DJ Driver Group plc Half-year Report
Key Points (for the six months ended 31 March 2016) — Revenue up by 32% to GBP27.9m (2015: GBP21.1m)
— Gross Margin up GBP0.9m to GBP4.9m (2015: GBP4.0m)
— Underlying(*) loss before tax of GBP1.5m (2015: Underlying(*) loss before tax of GBP0.5m). Reported loss before tax of GBP3.4m (2015: loss of GBP2.1m)
— As a result of the loss for the period the directors do not propose an interim dividend (2015: 0.6 pence per share)
— Headcount increased by 17% to 541 (2015: 461)
— Utilisation levels reduced by 4 percentage points to 69% primarily due to due Middle East, Africa and UK (2015: 73%)
— Asia Pacific turned to profit in the period of GBP0.2m (2015: loss of GBP0.4m)
— Mainland Europe offices returned a profit of GBP0.2m compared to a broadly breakeven position in 2015
* Underlying figures are stated before the share-based payment costs and amortisation of intangible assets and exceptional items (note 6).
Steve Norris, Chairman of Driver Group, said:
“During the last six months the Group has undergone profound change both in terms of management, cost control and strategic direction. After a reasonable start to the year revenues in December were poor and although only 4% below plan at that stage resulted in a significant shortfall against planned profit. The board has now set itself the goal of building on our recent cost reduction exercise to produce steady profitable performance for the foreseeable future based on the simple principles of control of cost and efficient cash collection against a background of further organic expansion in those markets where we see potential for growth.”