12th Jun 2024 11:48
Driver Group PLC - London-based dispute resolution consultancy - Maintains its dividend and launches a GBP250,000 share buyback, as reports slight declines in interim profit and revenue. Pretax profit declines by 2.8% to GBP513,000 in the six months that ended March 31 from GBP528,000 a year before, as revenue slips 1.1% to GBP22.5 million from GBP22.7 million. Keeps interim dividend at 0.75 pence per share and announces a GBP250,000 share buyback that will be run by Singer Capital Markets Securities Ltd between Wednesday and Driver's annual general meeting in 2025. Looking ahead, Driver says utilisation continues at 2023 levels. It says revenue and utilisation is improving in the third quarter, and it has an "encouraging pipeline" of new enquiries. "We have started H2 FY24 strongly, and we expect the business to generate further significant momentum as the benefits of our transformation strategy flow through to our clients and shareholders," Chief Executive Officer Mark Wheeler says.
Current stock price: 26.96p, up 12% in London on Wednesday
12-month change: down 16%
By Tom Waite, Alliance News editor
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