Losses mount for construction consultancy
LOSSES have grown for Lancashire construction consultancy Driver Group with its six-month interim dividend payout ditched.
Although revenue for the listed Haslingden company grew 32% to £27.9m (2015: £21.1m) in the half-year to March 31, pre-tax losses amounted to £3.4m (2015: loss of £2.1m).
Nevertheless, the company managed to increase its headcount from 461 to 541.
Chairman Steve Norris said: “During the last six months the group has undergone profound change both in terms of management, cost control and strategic direction.
“After a reasonable start to the year revenues in December were poor and although only 4% below plan at that stage resulted in a significant shortfall against planned profit.
“The board has now set itself the goal of building on our recent cost reduction exercise to produce steady profitable performance for the foreseeable future based on the simple principles of control of cost and efficient cash collection against a background of further organic expansion in those markets where we see potential for growth.”