News blog
Driver Group
- BY: Andrew Hore |
- POSTED: 25/05/2012 |
Construction consultancy Driver Group’s recent acquisition has won a new contract in the US.
Driver acquired Trett Consulting from Grontmij NV for £3m. The acquisition included net cash of £650,000. Trett generated revenues of £14m in 2011 but it made a modest profit before group charges. When the acquisition was announced Driver said it expected it to be earnings enhancing in the first full financial year.
The acquisition takes Driver into a wide range of markets, including Marine and shipbuilding, petrochemicals and nuclear engineering, and countries. Trett has offices in the UK, the Netherlands, Malaysia, Singapore and Houston in Texas.
He Houston office has won the contract with a major oil and gas company. The initial agreement is for 12 months but it is expected to last for more than four years. The initial assignment is worth $2m.
At 55p, up 3.5p, Driver is valued at £14.5m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2012_32.pdf
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