Driver Group expects better profits and lower debt

Driver Group said it expected underlying pre-tax profit will be ahead of its previous expectations as the construction and engineering services consultancy enjoyed a stronger trading performance during the second half of the year to September.

Management highlighted continued careful management of costs and improved utilisation rates, with a particularly strong performance in the UK, UAE and in Qatar.

Singapore has seen a "sizeable increase in activity levels", while the Hong Kong and Australia offices action have seen action taken to improve future prospects.

"These factors, together with the strategic initiatives underway, including the disposal of the South African subsidiary already accomplished and announced, are expected to see a strong close to the year as a whole and the group better placed for the future," Driver said.

Net debt for the group at the financial year end is expected to be in the region of £1m amid a focus on working capital and "monetising the legacy debtor book", with good progress continuing in the collection of debt in the Middle East.