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Driver sees lower profit this year following weakness in Middle East, Asia Pacific
StockMarketWire.com
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Construction and engineering services consultancy Driver said it expected to report a lower profit this year, compared with last year as strong performance in the UK and Europe was offset by weaker results in the Middle East and Asia Pacific regions.
Underlying pre-tax profit for the financial year was expected to be about £2.5 million, down from the £3m seen last year.
Cash conversion has been particularly strong in recent months resulting in a healthy net cash balance on 30 September 2020 of £8.2m.
'As part of the strategic review, Driver group has also restructured its Middle East and Asia Pacific (APAC) operations to meet the changing business demands in those regions,' the company said.
'Stefan Panourgias, who previously headed the group's Qatar operations will now lead the Middle East region,' the company said. 'Driver Group has taken the opportunity to restructure and scale back its presence in APAC following the departure of two senior members of its Singapore office; the APAC region will now be led by Alasdair Snadden who currently heads the Company's operations in Singapore.'
At 8:30am: (LON:DRV) Driver Group PLC share price was +5p at 49.5p
Story provided by StockMarketWire.com
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