Driver shows some momentum
ROSSENDALE-based construction consultancy Driver Group has announced a 34% increase in sales for the six months to March 31 to £10.6m.
The company also announced a turnaround in fortunes in its bottom line, moving from a loss of £140,000 in 2011 to a profit of £731,000.
Chairman Alan McClue said the company had “continued the positive trends seen in the second half of our last financial year”.
The firm said it had achieved its goals of developing operations in Qatar, Africa and a Power & Process division in the UK, while maintaining stability in other parts of the business.
“Indeed, the Middle East outperformed our expectations and contributed to us issuing two positive trading updates in the period,” he said.
Revenues in the Middle East grew by 48% to £2.9m, while in Europe it increased by 22% to £6.5m. Its fledgling operation in Africa achieved sales of £920,000.
The firm plans to reinstate an interim dividend as a result of the stronger performance. It finished the period with net cash of £900,000, compared with debt of £600,000 a year ago.
McClue said Driver’s acquisition of Leeds-based Trett Consulting from Dutch firm Grontmij in May “now ensures that we have a global footprint”.
He said the acquisition allowed it to ofer three service streams – project services, contract dispute advice and expert witness/litigation support.
“The combination of Trett and Driver, two of the strongest brands in the dispute and advisory market, provides the group with excellent opportunities for strong growth on a global basis.
“We are already starting to see the benefits of this acquisition, as evidenced by the previously-announced contract with one of the world’s largest independent oil and gas exploration and production companies.”
