Profits are higher than expected at Lancashire firm

Profits at Haslingden based Driver Group are likely to be higher than predicted – according to the firm.

The Lancashire business, which specialises in offering a professional services consultancy to construction and engineering industries, has published an update on trading performance during the second half of the financial year ending September.

The firm has continued to perform well during the second half and it expects to report underlying profit before tax for the financial year comfortably ahead of current market expectations at approximately £3.8m.

The statement added: “The non-cash share-based payment charge deducted in calculating reported PBT will be assessed as part of the audit sign-off process.

“It is anticipated that this may increase further as the Board’s expectations of future performance strengthen.

“The UK business has again performed strongly and there have also been exceptionally good performances this year in Kuwait, Qatar and Singapore.

“Overall, the Group has achieved significantly enhanced utilisation levels of 80% for 2017 and there remains a vigorous and vigilant focus on the management of overhead.

“Continued focus on the management of working capital has delivered excellent cash generation during the year resulting in a net cash position of £6.9m at the year end, also comfortably ahead of market expectations.

“This compares to a net debt position of £0.2m at the same time last year.”

The board expects to report preliminary results for the year ending 30 September 2018 in December.