Driver cuts losses despite 11% sales fall
DRIVER Group, the construction consultancy cut first half losses despite an 11% fall in sales.
Alan McClue, the Rossendale-based company’s new chairman, said that while markets in the Europe and and the Middle East were still tough, the business is in a better shape now that at any time since before the global slump of 2008.
Sales fell to £7.8m in the six months to the end of March, while losses before exceptionals fell to £48,000 compared with £259,000 a year ago.
Including one-off items bottom line losses were £140,000 against £447,000 last time.
Driver said it was seeing growth in sales in Africa, but its biggest two markets, Europe (down 6%) and Middle East (-26%) remain difficult. Most importantly though, the business returned to profit in the second quarter.
Mr McClue said: “As a result of the consolidation and cost cutting measures implemented in the first half of 2011 which were a continuation and development of those commenced in the second half of 2010 the business is in better shape than it has been since the impact of the economic crash of 2008.
“Our focus remains on maintaining appropriate levels of professional expertise in the business whilst at the same time continuing to reduce costs where appropriate.”
Looking ahead he said growth was expected in some sectors of the UK market, as well as from a “strong pipeline of opportunities” being developed in Africa.
“I am excited by the challenges ahead and look forward to working with the Board and our staff to deliver a strengthening performance and balance sheet over the short to medium term.”
