Investment gets in the way of profit for Driver Group

The income rolled in at Driver Group in 2015, but significant investment in the business put paid to profits in its preliminary results to 30 September, announced on Tuesday.

Support Services

11,209.58

16:59 08/11/24

-0.63%

-70.78

Revenue at the AIM-listed construction services firm was up 23% over the period, to £48m.

Underlying profits were down, however, with operating profit down by almost two thirds to £1.2m (2014: £3.5m).

Driver reported a loss before tax of £1.9m, down from a 2014 reported profit of £3.1m.

"The focus this year has been to create the platform that will support the Strategic Plan and Growth Targets through to 2018. The timely delivery of this plan is determined to a large extent by our ability to put this platform in place quickly and effectively", said chief executive Dave Webster.

Webster pointed to changes to the board, the acquisition of infrastructure specialist Initiate and the expansion of headcount in AMEA as positive drivers for growth going forward.

"We now have a world class commercial and dispute resolution business and a credible programme and project management offering with a focus on the global infrastructure market where spend is at unprecedented levels", he added.

Driver Group confirmed it will maintain a dividend of 1.65p per share for the year.