Driver Group PLC, a global professional services consultancy to the construction and engineering industries, has provided a trading update for the year ending 30 September 2023. The company experienced a slower start to the second half of the year, with reductions in activity levels in Q3. However, there was an improvement in Q4, with several significant commissions secured during this period that will benefit the company in FY24. The performance in H2 is expected to lead the group to deliver an underlying profit before tax in FY23, compared to an underlying loss before tax in FY22. The company expects to report an improvement in its cash position at the year-end.
Driver Group has made progress in implementing planned cost reductions, including the closure of overseas offices, reduction of office lease costs, and adjustments to headcount in several locations. These actions are expected to be completed by December 2023, allowing the company to benefit from a lower and leaner cost base in the next year.
Mark Wheeler, CEO of Driver Group, commented that trading in Q4 suggests that market conditions are improving. He stated, "FY23 revenue is expected to be close to that reported in FY22 and profitability for the full year will show a substantial improvement on the prior year, with a further improved cash position." He also expressed satisfaction with the progress made in delivering cost reduction plans, which positions the group for long-term sustainable growth and enables further development of the business.
The underlying figures mentioned in the update are stated before share-based payment costs and one-off non-recurring costs.