Driver Group PLC has announced its preliminary results for the financial year ended 30 September 2023. The company reported a 4% decrease in revenue to £42.6 million compared to the previous year, which was attributed to the restructured Middle East and Asia Pacific regions. However, gross profit margin increased to 25% and underlying operating profit increased to £1 million. The company also reported a net cash increase of £0.9 million to £5.8 million.
Operational highlights include an improvement in utilization to 72.5% and a number of significant commissions secured in Q4. The Europe & Americas region reported an underlying profit before tax of £5.3 million, while the Middle East and Asia Pacific regions reported small underlying operating losses.
Looking ahead, the company expects utilization to continue at 2023 levels and revenue to improve in Q1 with a promising pipeline of new enquiries. The company is also implementing a cost reduction program and launching an integrated transformation strategy, which includes rebranding the global business to Diales and expanding the service offering.
Mark Wheeler, CEO of Driver Group, commented on the results, stating, "These results represent a very creditable performance by the business. The hard work of our staff and the support of our clients around the world has been central to the improvement in results. We have delivered a return to profitable trading through a significant year-on-year reduction in our cost-base, the full effect of which is yet to impact our bottom line."
Shaun Smith, Non-Executive Chair, added, "These results reflect the hard work by our global team and management during the year. This has helped to deliver a significant improvement in the Group's operational performance, strong cash generation and a return to profitability."