Driver Group PLC - Lancashire-based professional services consultancy to construction and engineering industries - Pretax profit in six months to March 31 slumps to £130,000 from £855,000 in same period a year prior. Revenue broadly flat year on year, falling slightly to £24.4 million from £25.0 million.
Chair Steve Norris says: ‘I am pleased to report that the company’s performance remains resilient with only a small decline in revenue and, in line with the company’s trading update on March 19, an underlying profit before tax of £400,000. In these circumstances, we believe that this has been a credible performance and has laid strong foundations to support future growth.’
In mid-march, says it suffered a difficult second quarter, hurt by loss-making contract in the Asia-Pacific region and an unexpected drop in revenue in the Middle East region.
In the first-half, Middle East revenue falls to £5.4 million from £5.7 million, while APAC revenue slips to £1.7 million from £2.1. This was partially offset by EuAm revenue growth to £17.4 million from £17.2 million.
Declares interim dividend of 0.75 pence, unchanged on year before.
Current stock price: 33.96 pence, up 2.9% on Tuesday
12-month change: down 40%
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