Driver Group expects FY underlying pre-tax profits in line with forecasts

Professional services consultancy Driver Group said on Thursday that full-year underlying pre-tax profits were expected to be in line with market forecasts.

Driver stated that it had continued to manage the impact of Covid-19 on its activities during 2021, resulting in overall business performance in the second half being "broadly consistent" with the first, with a continued strong performance in the UK and Europe offset by a weaker result in the Middle East and Asia Pacific regions.

However, the AIM-listed group stated that its overall result masked a "material improvement" in activity levels and in underlying pre-tax profits during the final quarter of the year.

Driver also pointed to a healthy net cash position of £6.5m at 30 September.

Chief executive Mark Wheeler said: "During the financial year just ended, Driver Group continued to perform satisfactorily and successfully managed the uncertainty caused by the Covid-19 pandemic to ensure the business has remained profitable and with a stable cash position.

"Driver Group enters the new financial year with clearer operational focus and is therefore well placed to benefit from the recent improving trend in activity levels."

As of 0940 BST, Driver shares were up 7.69% at 56.0p.