10th May 2016 07:41
LONDON (Alliance News) - Project management consultancy Driver Group PLC on Tuesday said profit for the financial year to the end of September will miss market expectations following a review of the business.
Driver said revenue for the financial year is set to meet market expectations following stronger trading in March and April, which helped to offset softer markets in December, January and February.
But after a detailed review of the business was conducted, the group now anticipates profit for the full year will be "significantly short" of market expectations.
In addition, a review on its bad debt provision has resulted in the group booking a further GBP460,000 to cover this, primarily due to a small number of outstanding debts in the Asia, Middle East and Africa region.
Driver said it has removed GBP2.4 million in annual costs so far this year and has agreed in principle an additional GBP2.0 million revolving credit facility to shore up its financial position.
Driver will publish interim results for the six months to the end of March on May 24.
Shares in Driver were down 1.5% to 65.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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