Construction consultancy on track for £3m profit

A Lancashire based construction consultancy says it performed well in the second half of the year.

Rossendale based Driver Group said it has performed well during the second half of 2018/19 and, as a result, expects to report underlying profit before tax for the financial year of approximately £3m.

The company incurred one-off costs amounting to £400,000 as part of a rationalisation of its cost base.

The firm saw a strong performance in the UK and Europe offsetting a weaker result in the Middle East and Asia Pacific regions.

Period-end net cash balances were approximately £5m after funding dividend and share buyback payments during the year.

The company said it continues to perform well across markets, regions and sectors with the new business enquiry pipeline at a healthy level.

Driver Group’s plans for further strategic growth and development remain unaltered.

The company continues to develop proprietary AI technologies to enhance client fulfilment, increase margin, promote brand loyalty, and strengthen its leading global competitive market positioning.

Gordon Wilkinson, chief executive of Driver Group, said: “Driver Group is making exceptionally good progress across markets and sectors.

“I am very pleased to be able to report that, after a slow start to the 2018/19 financial year as noted in the Company’s interim results, and as a consequence of a review of the business’s strategic priorities earlier in the year, the second half has delivered markedly improved performance.

“There is a good flow of business from existing and new clients and the pipeline of business leads is strong. I am confident that we will make significant progress in converting these leads, based on our proven track record of prudent business planning and management, our outstanding team of professional services experts, and our specialist understanding of sectors, markets and issues. ”