Financial Highlights
Significant improvement on all fronts:
· Revenue on continuing operations up 15% to £60.2m (2016: £52.4m)
· A significant transformation of the business from loss in 2016 to profit in 2017
· Underlying* operating profit of £2.7m (2016: loss £0.2m)
· Underlying* profit before taxation of £2.5m (2016: loss £0.4m) and reported profit for the year of £0.3m (2016: loss £5.2m)
· Successful equity raise and refinancing in February 2017
· Net borrowings** £0.2m at September and falling (2016: £9.9m)
* Underlying figures are stated before the share-based payment costs, exceptional items and amortisation of intangible assets
**Net (borrowings) / cash consists of cash and cash equivalents, bank loans and finance leases
Operational Highlights
· Group Board changes:
o Mark Wheeler, Global COO, appointed to Group Board
o Dave Webster stepped down as NED, replaced by John Horgan
o Peter Collini joined as NED
o Colin Davies resigned as NED after many years' service
o David Kilgour's appointment as CFO effective today, succeeding Hugh Cawley who stands down
· Strategy refreshed and clearly articulated, focusing on the Group's expertise: Claims and Dispute Resolution and Expert Witness Support Services
· Following the disposals of Driver Trett South Africa (pty) Ltd and initiate Consulting Ltd ('Initiate'), Group now comprises core businesses only
· Continuing progress on developing the global Diales brand
· Europe & Americas ('EuAm')
o Excellent performance across the whole of the UK market
o Netherlands and Germany another strong year
· Africa, Middle East and Asia Pacific ('AMEA')
o Singapore significantly outperformed expectations
o Excellent performance across the Middle East region following major restructuring
o Aged debt collection in Oman progressing well
Start to new financial year
· Positive start to the year and continued strong cash collection in line with management expectations
· Strong pipeline of opportunities across the Global business
Gordon Wilkinson, Chief Executive Officer of Driver Group plc, commented: “I am pleased to report a significant transformation in the performance of the business in the 12 months to September 2017. The business is now well positioned for future growth.”