8th Dec 2015 09:43
LONDON (Alliance News) - Driver Group PLC said it swung to a loss in the year to the end of September due to the costs incurred from its strategic restructuring, though revenue increased and the group maintained its dividend payout.
Driver, which provides commercial and dispute resolution services to the construction and engineering industries, said it made a pretax loss of GBP1.9 million for the first half, compared to a GBP3.1 million profit a year earlier, due to the restructuring programme the group has put in place, specifically the reorganisation of its Asia Pacific, Middle East and Africa business.
Revenue increased 23% in the year to GBP48.0 million, up from GBP39.1 million, with much of the growth driven by its performance in the second half, when revenue rose 38% due to a strong performance in the AMEA business amid the reorganisation and as revenue in its European business also increased.
The group expects the first quarter of its new financial year to hit its expectations and said it is on track to deliver double-digit growth in revenue in the current year.
The company said it will pay a final dividend of 1.05 pence per share, flat year-on-year, making its total dividend 1.65p, also flat.
"We now have a world class commercial and dispute resolution business and a credible programme and project management offering with a focus on the global infrastructure market where spend is at unprecedented levels. This gives me a lot of confidence in our future growth prospects," said Dave Webster, Driver's chief executive.
Shares in Driver were up 1.7% to 72.30p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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