Share Search
Visit the Share Search
Driver Group profits soar following strong second half
15th Oct 2019 09:53
(Sharecast News) - Professional services consultancy Driver Group expects full-year profits to come in well ahead of expectations after performing well during the second half.
Driver said on Tuesday that it expects to report underlying pre-tax profits for the full year of approximately £3m, after incurring one-off costs amounting to £400,000 as part of a rationalisation of its cost base - a marked increase on the £800,000 recorded in the prior year.
The AIM-listed group's global operating footprint proved to be a source of operational resilience, with a strong performance in the UK and Europe offsetting a weaker result in the Middle East and Asia Pacific regions.
Period-end net cash balances were approximately £5m after funding dividend and share buyback payments during the year.
Driver said it was continuing to perform well across all markets, regions and sectors - with its new business enquiry pipeline at a healthy level.
Chief executive Gordon Wilkinson said: "I am very pleased to be able to report that, after a slow start to the 2018/19 financial year as noted in the company's interim results, and as a consequence of a review of the business's strategic priorities earlier in the year, the second half has delivered markedly improved performance.
"I am confident that we will make significant progress in converting these leads, based on our proven track record of prudent business planning and management, our outstanding team of professional services experts, and our specialist understanding of sectors, markets and issues."
As of 0950 BST, Driver shares had gained 8.24% at 55.74p.
Driver said on Tuesday that it expects to report underlying pre-tax profits for the full year of approximately £3m, after incurring one-off costs amounting to £400,000 as part of a rationalisation of its cost base - a marked increase on the £800,000 recorded in the prior year.
The AIM-listed group's global operating footprint proved to be a source of operational resilience, with a strong performance in the UK and Europe offsetting a weaker result in the Middle East and Asia Pacific regions.
Period-end net cash balances were approximately £5m after funding dividend and share buyback payments during the year.
Driver said it was continuing to perform well across all markets, regions and sectors - with its new business enquiry pipeline at a healthy level.
Chief executive Gordon Wilkinson said: "I am very pleased to be able to report that, after a slow start to the 2018/19 financial year as noted in the company's interim results, and as a consequence of a review of the business's strategic priorities earlier in the year, the second half has delivered markedly improved performance.
"I am confident that we will make significant progress in converting these leads, based on our proven track record of prudent business planning and management, our outstanding team of professional services experts, and our specialist understanding of sectors, markets and issues."
As of 0950 BST, Driver shares had gained 8.24% at 55.74p.