Business
Interim Report: Half-year ended 31 March 2023
Interim Report: Half-year ended 31 March 2023.
About this update from Diales Group Plc
[{"type":"text","content":"\n\nDRIVER GROUP PLC\nInterim Report\nFor the six months ended 31 March 2023\n \nKey Points - for the six months ended 31 March 2023\n\n\n\n\n\n\n6 months\n Ended\n31 March 2023\n£000\nUnaudited\n\n\n6 months\nEnded\n31 March 2022 £000\nUnaudited\n\n\nChange\n£000\n\n\n\n\nRevenue\n\n\n24,219\n\n\n24,429\n\n\n(210)\n\n\n\n\nGross Profit\n\n\n6,340\n\n\n5,882\n\n\n458\n\n\n\n\nGross Profit %\n\n\n26%\n\n\n24%\n\n\n2%\n\n\n\n\n Profit before tax\n\n\n508\n\n\n130\n\n\n378\n\n\n\n\n Add: Share-based payment charge\n\n\n202\n\n\n272\n\n\n(70)\n\n\n\n\n Underlying* profit before tax\n\n\n710\n\n\n402\n\n\n308\n\n\n\n\nUnderlying* profit before tax %\n\n\n3%\n\n\n2%\n\n\n1%\n\n\n\n\nUnderlying* earnings per share\n\n\n1.0p\n\n\n0.2p\n\n\n0.8p\n\n\n\n\nNet cash**\n\n\n5,277\n\n\n3,678\n\n\n1,599\n\n\n\n \n§ Underlying* profit before tax at £0.7m (2022: £0.4m) resulting in an underlying* profit before tax margin of 3% (2022: 2%).\n§ Profit before tax at £0.5m (2022: £0.1m).\n§ Net cash** increase year on year of £1.6m to £5.3m (2022: £3.7m).\n§ Revenue slightly down to £24.2m (2022: £24.4m) which is attributable to the restructured Middle East and Asia Pacific regions.\n§ Gross profit margin at 26% (2022: 24%), a £0.5m increase to £6.3m (2022: £5.9m).\n§ Middle East returned to operational profit pre provisioning.\n§ Fee earner headcount decreased to 238 (2022: 294) predominantly attributable to Middle East and Asia Pacific regions.\n§ Overall utilisation rates*** improved to 75.6% (2022: 69.6%).\n§ Europe & Americas (EuAm) reported underlying* profit before tax for the period of £2.9m (2022: £2.4m) with utilisation rates*** at 76.1% (2022: 72.7%).\n§ Middle East (ME) reported underlying* loss before tax for the period of £0.1m (2022: loss £0.3m) with utilisation rates*** at 72.3% (2022: 60.9%).\n§ Asia Pacific (APAC) reported underlying* loss before tax for the period of £0.1m (2022: loss £0.5m) with utilisation rates*** at 66.1% (2022: 71.3%).\n\n\n \n \nMark Wheeler, Chief Executive Officer of Driver Group, said:\n \n'It is a pleasure to see the benefits of last year's restructuring starting to come through in the first half. With all regions currently benefiting from a steady flow of enquiries, the Group is ...