Driver Group (DRV)

 

Driver in the black as revenues rise

Driver swung into the black in the six months to the end of March after revenues rose by 18% to £32.84m.

Gross profit increased by £2.81m to £7.75m and the group posted an underlying profit before tax of £1.03m against a loss of £1.51m last time and a reported pre-tax profit of £0.27m compared with a loss of £3.45m.

Chairman Steve Norris said: "Driver's fortunes have improved significantly.

"Comparison with the equivalent period last year shows a dramatic turnaround.

"Whilst this financial improvement is indeed encouraging we are of course far from complacent.

"There is much more that can be achieved and we remain focused on delivering further profit growth and debt reduction over the coming months and years.

"The recent successful equity raise where we were fortunate enough to be able to call on both supportive long-standing shareholders and indeed to encourage excellent quality new holders to the register, has been central to allowing us to concentrate on the execution of our strategy to deliver significantly better returns than those of more recent times."

At 9:07am: (LON:DRV) Driver Group PLC share price was +3.5p at 50p