Driver hopes to build on positive January
DRIVER Group, the North West construction and engineering consultancy, says while trading conditions remain tough it has performed in line with expectations in the first half.
Executive chairman Steve Driver, will tell shareholders at the Rossendale company’s annual meeting, that January’s performance indicated better times lie ahead.
He said trading in January “appears to mark a turning point” as the group had returned to profitability and with revenue and gross margin estimates for quarter two being up in the first quarter.
Mr Driver, who is moving to a non-executive role from today, said the AIM-listed company had continued to reduce overheads across the group and had made “significant savings” at group and regional level in the UK and Middle East, which would benefit the second half.
He said: “Our European and Africa regions are performing well whereas the live construction market in the Middle East is particularly challenging in Abu Dhabi and Dubai.
“Last year we invested in the industrial and power sector of the UK and opened new offices in Africa and Qatar. Our business in the UK industrial and power sector is out-performing management expectations despite the tough UK construction market whilst Africa is in line with expectations.”
