Driver Group sees only limited impact from Covid-19
Professional services consultancy Driver Group said on Monday that it had successfully limited the impact of Covid-19 on the company in the second half of the year and had seen only "the minimum" of business interruption.
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Driver stated overall activity levels had been "broadly consistent" with those achieved in the first half, with a strong performance in the UK and Europe offset by a weaker result in the Middle East and Asia Pacific regions.
As a result, the AIM-listed firm expects to report full-year underlying pre-tax profits of approximately £2.5m and also highlighted that cash conversion had been "particularly strong" in recent months - resulting in "a healthy net cash balance" of £8.2m as of 30 September.
Chief executive Mark Wheeler said: "I am pleased to be able to report that Driver Group has performed well during the year and has managed the uncertainty caused by the Covid-19 pandemic to ensure the business remained profitable and cash generative throughout the year in spite of a reduced level of activity.
"I am confident that the reduced cost base and renewed focus on our core business of higher-margin expert witness and dispute resolution in both APAC and the Middle East will deliver improved operating performance."
As of 0810 GMT, Driver shares had shot up 10.11% to 49.0p.