Business
PRELIMINARY RESULTS AND DIVIDEND DECLARATION
PRELIMINARY RESULTS AND DIVIDEND DECLARATION.
About this update from Diales Group Plc
[{"type":"text","content":"\n \n \n 23 February 2023\n \n \n \n \n \n \n \n DRIVER GROUP PLC\n \n \n \n \n \n (\"Driver\" or \"the Group\")\n \n \n \n \n \n Preliminary Results and Dividend Declaration\n \n \n \n \n \n Driver Group PLC (AIM: DRV), the global professional services consultancy to construction and engineering industries, is pleased to announce the dividend for the full year and its results for the financial year ended 30 September 2022.\n \n \n \n \n \n The final dividend for the full year of 0.75 pence per share will be paid on 13 April 2023 to shareholders who are on the register of members at the close of business on 3 March 2023,\n with an ex-dividend date of 2 March 2023\n subject to approval at the forthcoming AGM.\n \n \n \n \n \n \n \n \n Operational Highlights\n \n \n ·\n De-risked Middle East business - Including reduced headcount -30\n \n \n ·\n De-risked Asia Pacific business - Including reduced headcount -11\n \n \n ·\n Successful focus on global office collaboration, impacting utilisation\n \n \n ·\n Increased Diales headcount to 53 from 47\n \n \n ·\n Improving pipeline of new enquires\n \n \n ·\n Strengthened Board through the appointment of Charlotte Parsons as CFO and appointment of Shaun Smith as non-executive Chair (effective at the AGM)\n \n \n \n \n \n \n \n \n Financial Summary\n \n \n \n \n \n ·\n Revenue decreased by 4% to £46.9m (2021: £48.8m)\n \n \n ·\n Underlying* loss before tax of £1.0m (2021: profit £2.0m)\n \n \n ·\n Net cash** of £4.9m (2021: £6.5m)\n \n \n ·\n Utilisation*** of 67.5% (2021: 72.4%)\n \n \n \n \n \n \n \n \n \n \n \n Post period end: Financial Summary Q1\n \n \n ·\n Q1 revenue increased by 5% to £11.8m\n \n \n ·\n Operating profit of £0.25m\n \n \n ·\n Net cash of £4.7m as at 31 January 2023\n \n \n ·\n Utilisation increased to 70% (2022: 67.5%)\n \n \n ·\n Interim Dividend approved\n \n \n ·\n Overhead reduction implemented, with further savings in progress\n \n \n ·\n The Board expects to return to profitability for FY23\n \n \n \n \n \n * Underlying figures are stated before the share-based payment costs and one off severance costs\n \n \n ** Net cash consists of cash and cash equivalents and bank loans\n \n \n *** Utilisation % is calculated by dividing the total hours billed by the total working hours available for chargea...