News blog
Driver Group
- BY: Andrew Hore |
- POSTED: 20/01/2009 |
Driver Group believes that the poor property market means that there will be even more construction disputes.
Chief executive Steve Driver reckons that trading conditions will be similar to the 1990s when demand for construction dispute resolution services was particularly strong after the property crash in the late 1980s.
Driver’s latest figures showed record revenues and profits. Revenues increased 43% to £18.2m in the year to September 2008, and even if the acquisition of quantity surveyor CMC is excluded. The original UK business increased revenues by 14% while the Middle East business doubled its revenues.
Stripping out last year’s one-off pension charge and share based payments, profits grew from £1.59m to £2.08m. The final dividend was increased by 0.1p to 2p a share, taking the total for the year to 2.95p a share. Net debt was £165,000 although additional working capital requirements may mean that it rises this year.
Business in Dubai is weak because funding for projects is not in place. However, Abu Dhabi and Oman are still strong markets.
Shares in Driver improved 7.5p to 76.5p each, which values the company at £20.2m.
WH Ireland forecasts that profits will rise to £2.9m in the year to September 2009. That puts the shares on less than 10 times forecast earnings.
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