Driver Group falls on contract delays and cancellations

Driver Group chairman Alan McClue, warned that the construction and engineering consultancy will fall short of its annual expectations because of contract delays and cancellations.

Late in 2014, the group appointed a new chief operating officer for its Africa, Asia and Middle East operations, who was tasked with undertaking a review of the division.

However, with the business suffering a "slight delay" in a number of anticipated projects and with some in Oman, Singapore and Hong Kong cancelled or suspended, the group said its full year performances will be affected.

"Given the combination of increased costs and the delay in the commencement in certain projects, it seems sensible to […] take a more prudent approach to the expected performance of our business in the Africa, Asia and the Middle East and the group for the current financial year which the board now expects to be below management expectations," McClue said.

Drive shares were down 22.88% to 59.00p at 12:13 on Wednesday.