Driver" or the "Group")

Trading Update

Driver, the global construction consultancy, is pleased to make the following trading update for the financial year ended 30 September 2011.

Trading

The Directors are pleased to report that trading for the period to 30 September 2011 has been overall slightly ahead of management's expectations. Headline turnover was as anticipated, with stronger margin performance resulting in underlying profit before tax slightly ahead of management's expectations. There was also significantly enhanced cashflow generation resulting in a positive period end net cash position.

Strategy

The Group now benefits from a balanced, international portfolio of operations including traditional dispute resolution services, expert witness work, project services and a growing presence in strategic project management.

Outlook

Our UK business continues to perform well across all service lines particularly in the infrastructure and industrial sectors and the provision of expert witnesses. We have focussed our international businesses on selected markets in Sub-Saharan Africa and the Middle East.  We believe Africa has significant growth potential on government and/or public sector projects which offer improving visibility in the pipeline. The Middle East is variable across the areas in which we operate with Oman and Qatar providing opportunities on live projects and the UAE providing more opportunities in the dispute market.

The Directors expect to announce the Group's preliminary results in mid January 2012 and look forward to updating shareholders on further progress.

Alan McClue, Chairman, commented:

"We are pleased to have outperformed on all key financial metrics and, given the pipeline across all our business streams, believe that the business remains well positioned for growth in the next financial year and beyond."

Enquiries:

Driver Group plc	Alan McClue, Chairman	M: 07791 546 798
	Dave Webster, Chief Executive Officer	T: 01706 223 999 M: 07980 004 792
Altium	Paul Lines/Simon Lord	T: 0845 505 4343

 

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